Boston-based eSecLending has attracted some of the biggest blue-chip lenders to its securities lending service over the past five years. Since launching in 2000 it has auctioned nearly $800bn (€660bn) in assets for large global institutional investors using exclusive lending agreements. It dominates an estimated 80% of the exclusives market and is growing rapidly, with six new clients in the past seven months.

Chris Jaynes, managing director of products at eSecLending, said: "We target the biggest clients, mostly high-yield pension funds, holding the most attractive supply that borrowers are willing to pay a premium for, rather than pursuing a traditional agency-lending model where all clients' assets are together and lent via a queuing system."