SEC Response to Questions (Solicitation 50310223Q0119).pdf
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- Attached to
- Securities Lending data subscription
- Solicitation number
- 50310223Q0119
- Issued by
-
Securities and Exchange Commission
About this file
This document contains responses from the Securities and Exchange Commission to questions regarding solicitation number 50310223Q0119 for securities lending data subscription services. The SEC seeks comprehensive US equity and fixed income securities lending data that includes supply-side, demand-side, retail, and wholesale market information. Retail loans refer to loans from broker-dealers to end customers, while wholesale loans are all other loans. Supply-side data reflects information on the available share supply and utilization rates. Demand-side data includes shares on loan and loan fee information. The response clarifies that fields like ContractTypeID, LoanStageID, Tickets, and Units in sample data tables refer respectively to overnight loan indicators, loan life cycle stages, number of unique transactions, and number of shares or par value lent. While the data needs good US coverage, international information would also be considered valuable.
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SEC Solicitation: 50310223Q0119
Securities Lending data subscription SEC Response to Questions
1. In the Combined Synopsis document on page 1 within the table identifying the reporting periods, it states, "securities lending market supply-side and demand-side data." In the Statement of Work document under requirement 3.e it states, "Separation of retail vs wholesale." Could you please further define the four market types: supply-side, demand-side, retail and wholesale?
SEC Response: Retail loans are loans from broker-dealers to end customers such as hedge funds.
Wholesale loans are all other loans, usually they are loans from lending programs to broker dealers, but occasionally they are from lending programs directly to entities such as hedge or pension funds.
Supply side refers to information regarding the supply of shares or that could be used to infer information about supply conditions – e.g. shares available or utilization rates, demand side refers to information about the demand for shares such as shares on loan as well as loan fee information.
2. In the Statement of Work document within the example table found in 3.f.ii could you please further define the following fields: ContractTypeID, LoanStageID, Tickets, Units?
SEC Response: ContractTypeID: An indicator for whether the information presented refers to overnight loans or not. LoanStageID: An indicator for whether the information presented refers to loans in a particular part of their life cycle – e.g. new loans, returned loans, modified loans.
Tickets: number of unique transactions in a given security on a given day Units: refers to size e.g. number of shares lent for an equity security or the amount of par value for fixed income.
3. In the Statement of Work document under requirement 5 it states, "Comprehensive, or near comprehensive, coverage of US equity and fixed income securities that are lent." Can you confirm if the solicitation is looking for global assets (equity and fixed income) or just US assets based upon the requirement?
SEC Response: The data needs to have good US market coverage, but international coverage is a plus.
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