A new white paper from OCC on Box Spreads is out.
This OCC white paper reviews how market participants can use exchange-listed options to borrow or lend cash through the use of the options box spread strategy. It explains the box spread; discusses its use as a form of secured financing; and demonstrates how listed-options can be a competitive marketplace for borrowing and lending cash.
Link to White Papers: http://www.theocc.com/about/newsroom/white-papers/default.jsp