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6 Securities Lending Market Report | H2 2025 7

Market Highlights

Global Trends Government Bond Markets

Global Securities Lending Market Global Securites On-Loan Utilisation Securities On-Loan
€41.5Tn €37.4Tn €3.5Tn €3.0Tn 34.4% 31.6% €1.6Tn €1.4Tn

Dec25 Jun25 Dec25 Jun25 Dec25 Jun25 Dec25 Jun25

Global All Securities YTD REV (S&P Global) Market Volatility (VIX)

€ €12.7Bn €11.3Bn 14.95 16.73 Collateral
Jan-Dec25 Jan-Dec24 Dec25 Jun25
Government Bond Collateral Held in European European Non-Cash Collateral Held in
S&P 500 Index Tri-Party by Domicile of Issuers European Tri-Party
6846 6205

Dec25 Jun25
Europe - 40% Equities - 48%
Asia - 19% Corporate Bonds - 13%
Global On-Loan Volume by Asset Type Global Lendable Revenue by Asset Type North America - 30% Government Bonds - 36%

Other - 11% Other - 2%
Lendable Revenue Lendable
Asset Class
(€ tn) (€ bn) Revenue BP

All Securities 41.5 12.7 3.1

Equities 32.0 9.8 3.1

Equities - 40%
Fixed Income 9.1 2.8 3.1 Equity Markets Providers
Government Bonds - 51%
Corporate Bonds - 9%
Securities On-Loan
€1.5Tn €1.3Tn

Dec25 Jun25

Pension Plans - 21%
Global Government Government/Sovereign Entities - 29% Lendable Assets
Insurance Companies - 3%
Bonds On-Loan by Collective Investment Vehicle - 16% €32.0Tn €28.4Tn
Client Type Undisclosed/Other - 17% Dec25 Jun25

Banks/Broker Dealers - 14%