General comments/chat, page-27428

It's not the institution owning the shares that does it - they use an intermediary broker who has a specialist stock lending area. So a Vanguard will deal with a broker on their lending book (say Credit Suisse). I can't just walk into Credit Suisse and open a short selling account - I would have to be an institution, and sign an ISDA or AMSLA or similar. So how can I short? Credit Suisse deal with intermediaries between themselves and "wholesale" (i.e. me) - I have a number of accounts but one is with Invast. I can short sell through Invast who show that shares in ADN are (or are not) available to short sell, and what the margin is and the financing cost. It's the same with IBKR, IG Markets, CMC and others. So that's how Vanguard's shares in ADN go through two intermediaries for me to short sell if I wish. My credit risk is assumed by Invast, and their's by Credit Suisse in my example.