Understanding stock loans and block trades.
Practitioner guides to securities-backed financing: how to structure, price, disclose and use it, market by market.
Do Pledged Shares Count as Free Float in Turkey? The 3% Disclosure Line and SPK’s 2026 Rules
Pledged shares generally fall outside Turkey’s published free float unless one of three collateral exceptions applies; disclosure now starts at 3 per cent.
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Where Does a Block Actually Print? Exchange Venues and Reporting Deadlines
A block prints off the order book but through a named exchange or reporting facility, and each rulebook fixes its own deadline before it hits the tape.
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Stock Loans for Corporates and Treasury Teams
More treasury teams now weigh securities-backed lending alongside working-capital and debt lines — above all where listed shares sit on the balance sheet.
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Currency Choice and the Global Borrower
Shareholders often hold listed shares in several markets. Which currency should they borrow in against those assets? The answer shapes cost and risk.
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The State of Securities-Backed Lending in 2026
Securities-backed lending is now a recognised part of private wealth and corporate finance. Several structural forces shape the market in the mid-2020s.
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Can You Borrow Against Stock Without Selling It?
Yes. A stock loan lets a shareholder pledge listed shares as collateral, draw cash against part of their value, retain beneficial ownership, and recover the full position once the loan is repaid.
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How Much Can You Borrow Against Your Shares?
There is no flat figure. The advance against listed shares is set to the specific holding, driven by liquidity, volatility, concentration, your regulatory standing and the recourse profile you choose.
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What an Institutional Term Sheet Covers
A well-drafted term sheet sets out the commercial and structural terms of a securities-backed facility clearly enough that both parties can proceed to documentation without surprises.
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Succession Planning and Securities-Backed Credit
Family wealth often sits mainly in listed shares. Securities-backed credit can fund succession, typically without triggering a taxable disposal.
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Funding a capital call from a listed portfolio: using securities-backed lending to meet private equity obligations
A capital call can arrive without warning. A securities-backed loan against listed shares can fund it faster than a sale, with less disruption.
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ESG Considerations and Restricted Stock as Collateral
ESG screens and lock-up restrictions both affect whether listed shares can be pledged. How lenders weigh these factors, and what borrowers should know.
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Selecting a Lender: What Discretion Really Means
Discretion in securities-backed lending is more than a marketing claim. Specific operational and legal commitments set credible lenders apart.
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Mega-Cap Concentration and the Case for Single-Stock Loans
As global equity indices concentrate in a handful of mega-cap names, shareholders in those companies face acute liquidity and diversification challenges that stock loans can help address.
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Do Block Trades Have to Be Disclosed?
Often yes. Once a significant shareholder crosses a market’s substantial-holding threshold, a block sale is generally notifiable to the regulator within a set window, with thresholds varying by jurisdiction.
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How Do You Sell a Large Block of Shares Without Moving the Price?
A large block is sold without moving the price by taking it off the open order book — negotiating off-market at an agreed price, often with a liquidity provider taking the risk, and printing under exchange block rules.
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Which Countries Can You Arrange Stock Loans and Block Trades In?
A regional guide to where securities-backed financing can be arranged, spanning the principal cash-equity exchanges of the Americas, Europe, the Middle East, Africa and Asia-Pacific, with each market page setting out the local specifics.
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What Lenders Look for in Eligible Collateral
Not every listed share qualifies as collateral. Knowing what lenders check helps borrowers prepare a stronger application.
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How to Get a Stock Loan: The Process, Step by Step
Getting a stock loan runs through five disciplined stages: a confidential enquiry, indicative terms, documentation, custody and pledge, then funding under a single accountable principal.
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What Is a Block Trade, and How Does One Work?
A block trade is the off-market sale of a large line of listed shares at a negotiated price, executed bilaterally and printed under exchange rules to avoid moving the open market.
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How Long Does a Stock Loan Last?
A stock loan’s term is set to the borrower’s need, commonly running one to three years, with the option to repay early, extend or refinance, and to release the pledge once principal is repaid.
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How Much Does a Stock Loan Cost?
A stock loan’s main cost is the financing rate charged on the drawn amount, alongside any structuring and custody costs. The level depends on collateral quality, advance rate, tenor, recourse and currency.
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What Happens If Your Stock Falls During a Loan?
If your pledged shares fall in value during a loan, what happens depends entirely on the structure you agreed at the outset — recourse facilities can call for a top-up, non-recourse facilities cannot.
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Are Stock Loans Safe? The Risks Explained
Stock loans carry real risks — price, custody, counterparty, recourse and currency. This guide explains how a well-structured facility contains them.
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Stock Loan or Sell Your Shares — Which Is Right?
Selling realises cash but ends the position; a stock loan raises cash while keeping ownership, upside and votes. The right choice depends on whether you are exiting a thesis or bridging liquidity.
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Drawing Liquidity in a Market Drawdown
A market drawdown shuts off many normal sources of capital just when cash is most needed. Securities-backed lending can stay open.
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Concentrated Single-Stock Risk and the Case for Borrowing
Holding much of your wealth in one company’s shares creates risks that are often underrated. Securities-backed borrowing can help manage them.
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Why Non-Recourse Matters in a Sell-Off
The distinction between recourse and non-recourse lending becomes starkly clear when markets fall sharply — and it can mean the difference between a managed outcome and a financial crisis.
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Custody and Bankruptcy-Remote Structures, Explained
Bankruptcy-remote custody keeps pledged shares safe if the lender fails. Sophisticated borrowers increasingly demand it.
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Dividends, Corporate Actions and Your Pledge
Understanding how dividends and corporate events interact with a pledged share position protects your economics throughout the loan.
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Liquidity, Free Float and Borrowing Capacity
A share’s liquidity and free float are central to how much a lender will advance against it — and why some positions attract higher LTVs than others.
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Lombard Lending Against Listed Equity, Explained
Lombard lending has financed commerce and statecraft for centuries. Today it underpins sophisticated securities-backed facilities for substantial shareholders.
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Stock Loan vs Margin Loan: The Real Differences
Stock loans and margin loans both use listed shares as security, yet they serve different clients and carry very different risk profiles.
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The Anatomy of a Securities-Backed Facility
From term sheet to drawdown, each stage of a securities-backed facility has its own mechanics. Knowing the map means fewer surprises for new borrowers.
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How Margin Calls Work, and How to Avoid Them
Margin calls can force asset sales at the worst possible moment. Understanding how they arise is the first step to avoiding them.
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Reading Volatility into Loan-to-Value
Loan-to-value ratios are not arbitrary. Volatility is the main variable lenders use to set how much they will advance against any given share.
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Refinancing a Maturing Stock Loan
When a stock loan approaches maturity, borrowers have more options than a simple repayment — refinancing can extend liquidity on favourable terms.
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Block trades vs accelerated bookbuilds
Two routes to monetise a large listed position quickly — but they serve very different principals with different risk profiles.
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Hedging a concentrated position alongside a loan
Shareholders who borrow against a concentrated equity position carry both financing risk and market risk. Combining a loan with a hedging strategy can address both — but requires careful coordination.
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How a block trade is priced and printed
Pricing a large block of shares involves risk assessment, market microstructure, and bilateral negotiation — not simply applying a fixed discount formula.
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The family office playbook for concentrated stock: financing, hedging, and long-term stewardship
Family offices with large single-stock holdings must weigh liquidity, control, and wealth across generations. Borrowing against the shares can help.
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Founder liquidity without losing control: how a securities-backed facility preserves ownership
A securities-backed loan gives founders capital against their listed shares — no sale, no lost board votes, no taxable disposal.
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Rising rates and stock-loan pricing
As central banks tighten monetary policy, the reference rates underpinning securities-backed lending move too. Understanding how loan pricing responds helps borrowers plan effectively.
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Cross-Currency Stock Loans and FX Risk
Borrowing in a currency different from your pledged shares introduces FX risk that must be understood and managed from the outset.
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Choosing a Recourse Profile That Fits Your Goals
Full recourse, limited recourse, and non-recourse structures each carry different risk and pricing implications — the right choice depends on your specific circumstances.
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Cross-border pledges: custody across jurisdictions
When pledging listed shares across borders, custody jurisdiction shapes both lender comfort and borrower flexibility — understanding the mechanics matters.
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Pre-IPO and lock-up: financing restricted shares
Founders and early shareholders often cannot sell for months around an IPO. Bespoke financing can unlock that value without breaching lock-up terms.
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Tax-aware liquidity: borrowing instead of selling
For shareholders with large unrealised gains, a securities-backed loan can provide immediate liquidity without triggering a disposal — though tax consequences vary by jurisdiction.
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