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Suppose I am long equity borrow rates, but I don't know exactly when borrow will increase. What is the most effective way to trade this?

The naive strategy of borrowing the stock now and then lending it out once rates jump (assuming the structure/regulations of the securities lending market even allow that) is suboptimal because you pay borrow needlessly until there's a change in the rates. I suspect there may be some way using equity swaps (since borrow income should be priced into the fixed equity leg), but there's still spot exposure that I'm not sure how to get rid of.

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