Growth in the securities lending industry is showing no signs of slowing, with lendable assets rising 15% last year to $15 trillion (€12.3 trillion). Exclusive borrowing agreements, in which a lender gives a single institution borrowing rights over its portfolio for an agreed fee, are popular but, as supply grows, their attraction to lenders may diminish.

Up to $2 trillion of assets is expected to be locked up by brokers in exclusive lending agreements by the end of the year, a rise of 40% on last year, according to Data Explorers, a securities lending data service.