Attendees of the Canadian Securities Lending Association Annual Conference in Toronto heard that Canadian revenue increased by $16 million in the opening quarter of the year, while revenue dropped by $145 million and $53 million for the US and Europe, respectively.
DataLend figures showed that Q1 revenue rose to $137 million this year, up from $121 million in the same period in 2016.
The Asia Pacific suffered a $47 million decrease in revenue, while the remaining lending markets saw a collective drop of $15 million, representing a global revenue dropout worth $244 million.
Benedict explained that Canada is primarily a general collateral market, although a small handful of super-hot Canadian stocks accounted for the vast majority of revenue.
In terms of collateral, Canada currently holds a 80/20 split in favour of non-cash collateral.