S&P Global: securities finance hits $1bn in September, Q3 leads for revenue in 2022

  • Q3 was the highest revenue generating quarter of 2022
  • Americas equity specials continue to dominate
  • Government bonds see best revenues and highest fees of 2022
  • Corporate bond revenues remain strong

Securities finance revenues totaled $1.028 billion for the month of September. This was an increase of 5% year over year (yoy) but a decrease of circa 11% on the month of August. On loan balances remained flat across all securities. Average fees increased 6% yoy but given the declines in global equity indices and bond prices over the month, a decrease in valuations is likely to have had an impact upon revenues.

Utilization remained strong, increasing yoy across all asset classes. Revenues were down across all equity markets other than the Americas. Government bonds generated $168 million over the month making both September and Q3 the best periods for the asset class.

Corporate bonds continued their impressive run generating revenues of $83 million which was a remarkable increase of 78% when compared with September 2021. In line with this increase were the average fees commanded for corporate bonds (+77% yoy) which increased 34% when compared with January.

Q3 was the highest revenue generating quarter of the year so far (Q1 $2.74bn, Q2 $3.361bn, Q3 $3.383bn). Securities finance revenues for 2022 to the end of September were $9.487 billion.

Read the full snapshot

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