ConvergEx launches new stock loan programme 16 August 2010New York Reporter: Ben Wilkie
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ConvergEx Group has launched a new stock loan programme, a dedicated service that gives hedge funds and other clients access to securities they need to borrow to fulfill short selling requirements.
This service is in addition to the stock loan program that ConvergEx offers through its order management system, the Eze OMS.
The programme is designed to provide an alternate solution to the offering of prime brokers. The company says it has leveraged its relationships with global stock loan counterparties to provide a depth of supply, including hard-to-borrow securities.
The anonymous lending service offers competitive rates, says ConvergEx, and will possibly be able to offer price improvements on other providers.
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