IHS Markit December securities finance snapshot $909 in December securities finance revenues, 12% YoY IPOs SPACs drive US specials balances ETF on-loan balances reach all-time high $2.37b in total Q4 revenue, -3% YoY Register now for IHS Markit Securities Finance 2020 Review Webinar on January 13th! Global securities lending revenues increased by 12% YoY in December, with $909m in monthly revenue the most for any month since June, when revenues totaled $971m. That marks the fourth consecutive month of increasing returns, albeit starting from 2020's least remunerative month in August. US equity revenues continued to trend higher throughout December, as the IPO market turned white-hot. Equity ETFs also saw an increase in borrow demand, with loan balances reaching an all-time high on December 21st. In this note we will review revenue drivers from December within the context QTD and YTD results. Americas Equity Americas equity revenues came in at $434m for December, a 32% YoY increase, and the largest monthly return since July ($436m).