opes prime business model sound, page-35

From the website

A securities loan is where the lender gives up legal title for a fee while retaining benefits of ownership.

The borrower takes legal title to the securities and can sell them, margin them, re-lend them etc.

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So going by the website the borrower had legal title and Opes had beneficial ownership.

So going on that ANZ made a contract with the beneficial owner rather than the legal owner. However apparently in the actual contracts this is different but too much legal jargon for me to understand..not that I read much.

So Opes staff did not understand either, or were misleading on purpose. Who knows, I am no judge but very difefrent to who had what ownership legally today.