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8 Securiti es Lending Market Report | June 2023 9

Introducti on

Aft er a tumultuous 2022, some ongoing themes conti nue to impact our
Securiti es Lending geopoliti cal stability and lingering infl ati on and a higher rate environment
daily lives and global markets. The war in Ukraine conti nues to threaten
have exacerbated the pressure on household fi nances across the world, as
well as contributi ng to volati lity in fi nancial markets.
Biannual Market Review The big story of the fi rst half of 2023, however, was clearly the collapse
of Credit Suisse and the US regional banking crisis. Whilst markets,
governments, and regulators navigated these events fairly eff ecti vely, and
the knock-on eff ects were muted compared to previous banking crises,
the consequences undoubtedly aff ected how we all approached the fi rst
half of the year. Preparati ons for upcoming market and regulatory changes
began with the planned transiti on to T+1 in the US by May 2024, signalling
H1 2023 potenti al operati onal challenges, and the impending eff ect of the revised
Basel capital regulati ons driving the approach to the second half of 2023
and beyond.

In the face of these conti nuing challenges our industry remains robust with
global revenues holding up well. In the following pages we will examine how
the aforementi oned events have impacted our industry more specifi cally, as
well as assessing the outlook for the second half of the year.

Introducti on & Outlook
Mark Jones
Head of Securiti es Finance, EMEA
Jonathan Lacey
Global Head of Equity Trading, Securiti es Finance
Joseph Gillingwater
Global Head of Fixed Income Trading, Securiti es Finance