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Securities Lending Market Report | December 2023

>>> SFTR Reporting Trends Between EU & UK >>> Single-Sided Reporting vs Dual-Sided Reporting

Fig 10 - DTCC Fig 12 - Publicly Available Data from Trade Repositories

SLEB Volume Lent Split EU vs UK Percentage of Loan Value Reported as Dual Sided Under SFTR

100% 25.00%
90% 20.00%
Dual Sided Reporting
80%
70% 15.00%
60% 10.00%
50% 5.00%
40%
0.00%
30% Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23
20%
10% EU UK
0%
Dec 22 Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23 July 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23

DTCC EU % DTCC UK %

In previous ISLA market reports, we explained how data Referring to previous data, by December 2022 there was For the last graph in our data series, we look at the In the above graph, we note a roughly 1.25% drop in
was presented to highlight the relationship between just over a 64/36 split between UK and EU respectively. percentage of single single-sided versus dual-sided EU single-sided transactions this year which of course
trading volumes in different jurisdictions rather than overall This past year has seen some change to that ratio which, reporting. The intention of looking at data from this represents an increase in dual-sided transactions, or EU
increases or decreases in activity. We have continued with as of December ’23 sits at 53/47, a notable increase in perspective is to observe supply and demand patterns internal trading, a trend more notable in the UK data with
this approach in the above graphic to highlight any further the percentage of EU volumes relative to UK reported between counterparts in various jurisdictions. an almost 2% decrease in single-sided transactions in the
movement. transactions maintained from midway through Q3 2023 same time period.
until the end of the year.