Extreme specials: great for the winners, bad for the markets (Premium)

IHS Markit has released their Q3 2019 securities finance revenue summary showing “eye popping” returns for selected specials. This drove revenues to $2.6 billion, up 5% from Q3 2018. While great for agent lenders and the beneficial owners holding these individual names, our research shows that this winner-take-all environment is a net negative for the market overall.
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