EquiLend: Securities Lending Revenue Soars to All-Time Highs of $15.3 Billion
January 6, 2026
Global securities lending revenue climbed to a record $15.3 billion in 2025, according to EquiLend Data & Analytics, representing 26% year-over-year growth and a 13% increase over the previous high set in 2023. Amidst a potential AI bubble, M&As, tariffs, rate cuts and political volatility, loan balances topped $4 trillion for the first time.
The lender-to-broker market generated a record $11.7 billion in revenue, a 22% increase from the $9.67 billion generated in 2024 and a 9% increase from the prior record of $10.7 billion generated in 2023. The broker-to-broker market accounted for an additional $3.61 billion, up 41% from the same period last year and 27% from 2023.
Within the lender-to-broker segment, North American equity revenue climbed 22% YoY, driven by a 20% increase in loan balances, as valuations surrounding AI-related securities remained in focus. With fees rising slightly by 1% compared to 2024, the resulting lending revenue rose to $4.99 billion. Revenue from corporate bond lending increased by 8% to $463 million as a 22% increase in balances offset a 12% decrease in fees. Likewise, government bond lending revenue rose by 6% year-on-year 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 margin, 15% year-over-year. Despite periodic volatility from tariffs and political instability in France, strong European market trends lifted valuations and drove a 27% increase in loan balances, offsetting an 11% decline in fees. Corporate debt lending yielded an 8% increase, as a 25% increase in loan balances offset a 14% decline in fees. Lending revenue from French OATs continued to bolster European government debt, resulting in a 7% increase year-over-year for the region.
Asia-Pacific (APAC) equity markets had a stellar 2025 as lender-to-broker revenue increased by 42% over 2024 to $2.87 billion. Hong Kong, Japan, Taiwan, and South Korea were the leading markets for equity lending revenue globally, outside the United States, as both fees and balances rose across the region by 17% and 22%, respectively.
Single-stock revenue themes for 2025 included AI, EV batteries, nuclear energy, and an exchange offer. The top 5 revenue-generating securities for lenders globally were CoreWeave Inc (CRWV US), Paramount Global Class B (PARAB US), Infosys LTD ADR (INFY US), Contemporary Amperex Technology Co. (3750 HK) and Nano Nuclear Energy (NNE US), which collectively generated $821 million in lender-to-broker revenue.
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