Prime Services and Securities Lending


Level 2

Approx 1.50h to complete

100% online and self-paced

Subscribe to get access to CMSA® and other programs

From $497/year

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Prime Services and Securities Lending Course Overview

The Prime Services and Securities Lending course aims to guide you to understand how the Prime Services team provides specialized services to help hedge funds make money and how Securities Lenders facilitate the shorting of stocks. Once you get started, you will comprehend how Prime Services (aka Prime Brokers) attracts investors, provides leverage, maintains margin requirements, performs clearing and settlement functions, offers custodial services, and produces real-time reporting for their hedge fund clients.

Next, you will cover the Securities Lending function, where you will understand what Securities Lending is and identify key differences between short-sellers, stock lenders, and long-sellers. You will recognize how and why market participants may ‘short’ stocks. As short-selling is crucial to the stock market, we will analyze short-selling activity using multiple short equity metrics such as short interest and short interest ratio on Refinitiv Workspace Screen. 

Finally, as mentioned earlier, Securities Lenders are essential to facilitate short selling. You will examine Securities Lending transactions using examples with a hedge fund manager who is bearish on a stock and wants to borrow a stock to short, a securities lender who will facilitate the borrow, and a long-only asset manager who will lend the stock. In this process, you will also see the distribution of borrow fees and various Security Lender models.  

Prime Services and Securities Lending Learning Objectives

By the end of this course, you will be able to:

  • Understand what Prime Services is and how it fits within a bank
  • Describe the range of Prime Services activities
  • Recognize how and why market participants may ‘short’ stocks
  • Comprehend how securities lending works and who are the market participants
  • Calculate the cash flows involved in Securities Lending

 Securities Lending

Prime Services and Securities Lending Is an Elective Course Of CFI’s CMSA® Program

CFI’s Capital Markets & Securities Analyst (CMSA)® program covers all the basic, intermediate, and advanced topics about sales and trading, investment banking, and asset management. This program teaches you trading strategies used in the finance and capital markets industry. It is ideal for students who want to learn how to trade different asset classes. The program is completely online so you can take it at your own pace, from anywhere in the world.

Common career paths for students who take the CMSA® are Sales & Trading, Asset Management, Wealth Management, Treasury, Risk Management, and other capital markets careers.

Who Should Take This CMSA® Course?

This Prime Services and Securities Lending course is perfect for anyone looking to build a complete understanding of Capital Markets. This course is designed to help those who are interested in careers in Prime Services, Securities Lending, Hedge Funds, Portfolio Management, and other sell-side trading careers. 

This course explores concepts that will be useful for beginner and intermediate level Capital Markets professionals, or business and finance students seeking to better understand securities lending transactions. 

What You'll Learn

Midway Check-In
Course Summary

Become a certified Capital Markets & Securities Analyst (CMSA)®

Prime Services and Securities Lending is part of the All Capital Markets & Securities Analyst (CMSA)® courses, which includes 29 courses.

Capital Markets & Securities Analyst (CMSA)® Certification
  • Skills Learned Trading strategies used in the finance and capital markets
  • Career Prep Work in capital markets, whether on the buy-side or the sell-side

Path To Certification

Prep Courses

5 courses from beginner to intermediate level.


Core Courses

8 courses from beginner to intermediate level.


Elective Courses

16 courses in advanced and intermediate levels.


Get Certified

Submit your CMSA® checklist and order your certificate.

CMSA Certificate 04Required

Join Our Community

Get access to the Global Corporate Finance Society.


How the Certification Works

Capital Markets & Securities Analyst (CMSA)® courses are offered 100% online, allowing you the flexibility to start the Capital Markets & Securities Analyst (CMSA)® program anytime and learn when it’s most convenient for you.

The program is a part of the All Access Subscription, which includes all programs and courses.

CFI courses are designed by instructors with over 21 years of financial analyst training experience.

Students must complete all core and 7 elective courses (13 in total) and demonstrate mastery of the topics through successful completion of course materials, quizzes, and assessments.
Within 48 hours of program completion, your Blockchain Verified (CMSA)® Certification will be emailed to you.

What Our Students Say

A good course for Prime Services and Securities Lending
It is useful for all kinds of learners to learn the updated course of Prime Services and Securities Lending.

Kwong Sang Yeung

This course has been very helpful in providing more clarity on the services offered by prime brokers.

Nkafu Njem

Clear and Concise content
Excellent Material

Veronica Nantege Njuba

Prime Services and Securities Lending
Really enjoyed this module; a good simple high level overview of why Prime Services exist and the purpose mechanics of lending securities.

Darren McLaughlin

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