Jdiesel, you have to view GS like a bank, it holds property on...

Jdiesel, you have to view GS like a bank, it holds property on behalf of people and itself

GS Europe might hold ACX on behalf (custodian) of a German pension fund, GS Canada may hold ACX on behalf of a HNW individual. Thus when GS lends stock to itself (GS Australia), it may or may not be recieving the lending fee (it may go to the owners of the stock).

So there is a limit to how far they can borrow/sell/buy from themselves. The easiest way to think about it, is to contemplate about how your family members loan/borrow money from each other