Historical term. In the 1920's and 1930's, it refers to the group of member firms that lend or borrow securities needed to cover the positions of customers who have sold short securities. The crowd could be found around the loan post.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Members of the New York Stock Exchange that lend and borrow securities to cover their clients' short sales. See also: Margin account.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved