Securities Finance April Snapshot 2024

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April revenues surpass $1B but remain 20% lower YoY

• Monthly revenues decline by 20% YoY to $1.033B
• Asia continues to support some very strong markets returns
• Fixed income assets continue to experience an increase in demand
• Specials activity across US equities declines 30% YoY

In the securities lending markets, revenues of $1.033B were generated. This represents a 20% decline YoY and a 2% reduction MoM. Revenues continued to show double digit YoY declines across all asset classes, except for Asian equities, with only exchange traded products showing revenues that were flat on April 2023. Average fees also continued their decline YoY. Asian equities and exchange traded products were the only asset classes that managed to restrain YoY declines to single digits (Asian equities 0% and exchange traded products -4%). Fixed income assets continued to experience growing balances during April with government bond balances climbing 5% and corporate bonds climbing an impressive 11% on those seen during April 2023.

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SAVE THE DATE

The S&P Global Market Intelligence Securities Finance Forum will once again be taking place in London on the 16th May at One Moorgate Place EC2R 6EA. The forum will consist of an afternoon of discussion and insights from market experts, guided by the Securities Finance team. The registration page is now live, and our agenda is available to view. We are looking forward to seeing you there!

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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.