Fidelity’s McCabe Reveals Bold Predictions for Securities Lending in 2025

Wall Street's best-kept cash cow just got a crypto twist.

Securities lending—the $1.2T shadow market propping up traditional finance—is facing its iPhone moment. Fidelity’s capital markets chief Tom McCabe sees blockchain settlement slashing 72-hour loan cycles to 72 seconds. Forget prime brokers—DeFi protocols could eat their lunch by 2026.

The kicker? Wall Street still charges 150bps for tech older than fax machines.

For Marney McCabe, Head of Relationship Management for Fidelity Agency Lending, what began as a “chance” entry into the industry evolved into a dynamic career, marked by a focus on relationship management, strategic insight, and a commitment to mentorship. In an interview with Traders Magazine, she reflects on her professional journey, the changing needs of clients, and how trust, customization, and technology are shaping the future of agency lending.

Marney McCabe, Fidelity Agency Lending

I actually stumbled into securities lending by chance, but quickly became hooked. My background in finance and passion for client engagement made the transition feel natural, and over time I evolved from an individual contributor to leading global client relationships. After 16 years with another firm, I was drawn to the Fidelity Agency Lending vision, particularly being so focused on the client experience, which made the MOVE an exciting next step.

I’ve always been passionate about mentorship and creating space for women to grow in the capital markets space. Serving as a senior leader with the Women in Securities Finance (WISF) group has been a way to formalize that mission by offering a platform for connection, support, and opportunity. I’m proud not only to have seen WISF grow in scale and impact, but also to see many individuals into active allyship through the group.

Relationship management has always been about personal connection. While in-person interactions remain important, technology has allowed me to stay closely engaged with clients in a VIRTUAL environment. In today’s fast-paced world, whether you’re remote or in-person, building trust and strengthening relationships is still essential to my role and something I thoroughly enjoy.

Strong relationship management is rooted in staying one step ahead of client needs. While face-to-face time is valuable, being well-prepared, whether it’s understanding the regulatory landscape or anticipating shifts in demand, builds trust and credibility even in a virtual setting.

While the industry grows more complex, the margin pressures still persist, so it’s critical that lendable assets are optimally positioned to generate the most value. That requires the right mix of relationships, technology, and trust to ensure clients can benefit from the most profitable trades.

As market dynamics shift and the lenders pool contracts, clients are placing greater value on transparency, customization, and overall alignment with a dedicated agent. At Fidelity Agency Lending (FAL), we’re seeing that clients increasingly want clarity around how, why, and when their lending programs deliver value. That focus on outcomes and partnership is shaping how we support a diverse range of beneficial owners.

In a complex, data-driven space like securities lending, building trust starts with putting client needs at the center. Across the FAL team, we’re laser focused on delivering customized lending solutions that align with each firm’s risk profile and strategic goals, while maintaining strong credit standards.

Don’t underestimate the power of your network or the opportunities that come your way. Success in this industry comes from hard work, confidence, and leaning into what you’re passionate about. I’ve spent over 20 years in financial services because I genuinely love what I do and finding that kind of drive makes all the difference.