Market volatility made a bold return this quarter, as global equity markets saw some of their most significant swings of the year. Economic data took centre stage, with even minor deviations from consensus sparking outsized reactions. The quarter kicked off with momentum from earlier rallies, as capital rotated out of tech and into small-cap equities. However, this shift was short-lived. Unexpected interest rate movements in Japan sent shockwaves through markets, prompting investors to swiftly reposition and deleverage.

Global interest rates soon followed suit, with central banks in Europe, the UK, and Canada lowering rates, making future central bank moves a dominant theme in the market narrative. Despite this turbulence, securities finance revenues held strong, though they failed to fully capitalize on the short, sharp market swings. Exchange-traded funds (ETFs) shone as a key tool for investors looking to hedge risk, while fixed income assets continued delivering solid returns. Equity markets, though facing significant year-on-year revenue declines, held their ground when viewed against past performances.

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