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The Beneficial Owner Data Dashboard provides an analysis of the securities lending market for beneficial owners using the securities finance data of S&P Global Market Intelligence.

Q2 Beneficial Owner revenues of $2.34B remain robust.

The second quarter of the year witnessed further growth in equity markets as the Artificial Intelligence theme continued to generate strong demand from investors. Over the period, given the increased size and dominance of these tech stocks, equity indices pushed ever higher, continually hitting new record levels. Apart from during the first few weeks of April, there were very few correctional periods seen. Volatility remained very close to all-time lows which deprived end-users of any real opportunity to engage in meaningful directional strategies. In the fixed income markets, following the first rate cut by the European Central Bank, central bank policy divergence became a reality. The Bank of Japan continued its tightening path whilst the Bank of England and the Federal Reserve maintained their stance of data dependency and caution.

Q2 2023 was one of the highest revenue generating quarters on record for the securities lending markets. As a result, at first glance, any YoY revenue comparisons may look a little disappointing and suggest that the market may have been a little sluggish during the same period this year. When looking at the revenues across a longer period, however, Q2 returns remained robust. Q2 2024 was the third highest revenue producing Q2 period since 2018. A broader context remains critical in any analysis as the market follows on from two banner years of annual revenues.

If you would like to know more about any of these themes or discuss any of the data points shown in this dashboard, please reach out to the representative in your region.

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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.