EquiLend: Securities Lending Revenue Totals $1.08 Billion in October 2025, up 37% from October 2024
November 5, 2025
The global securities finance industry posted strong results in October 2025, generating $1.08 billion in revenue for lenders, according to EquiLend Data & Analytics. The figure marks a 37% increase from October 2024 and a 2% decrease from September 2025.
The continued strength was driven by global equity markets, with lending revenue reaching $848 million for the month, representing a 47% year-over-year increase. Fixed income markets fell slightly, generating $233 million in revenue, a 3% decrease from the same period last year.
Global broker-to-broker activity, where broker-dealers lend and borrow securities from each other, accounted for an additional $365 million, up 81% from the same period last year.
Equity revenue across North America was bolstered by a 31% increase in loan balances, as strong performances in tech and AI securities, expectations of Federal Reserve rate cuts and renewed trade tension with China generated market volatility, with most major US indices reaching record highs. Fees also rose by 9%, resulting in a 46% increase in lending revenue year-over-year. Revenue from corporate bond lending increased slightly by 1%, as balances offset a drop in average fees. Government bond lending revenue fell by 10% as average fees dipped by 39%.
Lending revenue for EMEA equities rose by a similar margin, 32% year-over-year, as loan balances rose by 27% and average fees rose by 2%. With France facing political instability, October yielded mixed results for most major European indices, as the ECB kept rates unchanged. Corporate debt lending yielded a 9% gain, as a 22% increase in loan balances offset a 12% decline in fees. Government debt lending, driven by French OATs, medium- to long-term bonds, lifted the region by 4% year-over-year.
Asia-Pacific (APAC) equity markets experienced the most significant year-over-year growth in lending revenue across all regions, with a 55% increase. A healthy specials market with two of the top five global earners originating in Hong Kong, drove an increase in both fees and loan balances of 20% and 29%, respectively. Corporate bond lending revenue fell by 9% while government bond lending increased by 37% for the region.
Single-stock revenue leaders for October included a mix of financial, information technology, and industrial sectors across the US and Hong Kong. The top 5 revenue-generating securities globally were Infosys LTD ADR (INFY US), Contemporary Amperex Technology Co. (3750 HK), Strive Inc. (ASST US), Circle Internet Group (CRCL US), and Guotai Junan International Holdings (1788 HK), which collectively generated $80 million in lending revenue.
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