Before revision: The objective is either to design an appropriate securities lending auction mechanismor to come up with a strategy for placing bids , depending on which side of the fence a participant sits .
After revision: We derive valuations of a portfolio of financial instruments from a securities lending perspective, under different assumptions, and show a weighting scheme that converges to the true valuation. This valuation can be useful either to derive a bidding strategy for an exclusive auction or to design an appropriate securities lending auction mechanismor to come up with a strategy for placing bids , depending on which side of the fence a participant sits .