Lombard loans on the NYSE.
Private, securities-backed credit against New York Stock Exchange-listed shares — pledged, not sold.
A Lombard loan against NYSE-listed shares is credit secured by a pledge of equity listed on the New York Stock Exchange. The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment. In plainer terms it is a share-backed loan: a loan against shares, not a disposal of them. US markets call the practice securities-based lending.
- Facilities are arranged against equity listed on the New York Stock Exchange (NYSE), New York.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in USD or cross-currency.
- Structured under the SEC regime, with disclosure at more than 5%.
The venue
The New York Stock Exchange is an auction-and-electronic hybrid market with a Designated Market Maker assigned to every listed security, and the deepest pool of listed corporate equity in the world by aggregate market capitalisation.
Regulator and disclosure
The New York Stock Exchange operates under the U.S. Securities and Exchange Commission (SEC). Schedule 13D / 13G beneficial ownership reports under Section 13(d) of the Securities Exchange Act of 1934. A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
For who must report a pledge, and what an enforcement would make public, in each market the firm covers, see the comparison of share pledge disclosure rules.
Structuring a facility here
Lombard facilities against NYSE-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in USD or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread. Unlike a stock loan in the securities-lending sense, title does not pass: the line stays registered to the holder for the life of the facility.
| Exchange | New York Stock Exchange (NYSE) |
|---|---|
| City · Country | New York · United States |
| Regulator | U.S. Securities and Exchange Commission (SEC) |
| Disclosure | Substantial holdings at more than 5% |
| Principal indices | S&P 500, Dow Jones Industrial Average, NYSE Composite |
| Segments | NYSE main board; NYSE American (small/mid-cap); NYSE Arca (ETPs) |
| Currency · Tenor | USD · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
The United States market as a whole
The United States country overview gathers every United States listing venue in one place: the national disclosure regime, the wider securities-backed lending picture, and the common ground behind any loan against shares listed in the United States.
- Lombard loans in the United States — the country overview: every listing venue, the national disclosure regime, currency, and how a facility is arranged.
- Lombard loans against Nasdaq-listed shares — Nasdaq Stock Market, New York, the other principal United States venue.
Financing a position listed on the NYSE?
Request terms →Other exchanges in the region.
On this market, specifically.
Liquidity and the index
The New York Stock Exchange is the deepest pool of listed corporate equity in the world by aggregate market capitalisation, and its constituents anchor the S&P 500, the Dow Jones Industrial Average, and the NYSE Composite. Every listed security has a Designated Market Maker overseeing an auction-and-electronic hybrid order book, which supports orderly opens and closes even in large size. For a private client, that depth and continuity mean a substantial large-cap line can usually be pledged without the position’s own liquidity becoming the binding constraint on how the Lombard loan is sized.
Structuring notes
Settlement runs through the established US market infrastructure, and the pledged shares are held with a qualified custodian so the security is clean and the client’s ownership preserved. The NYSE main board anchors the large-cap universe, with NYSE American for small- and mid-cap lines and NYSE Arca for exchange-traded products — the segment a line sits in informs its eligibility. Where a client is a founder, director, or officer, the Lombard credit is documented with the affiliate-resale and insider constraints in mind, so enforcement, were it ever to arise, would remain within the rules.