Keren Halperin, Deputy CEO & Chief of Staff
Retail participation in fully paid lending dominated at ISLA Americas. In panels, conversations, and every serious question about the future of securities finance.
But one of the standout moments of the conference?
A quote from Interactive Brokers during the Retail Rising panel: “Technology is key – and the first name I can think of is Sharegain.”
That kind of recognition matters, especially as the only name mentioned in a room full of industry heavyweights, from a firm that’s been shaping this space for decades.
It cut through the noise: the retail moment is now. But to meet it, we need more than just tech — we need clarity, simplicity, and education at scale.
Here are our key takeaways from the conference and what they signal about where we go next.
1. Tech is central to the retail conversation.
You can’t talk about retail without talking about tech. Retail lending isn’t institutional lending in miniature. It moves faster, touches more clients, and requires real-time control at scale. Supporting millions of underlying accounts, with full transparency and regulatory alignment, demands purpose-built infrastructure. Legacy systems can’t keep up, and layering tech patches on top isn’t a long-term solution.
2. Education is what’s missing, and it’s essential.
For years, fully paid lending was the domain of institutional professionals who knew the “how” and the “why.” Now we’re democratizing access – retail investors are partaking in complex markets, trading structured assets. But the language, the frameworks and the controls built for institutions don’t always translate. If retail is going to scale responsibly, we must simplify the practice, speak clearly, and enable understanding across the ecosystem. Because in the end, we’re all retail, and this industry needs to speak the same language.
3. ETFs are opening new capabilities for retail.
Retail investors now hold ETFs in enormous volumes – and thanks to the efficiency of the ETF wrapper, that ownership is becoming an engine for additional revenue. It’s creating an entirely new class of lendable assets, and a new opportunity for retail investors to take part in fully paid lending at scale. The tools exist. The challenge is making the value visible and the path clear.
4. Retail supply is reshaping borrower strategy.
Retail isn’t just a source of supply – it’s changing how borrowers approach the market. Unique, diverse flows (ETFs, single stocks that rarely appear in institutional pools, previously underlent securities) are altering borrowing behaviour. That shift is significant. But turning that into consistent opportunity means new models, enhanced controls and the right counterparties.
5. The opportunity is big.
The seeds we planted years ago are breaking ground. We’re now seeing new sectors like RIAs in the US, and newly active markets – from the UK to Spain, Greece, and parts of Asia – starting to light up. Many that remained on the sidelines, held back by legacy systems or jurisdictional complexity, are now entering the game.
The opportunity is twofold: bring new participants into the fold, and elevate those already active with better tools, smarter infrastructure, and greater speed.
The rails are ready. The demand is real.
With the right tech, the right understanding, and the right partners, this market can open up to every investor. That’s what we’ve built. And that’s what we’re here to deliver.
Yalla!
