Equity Instruments

12 Months Ended

Dec. 31, 2025

19 Equity Instruments

Equity instruments are purchased primarily to facilitate the Group's product offerings within the

following Business Segments:

•Agency and Execution: The Group purchases equity instruments to facilitate the Group's

Securities Lending and Securities Based Swap product offerings and to facilitate counterparty

requirements.

•Hedging and Investment Solutions: The Group purchases equity instruments to hedge the

economic exposure arising from its Hedging and Investment Solutions product offering. This

includes the Group's issued debt and over-the-counter derivatives undertaken with the Group's

clients where equities are the underlying risk.


	2025	2024
	$m	$m
Equity instruments (unpledged)	586.9	231.4
Equity instruments (pledged as collateral)	6,337.2	4,446.6
	6,924.1	4,678.0