November 2025 saw securities lending activity on EquiLend’s NGT platform decline 16% month-over-month to 3.15 million trades versus $3.81 trillion in notional. Equity volumes fell 15% and fixed income dropped 18% month-over-month. Daily average volumes rose 6% for equities and 2% for fixed income, indicating fewer trading days rather than diminished market intensity as participants navigated AI valuation concerns, elevated volatility following the 43-day U.S. government shutdown and year-end positioning dynamics.

The macro backdrop proved challenging as concerns over an AI investment bubble intensified after strong Nvidia earnings failed to alleviate valuation anxieties. The S&P 500 remained flat despite robust earnings, while international markets underperformed. Central bank policy divergence created further uncertainty, with the Fed cutting 25bps to 3.5%-3.75%, the ECB holding at 2% and the Bank of Japan maintaining rates at 0.5%.