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The PDEx Securities Lending Program is a facility that generates short term securities liquidity to PDEx Dealer Members through a framework involving a “lending pool” and central collateral management. The pooled lending approach allows participating Dealer Members to borrow securities from the lending pool covered by collateral securities (cash or other securities) held in the Depository. This facility supports the price-making activity of PDEx Fixed Income Dealer Members and also mitigates the occurrence of settlement failures due to insufficient securities holdings.