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8 Securities Lending Market Report | December 2022 9

Introduction

Looking back at the tumultuous 2022, I am still in awe with all the events
Securities Lending downturn, the sustained zero-Covid stance adopted by China, to three
that took place. From war breaking out in Europe, a global economic
different prime ministers in the UK, inflationary pressures and the cost
of living crisis – amongst other things – 2022 sure was a hectic year.
Certainly, I was not the only one happy to see 2022 coming to an end,
Biannual Market Review Despite the negative backdrop of 2022, the securities finance industry
with hopes for a better, calmer 2023.

has remained resilient and globally achieved near record revenues of USD
9.89 billion, just shy of the post crisis 2018 record. This is testament to
an industry that has adopted regulation and improved controls across the
board and continued to adapt to the toughest of challenges.
H2 2022 In the next few pages, we are happy to share a securities lending review of

the second half of 2022 – thank you to ISLA for having us.

Introduction & Outlook
Andrew Geggus
Global Head of Agency Lending, Securities Services – BNP Paribas
EMEA section
Adam Kings
EMEA Head of Agency Lending Trading, Securities Services – BNP Paribas
APAC section
Natalie Floate
APAC Head of Market and Financing Services, Securities Services – BNP Paribas
US section
Michael Saunders
Americas Head of Agency Lending, Securities Services – BNP Paribas