What I find annoying about the Form 603, is that it does not clearly state who is the borrower and who is the lender.
It says it's a lending agreements (presumably for shorting), but then lists the parties together on the same line.
It should have 2 lines, one that explicitly states the lender name, and one that explicitly states the borrower name.
It should be simplified.
It looks like Morgan Stanley is lending out it's securities, so others can short the company.
But is also looks like Morgan Stanley is borrowing some shares, in order to short the company.
The form 603 is (perhaps) deliberately unclear, and at times confusing to read.
Either way, the company is being shorted.
Gw
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