A regulation requiring the implementation of margin requirements for non-centrally cleared derivatives.
UCITS came about from a 1985 EU directive that aimed to standardise the rules and regulations across Europe regarding open-ended funds and transferable securities. The plan was to make funds approved in one country easy to market and sell to investors throughout the EU. The first two versions of UCITS were not adopted, but UCITS III was approved in 2001, and remains in force today.
The amount of stock which has been borrowed, as a percentage of the amount which is available to borrow from the majority of the world's major custodians and beneficial owners. Utilisation numbers need to be used in conjunction with the percentage of market cap on loan and new loan volumes in order to get a full picture of activity in stock lending.