An insto (even a retail punter like me using interactive brokers) can instruct their custodian to withhold shares from the lending pool....that's a very easy exercise. However participation in a SBL programme (Stock Borrow/Loan provides incremental revenue to both banks/custodians and those who agree to participate. When they are seeking to outperform a benchmark by a 200-300bps per annum, it absolutely can add up.
Just stating facts, please don't shoot the messenger. I would be surprised if every industry fund did not make their shares available for SBL...I know most of the index managers (BLK, SSgA, VG, Mellon) do just that.
I don't like it much either, but that's the pool in which we swim.
General Discussion, page-1244
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