Securities Finance

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Manage securities lending programs, optimize trading performance and enhance investment decision making with global securities lending data.

Gain market sentiment insights and trading transparency from a macro to an individual stock level, with a dataset covering more than $37 trillion of global securities from 20,000 institutional funds, twenty years of daily history and over three million intraday transactions. Our data is sourced directly from leading industry practitioners, including prime brokers, custodians, asset managers and hedge funds.

We provide enhanced visibility and insight into the market for collateral cash investments, demand, pricing and usage, and we deliver Repo data and analytics. Collateral and funding managers of prime dealers, banks, money market funds, securities lenders, hedge funds, insurance companies and corporations benefit from this comprehensive combination of repo and securities lending data and analytics. Market leading analytics on short interest demand, supply and borrow costs.

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Contents

Oversight Management Solutions
Securities Lending
Short Interest
Repo
Key benefits
Securities Lending Market Returns
Research
Factsheets
Academic Papers
Toolkit Installation
Related Products
Experts
Thought Leadership & Market Commentary

Key Stats

$37Tn

Lendable Inventory

$3.1Tn

On Loan

20 years

Point in Time History

222,000

Equity & Fixed Instruments

90%

Market Participants

Oversight Management Solutions

Compliance

Monitor your lending programs compliance to your lending parameters at Transaction, Instrument or Counterparty level

Loan Management

Proactively manage loan positions to avoid failed sales, by monitoring the liquidity of loaned securities

Performance Analytics

Control and set the peer group and benchmark your program is measured against. Benchmark portfolios, including lending rates and volumes, against peers and the market to help identify opportunities

Revenue Optimization

Identify unrealized revenue opportunities

Board Reporting

Receive performance and risk reports generated at fund or program levels, tailored to your requirements and desired frequency

Risk Management

Identify unrealized revenue opportunities

Tailored Services

Our solutions can also be tailored for bespoke requests to supplement program reviews, reporting for internal stakeholders, and to assist with RFPs by providing revenue evaluations.

Securities Lending

Proprietary, independent securities Lending database

Tracks global, daily securities finance supply, demand, fee and market share data

Diverse signals for optimizing excess returns/alpha, and refining risk management

Daily Global Securities Financing Data providing insight into market sentiment and institutional fund activity

Daily data directly from 650+ industry practitioners including 120 custodian banks more than 40 prime brokers over 500 Hedge Funds.
Investment Insight- Ability to analyze long and short fund flow activity at stock, sector and market level; identify potential turning points and contrarian ideas
Performance measurement - Independent periodical measurement of securities lending and borrow performance against predefined peer group
Trading Transparency - Refine trade entry and exit points, understand the availability of borrow, the concentration of supply, and benchmark your cost of carry
Risk management Identify and track portfolio exposure to both downward price reversals and short squeezes Identify concentration risk and recalls

Research and Consulting Services

SFTR Solutions: Securities Financing Transactions Regulation

What is SFTR? As part of the policies identified by the Financial Stability Board to increase transparency across securities financing transactions (SFTs), the EU introduced the Securities Financing Transaction Regulation (SFTR). The SFTR includes new rules compelling market participants to report all SFTs to an approved trade repository and radically restructure their data architecture – integrating numerous and often disparate, data sources to enhance transparency. Financial counterparties, non-financial counterparties, EU-based entities including their non-EU-based branches, and non-EU entities where the transaction is concluded by an EU-based branch must all comply.

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Short Interest

Global securities financing data, providing market leading analytics on short seller demand, supply and borrow costs, for both Equities and Fixed Income. Holistic transparency into short interest dynamics to support investment decisions, asset allocation and risk management.

Investment insight

Analyze long and short fund flow activity at stock, sector and market level.

Quantitative Signals

Short interest dataset with proven track record of generating alpha for investors, and 20+ years of history. Uncorrelated with traditional quantitative factors. Improve back-test simulations with borrow cost and availability information.

Trading Transparency

Refine trade entry and exit points, understand the availability of borrow, the concentration of supply, and benchmark your cost of carry.

Risk Management

Identify and track portfolio exposure to both downward price reversals and short squeezes. Identify concentration and recall risks.

Short Squeezes

Systematic scoring of stocks, providing unique and predictive analytics around the potential for a short squeeze events.

Holistic View on Short Interest

Combine securities lending flow with public short interest data. Aggregate short Interest across corporate issues, to provide a view across the capital structure

Repo

Repo Data Analytics provides users with powerful real time insights into the repo market. With a fully customisable data platform, users will be able to quickly and efficiently view the metrics that are important to them

Proprietary, independent Repo database
Tracks global daily Repo volumes and fee information that helps you make informed decisions on all aspects of your global financing activities
Sourced directly from leading industry practitioners

Free 21-day trial access Sign up for a free 21-day trial to Securities Finance

Key benefits

Discover the correct rates across the global repo market

Advanced risk management analytics provides details on trade volumes and liquidity across all sectors

Insights into haircut and margin details per instrument /asset class and longevity of repo trades

Tools to benchmark your performance versus your

Securities Lending Market Returns

Equities

Asia Pacific Ex Japan

Emerging Markets

Europe

Japan

USA

World

Fixed Income

USD

EUR

Global

Research

S&P Global Securities Finance data support research that provides insights on the securities lending market, risk factors and potential alpha generating strategies. In addition to our own publications, S&P Global data is used by academics and third parties. Access this industry-leading research below.

S&P Global papers – Download Securities Finance research

Factsheets

Academic Papers

The use of and access to any publication which is linked through this website will be governed by the terms of use of the third party website that hosts such publication. Neither S&P Global Group Limited and/or its affiliates takes any responsibility for such publication or its content, or the third party licensing terms and conditions pursuant to which you access such publication.

Paper Topic	Dated	Author/s	Institution	Working papers
The relationship between naked short sales information and covered short sales	26-Apr-17	Harrison Liu Sean T. McGuire Edward P. Swanson	University of Texas at San Antonio - Department of Accounting Texas A&M University - Department of Accounting Texas A&M University - Mays Business School; Mays Business School, Texas A&M University	View now
The affect of short sales, before initial public offerings, on share price performance	12-Sep-16	Linquan Chen Alok Kumar Chendi Zhang	University of Exeter University of Miami - School of Business Administration University of Warwick - Finance Group	View now
The relationship between securities lending fees and stock returns	4-May-16	Itamar Drechsler Qingyi (Freda) Song Drechsler	New York University (NYU) - Department of Finance; National Bureau of Economic Research (NBER) University of Pennsylvania - Wharton Research Data Services	View now
The relationship between insider selling, short seller activities and stock returns	15-Mar-17	Harold Contreras Jana P. Fidrmuc Roman Kozhan	Faculty of Economics and Business - University of Chile Warwick Business School - Finance Group University of Warwick, Warwick Business School	View now
The relationship between equity options data, lending fee risk premium, future stock lending fees and stock returns	30-Aug-16	Dmitriy Muravyev Neil D. Pearson Joshua M. Pollet	Carroll School of Management, Boston College Department of Finance, University of Illinois at Urbana-Champaign	View now
The affect of mandatory short-sale disclosures on investment activity and stock returns	8-Jul-16	Stephan Jank Christoph Roling Esad Smajlbegovic	Deutsche Bundesbank; Frankfurt School of Finance & Management Centre for Financial Research (CFR), Cologne Deutsche Bundesbank Deutsche Bundesbank; University of Mannheim + Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)	View now
Exploration into the performance of large short-sale positions	15-Aug-17	Stephan Jank Esad Smajlbegovic	Deutsche Bundesbank; University of Cologne - Centre for Financial Research (CFR) Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)	View now

Paper Topic	Dated	Author/s	Institution	Published papers
The affect of short selling, for hedging and speculative positioning, on options trading	14-Oct-15	Tse-Chun Lin Xiaolong Lu	Faculty of Business and Economics, University of Hong Kong	View now
The affect of media coverage, its accuracy and use of language, on asset prices	12-Dec-14	Kenneth R. Ahern Denis Sosyura	University of Southern California - Marshall School of Business; National Bureau of Economic Research (NBER) Arizona State University	View now
The affect of short-sale supply on equity returns	1-Aug-15	Messod Daniel Beneish Charles M.C. Lee D. Craig Nichols	Indiana University, Kelley School of Business Stanford University, Stanford Graduate School of Business Syracuse University, Whitman School of Management	View now
Explores the impact of European Union country requirements for disclosure of large short positions	6-Aug-16	Charles M. Jones Adam V. Reed William Waller	Columbia Business School Kenan-Flagler Business School, University of North Carolina Tepper School of Business, Carnegie Mellon University	View now
Examination of common arguments used in support of the banning of short selling activities	2012 (only year shown)	Michael D. McKenzie	University of Sydney Business School, University of Sydney	View now
Explores UK short sale activity and future stock performance	11-Jan-13	Panagiotis Andrikopoulos, James Clunie Antonios Siganos	De Montfort University, Leicester, UK Investment Director – Equities, Scottish Widows Investment Partnership, Edinburgh, UK University of Glasgow, UK	View now
The relationship between the profitability of quantitative investment strategies and the ability to engage in short sale activities	13-Jan-11	Panagiotis Andrikopoulos, James Clunie Antonios Siganos	De Montfort University, Leicester, UK Investment Director – Equities, Scottish Widows Investment Partnership, Edinburgh, UK University of Glasgow, UK	View now
The relationship between earnings announcements, short selling activities and investment profitability	11-Jan-10	Henk Berkman Michael D. McKenzie	University of Auckland - Business School The University of Sydney - Discipline of Finance; University of Cambridge - Cambridge Endowment for Research in Finance (CERF); Financial Research Network (FIRN)	View now

Toolkit Installation

Download the latest version of the S&P Global Securities Finance Toolkit for Microsoft Excel
For x32 Excel (on x32 or x64 Windows): ToolkitSetup32.zip
For x64 Excel (on x64 Windows only): ToolkitSetup64.zip
Latest release: v9.9.1 March 2021
System Requirements: Microsoft Windows 7 or later (32 bit or 64 bit), Microsoft Office Excel 2007 (32 bit) or later (32 and 64 bit), Microsoft Dot Net Framework 4.6.1 or later.
Administrator access is required to install the Toolkit. Excel should be closed and the current version, if any, must be uninstalled prior to installing the new version.
To access data through the toolkit, you will need your username and password as provided by S&P Global Customer Care, email address: Customer.Care@ihsmarkit.com.
Check your installation and click to open the S&P Global Toolkit Checks spreadsheet. All values in column C will be populated following successful installation
Download Securities Finance Toolkit Now

Customers

Investment banks
Custodians
Hedge funds
Asset managers
Insurance companies

SF Standard Terms and Conditions

SF Standard Terms and Conditions

Resources

Why it pays to lend ETFs brochure

Experts

Melissa Gow

Melissa Gow oversees client facing activities for the global securities finance business, including the product specialist and client services teams, consultancy, marketing, and commentary. She has extensive experience in securities finance and is a frequent speaker at industry events.Previous industry experience includes roles at Goldman Sachs and Swiss Bank Corporation. Melissa holds an M.B.A from New York University and a B.A. from Georgetown University.

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Kabin George

Kabin has over 16+ years' experience in the securities lending industry in a number of roles that have covers across product development, relationship management & business development.Kabin holds a MBA degree from Oxford Brookes University.

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Edward Marhefka

With a proven track record in the securities finance business, Edward joined S&P Global(now part of S&P Global) in April 2013. Previously, he was the head of sales for securities lending, repo and secured funding at Morgan Stanley. Earlier in his career, he worked at Lehman Brothers in the equity finance business and held various positions in custody, clearing and cash management at Bank of America, Bankers Trust and Chemical Bank.Edward received a Bachelor of Science in Criminal Justice from The College of New Jersey and earned his MBA in Finance from Fairleigh Dickinson University, US.

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Paul Wilson

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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Securities Finance

Manage securities lending programs, optimize trading performance and enhance investment decision making with global securities lending data.

Key Stats

$37Tn

Lendable Inventory

$3.1Tn

On Loan

20 years

Point in Time History

222,000

Equity & Fixed Instruments

90%

Market Participants

Oversight Management Solutions

Compliance

Loan Management

Performance Analytics

Revenue Optimization

Board Reporting

Risk Management

Tailored Services

Securities Lending

Daily Global Securities Financing Data providing insight into market sentiment and institutional fund activity

Research and Consulting Services

SFTR Solutions: Securities Financing Transactions Regulation

Short Interest

Investment insight

Quantitative Signals

Trading Transparency

Risk Management

Short Squeezes

Holistic View on Short Interest

Repo

Key benefits

Securities Lending Market Returns

Equities

Fixed Income

Research

Factsheets

Academic Papers

Toolkit Installation

Customers

SF Standard Terms and Conditions

Resources

Related Products

Transaction Cost Analysis (TCA)

Quantitative Equity Data: Alpha Signals

SFTR Solutions

Experts

Melissa Gow

Kabin George

Edward Marhefka

Paul Wilson