The SEC’s 10c-1 rule on reporting available assets to lend is not fit for purpose

The US Securities and Exchange Commission’s (SEC) proposed rule 10c-1 on securities lending transparency has a requirement that lenders show the amount of securities available to lend, which is supposed to help the market understand the utilization rate of securities on loan. The way the section on availability is written is fundamentally flawed for its intended outcome. We do not expect it to deliver useful public information, and more likely it will deliver information to both regulators and the public that is simply wrong.
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