S&P Global: securities finance market had banner March revenues at $1.2bn

  • Banner March revenues of $1.244 billion
  • Banner Q1 revenues of $3.415 billion
  • Swiss equities lead the charge for EMEA equities
  • Fixed income asset continue to impress

Despite March being one of the most financially tumultuous months since the global financial crisis, it was one of the best in recent history for securities finance revenues. Along with Bitcoin (+71.2%) and tech stocks (Nasdaq 100 +20.5%), securities finance was one of the big quarterly winners during Q1 2023.

During March securities finance revenues reached $1.244 billion (+15% YoY) resulting in one of the strongest months for securities finance revenues to date. The first quarter of 2023 was also one of the best in recent history with $3.414 billion in revenues being generated, reflecting a 24.5% increase on Q1 2022.

During 2023, every month of Q1 has exceeded the $1 billion mark with the lowest revenue generating month being February ($1.054B, January revenues $1.116B). Average fees over the month across all securities increased 31% to 54bps, maintaining the same level as during February. The Q1 2023 average fee of 53bps was a 39% increase on Q1 2022 (38bps).

The largest gains in revenues during March, when compared YoY, were seen across EMEA equities (+41%), ADRs (+113%) and corporate bonds (+39%).

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