Wednesday, 24 August 2016
Last updated 8 hours ago
Aug 13 2010 | 9:50am ET
ConvergEx Group has unveiled its new stock loan program, which allows hedge funds and other clients to borrow securities for their short-sell requirements.
The program seeks out stocks for clients from approximately 30 stock loan counterparties without disclosing client names, thereby preserving client anonymity.
"In instances where a prime broker may not be the optimal source for clients to borrow stock, ConvergEx’s Stock Loan Program provides a comprehensive alternate solution," the firm wrote in a letter to its clients yesterday. "Leveraging our long-standing relationships with stock loan counterparties around the globe and continually building new ones to deepen the breadth of supply, we actively source hard-to-borrow securities that our clients seek."
The new stock loan program is available to all of the firm's clients, including clients of NorthPoint Trading Partners, ConvergEx’s recently acquired boutique prime services business. The service is in addition to the stock loan program that ConvergEx offers through its order management system, the Eze OMS.