Field notes on institutional stock loans.
Editorial and technical writing on securities-backed lending: LTV calibration, recourse profiles, cross-currency mechanics, disclosure regimes, and the structural discipline that distinguishes the institutional form.
Insight articles
Securities Lending vs Securities-Backed Lending
They sound alike and are constantly confused, but securities lending and securities-backed lending are opposite transactions: one lends out your shares, the other lends you cash against them. What each is, who it serves, and why the distinction matters.
Read → 2026-07-24 · ~5 min readBuy, Borrow, Die: Borrowing Against Stock Instead of Selling
The "buy, borrow, die" idea explained plainly: why long-term holders of appreciated stock borrow against it rather than sell, how a securities-backed loan defers the disposal, and the risks the internet shorthand leaves out.
Read → 2026-07-22 · ~5 min readBorrowing Against Private or Pre-IPO Company Stock
Whether you can borrow against shares in a private or pre-IPO company, and what makes unlisted collateral different: no screen price, transfer restrictions, and information limits all shape whether — and how — a facility can be arranged.
Read → 2026-07-19 · ~5 min readConcentrated Stock: Stock Loan vs Exchange Fund vs Hedging
Three ways to manage a concentrated single-stock position without an outright sale — a securities-backed loan, an exchange fund, and a hedge (collar) — compared on liquidity, what you keep, and how they combine.
Read → 2026-07-16 · ~5 min readCan a Bank Give a Loan Against Shares? Bank vs Specialist Arranger
Yes — private banks lend against shares (a Lombard loan), and so do specialist arrangers. How the two differ on eligible collateral, concentration tolerance, recourse, and who they serve.
Read → 2026-07-14 · ~7 min readIndia Stock Loans: FDI Caps, Disclosure & Custody
How foreign-ownership caps, SEBI disclosure thresholds, and the custodian-and-depository framework shape a securities-backed loan against shares listed on the NSE and BSE.
Read → 2026-07-04 · ~7 min readPost-IPO Lock-Up Regimes: US, EU & APAC
How staggered lock-up release windows across US, European, and Asia-Pacific listing regimes shape the timing of a founder bridge loan after an IPO.
Read → 2026-06-24 · ~7 min readMargin Call Mechanics in Institutional Stock Loans
The LTV trigger ladder, the top-up and cure cascade, and how a negotiated institutional margin structure differs from an automatic brokerage margin call.
Read → 2026-06-14 · ~7 min readNVDR Limits and Securities-Backed Lending in Thailand
How Non-Voting Depository Receipts let foreign investors hold and finance Thai-listed economic exposure past foreign-ownership limits, and what that means for cross-border stock loans on the SET.
Read → 2026-06-04 · ~7 min readSaudi Arabia & UAE Stock Loans: Shariah Structuring
How foreign investors access Tadawul, ADX, and DFM through the QFI and foreign-ownership frameworks, and how a stock loan can be structured to respect Shariah principles on Gulf exchanges.
Read → 2026-05-25 · ~7 min readUSD Borrowing Against Non-USD Shares
How currency mismatch feeds into margin triggers and indicative LTV haircuts when a holder borrows US dollars against shares listed in sterling, euros, yen, or another non-USD currency — and how the FX exposure is hedged.
Read → 2026-05-15 · ~5 min readCan You Borrow Against Restricted or Lock-Up Shares?
Restricted, insider, and post-IPO lock-up shares can often support a securities-backed loan without a sale, subject to pledge and disclosure rules.
Read → 2026-05-05 · ~6 min readWhat Founders Do With the Liquidity
Once the capital is released, the position stays intact and the proceeds go to work: diversification, the next venture, real assets, philanthropy, and timing on the holder’s terms.
Read → 2026-04-25 · ~5 min readThe Tax Treatment of a Securities-Backed Loan
A loan is not a sale: the starting point for the tax treatment of securities-backed lending. Realisation, interest, and cross-currency, in general terms.
Read → 2026-04-15 · ~6 min readWhy Structuring Beats Pricing in Institutional Stock Loans
The discipline of structuring — LTV, recourse, custody, disclosure timing — matters far more than the headline coupon.
Read → 2026-04-05 · ~5 min readTypical LTV on Nasdaq vs HKEX Shares
Loan-to-value is calibrated per position, not per exchange. How Nasdaq-listed and Hong Kong-listed positions differ on the variables that drive LTV.
Read → 2026-03-26 · ~6 min readCross-Currency Stock Loans
Financing a GBP-listed position with a USD loan, or a HKD position with EUR. The mechanics of cross-currency stock-loan transactions.
Read → 2026-03-16 · ~6 min readDividends and Corporate Actions in Stock Loans
How dividend income flows during a stock loan, and how rights issues, splits, mergers, and takeovers are handled within institutional pledge documentation.
Read → 2026-03-06 · ~7 min readNon-Recourse and Full-Recourse Stock Loans
The three recourse profiles available in institutional stock-loan transactions, the structural trade-offs of each, and when each is the right choice.
Read → 2026-02-24 · ~7 min readLoan-to-Value Calibration in Stock Loans
What determines LTV on a stock loan: free float, volume, volatility, sector, and the structural variables that drive the calibration.
Read → 2026-02-14 · ~6 min readStock Loan vs Margin Loan: The Institutional Difference
Stock loan (Lombard loan) vs margin loan: LTV, tenor, recourse, custody, and disclosure differences make them materially different instruments.
Read → 2026-02-04 · ~8 min readWhat Is Securities-Backed Lending? An Institutional Primer
A primer on securities-backed lending (share-backed financing, Lombard lending, stock loans): mechanics, history, and market structure.
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