May demonstrated continued strength in the securities lending markets, with NGT processing 3,779,300 trades, representing $4.69 trillion in notional value. On a year-over-year basis, total trades climbed 19% (equities up 23%, fixed income up 8%) and daily averages were up 20%, confirming that the elevated baseline established through Q1 has carried squarely into the second quarter. Total trade counts eased 3% month-over-month as volatility subsided to 2026 lows, the VIX closed May 29th at 15.74, its lowest level since January. 

The macro backdrop did much of the talking. The S&P 500 posted a 4.78% increase in monthly return, notching nine consecutive weekly gains as earnings strength and fading tariff anxiety pulled global equities to new highs. EquiLend Data & Insights reported that global securities lending revenue reached a single-month record of $1.82 billion in May, up 47% year-over-year, as average loan balances climbed to just under $4.6 trillion on the back of record-high prints across the Nikkei 225, Nasdaq Composite, and TSX Composite. NGT flow mirrored that record industry backdrop even as the headline month-over-month trade count number softened.