$2.29bn in Q1 securities lending revenue
- Global revenue -5.5% YoY for Q1
- ETF loan balances reach all-time high in March
- Global increase in utilization
- Event driven revenues for US equities
With the global economic havoc caused by COVID-19, securities lending revenues declined 18% YoY for the month of March, despite an increase in borrow demand for some asset classes, most notably exchange traded funds. Total Q1 revenues decreased by 5.5% YoY, however that belies the evolving mix of demand drivers and spread incomes. After reaching an all-time low in mid-January, equity utilization increased by a third to end March at 5.6%.