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
Can 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 → 2026-05-28 · ~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 → 2026-04-30 · ~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 → 2026-03-22 · ~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 → 2026-02-28 · ~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 → 2026-01-18 · ~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 → 2025-11-04 · ~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 → 2025-08-12 · ~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 → 2025-05-28 · ~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 → 2025-02-15 · ~6 min readStock Loan vs Margin Loan: The Institutional Difference
Stock loan vs margin loan: LTV, tenor, recourse, custody, and disclosure differences make them materially different institutional instruments.
Read → 2024-11-20 · ~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.
Read →A specific position to discuss?
Submit a confidential enquiry. A senior principal will respond within one business day.