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8 Securities Lending Market Report | H2 2025 9

Introduction

Securities Lending

The securities lending market entered 2025 amid a confluence of structural shifts
that are reshaping both supply and demand dynamics. Elevated equity volatility, the
continued rollout of market-impacting regulations and further scrutiny on risk-adjusted
Biannual Market Review returns and operational resilience were key themes throughout. At the same time,
records were broken, all-time high revenues for securities lending were achieved as well
as record levels across a multitude of indices.

In this market report, we will look to touch upon some of thematics we have seen across
the regions and how that has derived the performance of the securities lending markets.
H2 2025 I would also like to take this opportunity to personally and on behalf of BNP Paribas thank
Andrew Dyson for his contribution to the industry over his tenure as the CEO of ISLA, and
welcome Ina Budh-Raja as she takes the helm. We wish you both every success.

Contributors
Andrew Geggus
Global Head of Agency Securities Lending and
Triparty Services Securities Services, BNP Paribas
Liam Jeffries
Australia Agency Lending Trading, BNP Paribas
Adam Kings
Global Head of Agency Lending Trading, BNP Paribas
Anthony McDonald
Head of APAC Agency Lending Trading, BNP Paribas
Loic Ontenient
Head of NAM Agency Lending Trading, BNP Paribas