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Securities Lending Market Report | June 2022
>>> SFTR Reporting Trends Between EU & UK >>> Single-Sided Reporting vs Dual-Sided Reporting
Fig 10 - DTCC Fig 11 - REGIS-TR, KDPW, DTCC EU, DTCC UK
SLEB Volume Lent Split EU vs UK
100% Single-Sided Reporting
90%
80% 96.00%
94.00%
70% 92.00%
60% 90.00%
88.00%
50% Percentage of Aggregate Lent that is Reported as Single-Sided 86.00%
40% 84.00%
30% 82.00%
80.00%
20% 78.00%
10% July 2021 Aug 2021 Sep 2021 Oct 2021 Nov 2021 Dec 2021 Jan 2022 Feb 2022 Mar 2022 Apr 2022 May 2022 Jun 2022
% Single-Sided Reporting (EU) % Single-Sided Reporting (UK)
0%
Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22
DTCC EU DTCC UK
In the last ISLA market report, we explained how the We have not noted any external features of booking For the last graph in our data series, we look at the As it relates to the UK data sets, it would appear the
data was presented to highlight the relationship between location that might change this trend, but will be interested percentage of single sided versus dual sided reporting. trend has returned to the same point as last year. This
trading volumes in different jurisdictions rather than overall to see if the upcoming SFTR review, or indeed the The intention of looking at data from this perspective is to could indicate a stabilisation of counterparts and supply.
increases or decreases in activity. We continued with that application of other regulations changes this dynamic. observe supply and demand patterns between counterparts However, the EU data set, showing a decline of over 4% in
approach in this report to highlight any further movement. in various jurisdictions. In the past we have noted the single-sided reporting, could point to a small redistribution
But as you can see, it seems to have settled into a gentle where there is an increase in single sided reporting it of chosen counterparts that result in more dual-sided
equilibrium of 56/44. could be a hallmark off supply coming from outside of that reporting.
jurisdiction.
