Global securities lending revenue soars 26% YoY for 2025
07 January 2026 US
Image: Lamaba/stock.adobe.com
Global securities lending revenue climbed to a record US$15.3 billion in 2025, representing a 26 per cent year-on-year (YoY) growth, and a 13 per cent increase over the previous high set in 2023, reports EquiLend Data & Analytics.
Amid a potential AI bubble, mergers and acquisitions, tariffs, rate cuts, and political volatility, loan balances topped US$4 trillion for the first time.
The lender-to-broker market generated a record US$11.7 billion in revenue, a 22 per cent increase from the US$9.67 billion generated in 2024 and a 9 per cent increase from the prior record of US$10.7 billion generated in 2023.
The broker-to-broker market accounted for an additional US$3.61 billion, up 41 per cent from the same period last year, and up 27 per cent from 2023.
Within the lender-to-broker division, North American equity revenue climbed 22 per cent YoY, driven by a 20 per cent increase in loan balances, as valuations surrounding AI-related securities remained in focus.
As fees rose 1 per cent compared to 2024, the resulting lending revenue rose to US$4.99 billion.
Revenue from corporate bond lending increased by 8 per cent to US$463 million as a 22 per cent increase in balances offset by a 12 per cent decrease in fees.
Similarly, government bond lending revenue rose by 6 per cent YoY as the Federal Reserve cut rates three times in the last four months of the year.
Lender-to-broker revenue for EMEA equities increased by a similar amount 鈥� 15 per cent YoY.
Despite periodic volatility from tariffs and political instability in France, strong European market trends lifted valuations and drove a 27 per cent increase in loan balances, offsetting an 11 per cent decline in fees.
Corporate debt lending yielded an 8 per cent increase, as a 25 per cent jump in loan balances offset a 14 per cent decline in lending fees.
Lending revenue from French government bonds (OATs) continued to bolster European government debt, resulting in a 7 per cent increase YoY for the region.
APAC equity markets had a successful 2025, with lender-to-broker revenue increasing by 42 per cent over 2024 to US$2.87 billion.
Hong Kong, Japan, Taiwan, and South Korea were the leading markets for equity lending revenue globally, outside of the US, as both fees and balances rose across the region by 17 per cent and 22 per cent respectively.
Single-stock revenue themes for 2025 included AI, electric vehicle batteries, nuclear energy, and an exchange offer.
The top five revenue-generating securities for lenders globally were CoreWeave, Paramount Global Class B, Infosys LTD ADR, Contemporary Amperex Technology Co., and Nano Nuclear Energy, which collectively generated US$821 million in lender-to-broker revenue.
Amid a potential AI bubble, mergers and acquisitions, tariffs, rate cuts, and political volatility, loan balances topped US$4 trillion for the first time.
The lender-to-broker market generated a record US$11.7 billion in revenue, a 22 per cent increase from the US$9.67 billion generated in 2024 and a 9 per cent increase from the prior record of US$10.7 billion generated in 2023.
The broker-to-broker market accounted for an additional US$3.61 billion, up 41 per cent from the same period last year, and up 27 per cent from 2023.
Within the lender-to-broker division, North American equity revenue climbed 22 per cent YoY, driven by a 20 per cent increase in loan balances, as valuations surrounding AI-related securities remained in focus.
As fees rose 1 per cent compared to 2024, the resulting lending revenue rose to US$4.99 billion.
Revenue from corporate bond lending increased by 8 per cent to US$463 million as a 22 per cent increase in balances offset by a 12 per cent decrease in fees.
Similarly, government bond lending revenue rose by 6 per cent YoY as the Federal Reserve cut rates three times in the last four months of the year.
Lender-to-broker revenue for EMEA equities increased by a similar amount 鈥� 15 per cent YoY.
Despite periodic volatility from tariffs and political instability in France, strong European market trends lifted valuations and drove a 27 per cent increase in loan balances, offsetting an 11 per cent decline in fees.
Corporate debt lending yielded an 8 per cent increase, as a 25 per cent jump in loan balances offset a 14 per cent decline in lending fees.
Lending revenue from French government bonds (OATs) continued to bolster European government debt, resulting in a 7 per cent increase YoY for the region.
APAC equity markets had a successful 2025, with lender-to-broker revenue increasing by 42 per cent over 2024 to US$2.87 billion.
Hong Kong, Japan, Taiwan, and South Korea were the leading markets for equity lending revenue globally, outside of the US, as both fees and balances rose across the region by 17 per cent and 22 per cent respectively.
Single-stock revenue themes for 2025 included AI, electric vehicle batteries, nuclear energy, and an exchange offer.
The top five revenue-generating securities for lenders globally were CoreWeave, Paramount Global Class B, Infosys LTD ADR, Contemporary Amperex Technology Co., and Nano Nuclear Energy, which collectively generated US$821 million in lender-to-broker revenue.
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