Global securities lending revenue up 23% YoY for November
08 December 2025 Global
Image: Philip_Steury/stock.adobe.com
The global securities finance industry generated US$958 million in revenue for lenders in November, a 23 per cent increase year-on-year (YoY), says EquiLend Data & Analytics.
Despite an 11 per cent decrease from October, November鈥檚 performance brings 2025鈥檚 year-to-date revenue to US$10.8 billion, outpacing 2024 by 21 per cent.
The strength was driven by global equity markets, with equity lending revenue reaching US$725 million (up 30 per cent YoY), continuing the strong momentum seen throughout 2025. Fixed income revenue rose to US$232 million (up 6 per cent YoY).
Global broker-to-broker activity, where broker-dealers lend and borrow securities from each other, accounted for an additional US$283 million, up 36 per cent YoY.
North American equity revenue climbed 14 per cent YoY, driven by a 28 per cent increase in loan balances, as tech and AI securities remained highly volatile.
While fees fell by 9 per cent compared to November 2024, the resulting lending revenue rose by 14 per cent YoY to US$372 million.
Revenue from corporate bond lending remained flat at US$40 million as a 17 per cent increase in balances offset a 15 per cent decrease in fees.
Likewise, government bond lending revenue rose by 9 per cent YoY as the Federal Reserve continued to cut interest rates.
Lending revenue for EMEA equities increased by a similar margin, 31 per cent YoY. Despite ongoing policy uncertainty in Germany and France, investors rotated out of concentrated US tech positions into European equities, driving the CAC 40 and FTSE 100 to record highs.
The increased valuations improved loan balances by 36 per cent, which offset fees falling by 4 per cent YoY. Corporate debt lending yielded a minor 1 per cent increase, as an 18 per cent rise in loan balances offset a 14 per cent decline in fees.
Lending revenue from French OATs continued to bolster European government debt resulting in a 7 per cent YoY jump for the region.
Asia Pacific equity markets had the largest YoY growth in revenue across all regions, with a 61 per cent increase in revenue.
The region鈥檚 top revenue markets include Hong Kong, Taiwan, Republic of Korea, and Japan. Both fees and balances rose by 15 per cent and 40 per cent, respectively.
Single-stock revenue leaders for November were led by the technology, real estate, and energy sectors.
The top 5 revenue-generating securities globally were Infosys LTD ADR, Contemporary Amperex Technology Co., Circle Internet Group, Lennar Corp, and Nano Nuclear Energy, which collectively generated US$74 million in lending revenue.
Despite an 11 per cent decrease from October, November鈥檚 performance brings 2025鈥檚 year-to-date revenue to US$10.8 billion, outpacing 2024 by 21 per cent.
The strength was driven by global equity markets, with equity lending revenue reaching US$725 million (up 30 per cent YoY), continuing the strong momentum seen throughout 2025. Fixed income revenue rose to US$232 million (up 6 per cent YoY).
Global broker-to-broker activity, where broker-dealers lend and borrow securities from each other, accounted for an additional US$283 million, up 36 per cent YoY.
North American equity revenue climbed 14 per cent YoY, driven by a 28 per cent increase in loan balances, as tech and AI securities remained highly volatile.
While fees fell by 9 per cent compared to November 2024, the resulting lending revenue rose by 14 per cent YoY to US$372 million.
Revenue from corporate bond lending remained flat at US$40 million as a 17 per cent increase in balances offset a 15 per cent decrease in fees.
Likewise, government bond lending revenue rose by 9 per cent YoY as the Federal Reserve continued to cut interest rates.
Lending revenue for EMEA equities increased by a similar margin, 31 per cent YoY. Despite ongoing policy uncertainty in Germany and France, investors rotated out of concentrated US tech positions into European equities, driving the CAC 40 and FTSE 100 to record highs.
The increased valuations improved loan balances by 36 per cent, which offset fees falling by 4 per cent YoY. Corporate debt lending yielded a minor 1 per cent increase, as an 18 per cent rise in loan balances offset a 14 per cent decline in fees.
Lending revenue from French OATs continued to bolster European government debt resulting in a 7 per cent YoY jump for the region.
Asia Pacific equity markets had the largest YoY growth in revenue across all regions, with a 61 per cent increase in revenue.
The region鈥檚 top revenue markets include Hong Kong, Taiwan, Republic of Korea, and Japan. Both fees and balances rose by 15 per cent and 40 per cent, respectively.
Single-stock revenue leaders for November were led by the technology, real estate, and energy sectors.
The top 5 revenue-generating securities globally were Infosys LTD ADR, Contemporary Amperex Technology Co., Circle Internet Group, Lennar Corp, and Nano Nuclear Energy, which collectively generated US$74 million in lending revenue.
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