Steve Sosnick, Interactive Brokers' Chief Strategist, talks with Bill Pepe, the firm's North American Stock Lending manager to discuss the key processes and pricing behind this opaque yet critical aspect of the securities business. 

Note for comments at 26:15: The proceeds generated by the Stock Yield Enhancement Program are dependent upon the differential between the rate at which the shares are lent and the prevailing market interest rate.  Customers participating in the program do not see a benefit simply if prevailing rates rise.  For more information: https://www.interactivebrokers.com/en/pricing/stock-yield-enhancement-program.php