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Securities Finance

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.

Learn more about Securities Finance Short Interest
Enhance efficiency and transparency with our new Onboarding Accelerator tool

Oversight Management Solutions


Cost effective

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

Loan Management

Single source

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

Revenue Optimization

Simplified operations

Identify unrealized revenue opportunities

Performance Analytics

Cost effective

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

Board Reporting

Simplified operations

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

Risk Management

Simplified operations

Identify unrealized revenue opportunities

Tailored Services

Cost effective

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

Cost effective

Proprietary, independent securities Lending database

Single source

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

Simplified operations

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.

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

Cost effective

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

Quantitative Signals

Single source

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

Simplified operations

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

Risk Management

Cost effective

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

Short Squeezes

Single source

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

Holistic View on Short Interest

Simplified operations

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

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


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

Key benefits

Cost effective

Discover the correct rates across the global repo market

Single source

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

Simplified operations

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

Cost effective

Tools to benchmark your performance versus your

Securities Lending Market Returns


Asia Pacific Ex Japan
Emerging Markets

Fixed Income


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 IHS Markit 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
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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 IHS Markit Securities Finance Toolkit for Microsoft Excel

    For x32 Excel (on x32 or x64 Windows):
    For x64 Excel (on x64 Windows only):

    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 IHS Markit Customer Care, email address:

  • Check your installation. Click to open the IHS Markit Toolkit Checks spreadsheet. All values in column C will be populated following successful installation
  • Download the attached document


  • Investment banks
  • Custodians
  • Hedge funds
  • Asset managers
  • Insurance companies

MSFA Standard Terms and Conditions



Pursuing Transparency in Legal Documentation

02 November 2022 | Global In an industry increasingly driven by new technologies and automated solutions, gaining visibility into a financial firm's legal position has...

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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 George is responsible for innovation and development of new products and technology to the Securities Finance business in S&P Global Market Intelligence.He has over 15+ 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 IHS Markit(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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