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4 Securities Lending Market Report | H2 2025 5

Foreword

>>> Welcome to the 24th edition of ISLA’s Securities Lending Market Report.

It is a pleasure to write the foreword for ISLA’s H2 2025 • As we navigate regulatory complexities of Accelerated For over a decade, ISLA’s Market Report has been a
Securities Lending Market Report. In this edition, BNP Settlement, 10C-1A and Basel 3, our advocacy cornerstone of the Association’s messaging, evolving across
Paribas’ Global Head of Agency Lending, Triparty Services, is focused on preventing “inadvertent negative 24 editions to help us track how the industry is growing. As
Andrew Geggus and his team share their insights and guide consequences” that could stifle liquidity. We are moving markets change and data evolves, we will also look to evolve
us through the defining themes, market movements and away from discussing these challenges in the abstract this report. While this may be the final Market Report in its
trading patterns which shaped the latter half of 2025. and toward the active application of solutions that current format, it is by no means the end of its story.
ensure our infrastructure is resilient enough to handle
We publish this report against a backdrop of unprecedented This publication has been the result of years of collaboration
activity. 2025 proved to be an exceptional year, with global record-breaking volumes like those seen in 2025. across the industry. I want to extend my deepest thanks to
securities lending revenues reaching nearly $15 billion, • As the industry continues to transition from the “theory all firms who have contributed over the years, as well our
the highest level on record. As outlined in the report, this of digital finance” to active implementation, ISLA is not long-standing data partners; BNY, Euroclear, Clearstream, J.P.
22% YOY increase was not fuelled simply by politically only championing technology to streamline process, we Morgan, DataLend, S&P Global Market Intelligence, and FIS
driven market volatility, but by a compounding of structural are also working to ensure that the legal and operational Global, whose contributions have been the bedrock of our
shifts, including surging demand in new and novel sectors, standards, including the GMSLA, evolve to support a reporting. I also wish to thank Andrew Geggus, and the team Ina Budh-Raja, CEO, ISLA
changing approaches to risk and capital management, as digital-first marketplace. at BNP Paribas for their partnership as co-publishers of this
well as the emergence of new markets and supply. edition and for their warm welcome as I took the helm.
• With the sector becoming more global and diverse, we
As our markets evolve, it is important that ISLA evolves are broadening our geographic footprint, ensuring the I invite you all to join us in this next chapter as we continue
with it. In my recent CEO Edit, I wrote about the necessity benefits of an efficient securities lending market are felt to advocate for a more efficient and resilient future for
of maintaining the “plumbing” of our financial markets. For across all jurisdictions where our 220+ member firms securities finance.
ISLA, there are a number of key pillars where we play a role: operate This includes our ongoing expansion into the Ina Budh-Raja
Middle East, where we are actively developing Shariah- CEO
compliant documentation and engaging with regional
regulators to open new avenues for the industry.

With the sector becoming more global and diverse, we are broadening

our geographic footprint, ensuring the benefits of an efficient securities
lending market are felt across all jurisdictions.