Lendex aims for transparency - mostly
Mar 24th, 2008 | Filed under: Hedge Fund Industry Trends
“The securities industry and clearing agencies don’t seem to recognize that it’s only a matter of time before these problems catch up with them and kill off the goose that is, at present, laying very golden eggs. The securities industry needs to seize control and propose effective remedies to increase transparency in stock lending and borrowing.”
(former SEC Chairman Harvey Pitt, Forbes, July 11, 2006)
For a company that aims to lift the vale on the opaque world of securities lending, New Jersey-based Lendex LLC has so far been pretty tight-lipped about its own service. In January, HedgeWorld learned that the firm was planning to launch an electronic exchange that would match securities lenders and borrowers. But little had been heard from the firm until Global Pensions recently reported that Lendex is expecting to launch its service in Q2 of this year.
They’re not the only game in town, though. Venture-backed Quadriserv launched Aquas, a “technology portal to the securities lending industry last August. But Lendex is of particular interest because one of its founders is Harvey Pitt, former SEC Chairman (or more specifically, his consulting company).
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