Below is a list of the top-earning equities for securities lenders in 2014. DataLend scanned its universe of more than 42,000 securities on loan to find those securities with the most expensive financing positions in the U.S., Canada, Europe and Asia. Financing costs are determined by taking the total on-loan value of a security and multiplying it by the volume-weighted average fees to borrow that security, then converting the product of those numbers to a dollar value.
We determine the financing costs of all securities per day over the entire year, then add those up and finally select the top 25 that had the highest average financing cost for all of 2014 by region. We then sort the most expensive securities to finance in the securities lending market in descending order.
* Average utilization by quantity across 2014. A high average utilization suggests the security had a high proportion of lendable stock out on loan for an extensive period of time in 2014.
US |
Utilization* |
| 1 3D SYSTEMS ORD | 93.35% |
| 2 GOPRO CL A ORD | 96.77% |
| 3 MYRIAD GENETICS ORD | 93.66% |
| 4 MANNKIND ORD | 96.35% |
| 5 SEARS HOLDINGS ORD | 90.16% |
| 6 DIAMOND OFFSHORE DRILLING ORD | 87.89% |
| 7 CLIFFS NATURAL RESOURCES ORD | 94.67% |
| 8 VIRNETX HOLDING ORD | 90.81% |
| 9 PLUG POWER ORD | 90.39% |
| 10 THERAVANCE ORD | 91.97% |
| 11 INVENSENSE ORD | 94.77% |
| 12 AMTRUST FINANCIAL SERVICES ORD | 90.82% |
| 13 ISHARES IBOXX HIGH YIELD BOND ETF | 89.94% |
| 14 ISHARES RUSSELL 2000 ETF | 86.57% |
| 15 WEIGHT WATCHERS INTERNATIONAL ORD | 94.93% |
| 16 OPKO HEALTH ORD | 94.53% |
| 17 MINDRAY MEDICAL INTL ADR CL A ORD | 82.25% |
| 18 INOVIO PHARMACEUTICALS ORD | 95.61% |
| 19 LINDSAY ORD | 88.74% |
| 20 TWITTER ORD | 28.60% |
| 21 TEXTURA ORD | 70.12% |
| 22 MYRIAD GENETICS ORD | 94.20% |
| 23 RESMED ORD | 92.64% |
| 24 ORGANOVO HOLDINGS ORD | 95.80% |
| 25 INTEROIL ORD | 95.92% |
CANADA |
Utilization* |
| 1 WESTPORT INNOVATIONS ORD | 96.34% |
| 2 CRESCENT POINT ENERGY ORD | 52.92% |
| 3 BALLARD POWER SYSTEMS ORD | 66.64% |
| 4 ENBRIDGE ORD | 36.98% |
| 5 BANK OF MONTREAL ORD | 30.42% |
| 6 ROYAL BANK OF CANADA ORD | 22.26% |
| 7 ISHARES S&P TSX CAPPED ENGY INDX ETF | 97.49% |
| 8 TORONTO DOMINION ORD | 22.44% |
| 9 BCE ORD | 42.57% |
| 10 POTASH CORP OF SASKATCHEWAN ORD | 34.50% |
| 11 LOBLAW COMPANIES ORD | 32.36% |
| 12 LOBLAW COMPANIES ORD | 88.44% |
| 13 TANZANIAN ROYALTY EXPLORATION ORD | 25.67% |
| 14 CANADIAN IMPERIAL BANK COMMERCE ORD | 26.61% |
| 15 THOMSON REUTERS ORD | 45.91% |
| 16 BANK NOVA SCOTIA ORD | 27.61% |
| 17 ROYAL BANK OF CANADA ORD | 25.69% |
| 18 MANULIFE FINANCIAL ORD | 24.88% |
| 19 BAYTEX ENERGY ORD | 62.73% |
| 20 TRANSCANADA ORD | 27.96% |
| 21 ARC RESOURCES ORD | 37.64% |
| 22 BANK NOVA SCOTIA ORDv | 18.68% |
| 23 TEKMIRA PHARMACEUTICALS ORD | 56.37% |
| 24 PEMBINA PIPELINE ORD | 38.98% |
| 25 SEABRIDGE GOLD ORD | 83.38% |
EUROPE |
Utilization* |
| 1 ALLIANZ ORD | 12.76% |
| 2 GEMALTO ORD | 88.62% |
| 3 SIEMENS N ORD | 27.51% |
| 4 TOTAL ORD | 19.85% |
| 5 GEMALTO ORD | 89.82% |
| 6 BASF N ORD | 11.57% |
| 7 DENDREON ORD | 95.63% |
| 8 BAYER N ORD | 9.82% |
| 9 OUTOTEC ORD | 75.75% |
| 10 THROMBOGENICS ORD | 76.91% |
| 11 GDF SUEZ ORD | 15.05% |
| 12 MUENCHENER RUECKVER N ORD | 12.28% |
| 13 LINDE ORD | 12.05% |
| 14 ENI ORD | 11.82% |
| 15 ALPHA BANK R ORD | 36.55% |
| 16 PEUGEOT ORD | 36.40% |
| 17 AB INBEV ORD | 8.17% |
| 18 SAP ORD | 14.51% |
| 19 DEUTSCHE BANK N ORD | 12.74% |
| 20 NORWEGIAN AIR SHUTTLE ORD | 89.54% |
| 21 QUINDELL ORD | 96.03% |
| 22 E.ON N ORD | 8.98% |
| 23 VOLKSWAGEN NV PRF | 20.19% |
| 24 AXA ORD | 10.37% |
| 25 BANCA MONTE DEI PASCHI DI SIENA ORD | 85.79% |
ASIA |
Utilization* |
| 1 GUNGHO ONLINE ORD | 91.22% |
| 2 ANHUI CONCH ORD H | 75.70% |
| 3 EVERGRANDE ORD | 80.49% |
| 4 CELLTRION ORD | 68.83% |
| 5 HANERGY SOLAR ORD | 82.74% |
| 6 GREE ORD | 89.83% |
| 7 HUISHAN DAIRY ORD | 67.45% |
| 8 SANRIO ORD | 89.80% |
| 9 MIXI ORD | 96.13% |
| 10 HANERGY TFP ORD | 85.10% |
| 11 BYD COMPANY ORD H | 62.65% |
| 12 GUNGHO ONLINE ORD | 91.92% |
| 13 ACER INC ORD | 61.21% |
| 14 SUNART RETAIL ORD | 75.92% |
| 15 HSBC STK Q | 6.09% |
| 16 HTC CORP ORD | 68.59% |
| 17 CATCHER TECH ORD | 43.76% |
| 18 CELLTRION ORD | 74.01% |
| 19 CHINA COAL ORD H | 67.34% |
| 20 PRADA ORD | 72.78% |
| 21 ANA HOLDINGS ORD | 71.06% |
| 22 MONADELPHOUS GROUP ORD | 61.89% |
| 23 SINGAPORE PRESS HOLDINGS ORD | 69.25% |
| 24 CHINA CINDA ORD H | 51.60% |
| 25 KINGSOFT ORD | 74.75% |
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