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Summary
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.
Join us on October 24th for an in-depth review of the third quarter 2024 securities finance market performance. We'll be joined by Paul Wilson, Managing Director and Head of Securities Finance, ETF, and Benchmarking Services, who will share insights from the ISLA Americas conference in Naples, Florida. Paul will also offer his expert perspective on the evolving role of data within the securities finance industry and its future potential. We look forward to seeing you soon!
Speaker
S&P Global Market Intelligence
Matt Chessum
S&P Global Market Intelligence
Executive Director, Equity Analytic Products (EAP)
Matt Chessum is an executive director within the Equity Analytic products team at S&P Global Market Intelligence and is responsible for the EMEA and US Product Specialist teams, market commentary, thought leadership and media relations. Previously, Matt was an Investment Director at aberdeen asset management where his main responsibilities included overseeing the securities lending activity and the management of GBP denominated Money Market mandates.
Matt is a former member of the Bank of England's securities lending committee and a former board member of the International Securities Lending Association (ISLA).
Paul Wilson
Managing Director, Securities Finance
Paul Wilson is the global head of the Securities Finance business at S&P Global Market Intelligence, a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide.
Paul Wilson is the global head of the Securities Finance business at S&P Global Market Intelligence, a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The Securities Finance business provides benchmarking analytics, risk management, consultancy, investment insight and regulatory reporting solutions to all segments of the securities lending and finance industry worldwide. Leveraging the largest and deepest inventory and loan data set in the industry including twelve years of historical data, Securities Finance provides solutions that helps improve transparency and drives performance. Paul joined IHS Markit (now part of S&P Global) in June 2018, after spending 33 years at JPMorgan, latterly leading the Agent Lending Global Product and Portfolio Advisory team. Paul is recognised industry leader and a frequent speaker and industry commentator who in 2017 co-chaired a Bank of England industry group to develop the UK Money Markets code.
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