Die Wertpapierleihe

1.1 Structure of the paper The definition of the term in chapter one is followed by a description of the reasons that made the creation of this new market segment necessary. Above all, the internationalisation of the securities business and the greatly expanded ter min trading are to be mentioned as pioneers. The economic application possibilities are then discussed from the point of view of the lender and the borrower. For the lender, the use of securities lending, with the necessary care, represents a largely risk-free opportunity to increase the portfolio yield. In most cases, the borrower will sell the securities received, whether to deliver them to counterparties or for other reasons. Chapter four examines the model structure of securities lending from a legal point of view. The structure of the contractual relationships can be