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GSL Chicago 12th May, 2011 Global Securities Lending Update

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GSL Chicago 12th May, 2011 Global Securities Lending Update

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    1. GSL Chicago 12th May, 2011 Global Securities Lending Update Timothy Smith Executive Vice President SunGards Astec Analytics

    2. Introduction 2010 - year at the crossroads 2011 a new dawn? Global themes Changing environment New ways of doing business Regional differences Specials only market? Local factors Conclusion

    3. Available trending down slightly

    4. Equity market value on loan

    5. Equity number of shares borrowed

    6. Equity borrowing costs

    7. Is it a specials only market?

    8. Share of Revenue due to Specials

    9. Intrinsic Rate of Specials

    10. Cash Yield Premium

    11. Growth in ETFs outpaces equities

    12. New products - Market value of ETFs and ADRs on loan

    13. Growth in US securities lending since 92

    14. NYSE short interest vs Lending transactions

    15. Conclusion Adapting to change Integration Flexibility Risk/reward Regulation Where is the demand?

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