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Securities Lending

  • Prudential indicated that it has not had losses since it got into the securities lending business in the 1980s and it is viewed today as essentially a risk-free transaction. (p23)

2007 - SmallTalk, Society of Actuaries - 28p

  • 2012 0427 - FSB - FSB Report on Securities Lending and Repos: Market Overview and Financial Stability Issues - 45p
  • 2013 0827- FSB - Peer Review of the United States - 65p
    • Life insurers that engaged in securities lending business were negatively affected by illiquid markets during the financial crisis as a result of reinvesting cash collateral in illiquid instruments.  (p34)
  • Figure 7 illustrates our identification strategy by focusing on the differences in lending behavior between MetLife and AIG.

2019 - FRB - Over-the-Counter Market Liquidity and Securities Lending - 61p

  • 2013 - FRB - Repo and Securities Lending - 21p
  • 2012 0313 - FT - Insurers warned over ‘shadow banking’ risk, Brooke Masters in London - [link]
  • The Real Story of AIG's Failure and Why Dodd-Frank Didn't Fix It - Hester Peirce - YouTube
    • Securities Lending
  • 2018 0307 -- Legislative Review of H.R. 5059 - 1:48

    • 1:34 - Schwarcz: Securities Lending, AIG Life Insurance

  • Bean
  • Skinner - UK
  • Insurance companies must also follow the appropriate statutory accounting rules related to securities lending transactions, which are included in the NAIC Accounting Practices and Procedures Manual.

https://content.naic.org/cipr_topics/topic_securities_lending.htm

  • 2011 0316 - GOV - Securities Lending in Retirement Plans: Why the Banks Win, Even When You Lose -
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