Thats right ..how it works institution to insto
Insto A needs to borrow stock
Insto b lends stock free and clear etc
but lodges 105% in cash w insto b
they reverse position at end
ANZ sponsored participated with 3 companies Opes , Tricom and Chimera
Wholesaled $3bn roughly
Out of $38bn margin loans in Australia
Say 50 margin lenders..ANZ was the only organisation worldwide that used the back to back AMSLA model
We now know why the Banking Industry thought it was a accident waiting to happen
As did the Securities Lending Industry..they have made these observations publically in various media interviews
What UTTER UTTER PLODS at ANZ Institutional Bank..
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