EquiLend: Securities Lending Revenue Starts 2026 Strong with $1.24 Billion in January
February 5, 2026
The global securities lending industry carried 2025’s momentum into the new year, generating $1.24 billion in January, according to EquiLend Data & Analytics, a 32% increase year-over-year. Loan balances remained above $4 trillion, as major equity markets experienced volatility from 2025, with market volatility seeing all-time highs for major indices in Asia and the US, followed by sharp declines throughout the month.
The lender-to-broker market generated $964 million in January 2026, a 31% increase from the same month last year. Broker-to-broker activity, where broker-dealers lend and borrow securities from each other, accounted for an additional $273 million, up 32% from the same period last year.
Equities led the month’s performance, with lender revenue reaching $716 million (+40% YoY), continuing the strong momentum seen throughout 2025. Fixed income revenues rose to $248 million (+13% YoY).
In North America, lender-to-broker equity revenue increased 25% year over year, driven by a 36% rise in loan balances amid heightened market volatility and tariff-related policy headlines. Despite fees falling 10% compared to January 2025, lending revenue rose to $356 million. Corporate bond lending revenue increased 5% to $38 million, as a 22% increase in balances offset a 15% decline in fees. Government bond lending revenue rose 15% year over year, while US Treasury loan balances increased 10%.
Lender-to-broker revenue for EMEA equities increased by a staggering 76% year-over-year, supported by higher market valuations. Loan balances increased 48%, while fees rose 22% over the same period. Increased demand in the United Kingdom, Spain, and Germany contributed to the move, with Iberdrola SA (IBE SM) as the third-highest earner globally. Corporate debt lending increased 5%, as a 25% rise in loan balances offset a 17% decline in fees. Lending revenue from French OATs continued to support European government debt, contributing to a 17% year-over-year increase for the region.
Asia-Pacific (APAC) lender-to-broker equity revenue rose 52% year-over-year to $255 million, led by Taiwan, Hong Kong, and Japan. The primary driver was higher balances, up 48% year over year, as regional valuations remained elevated.
Single-stock revenue leaders for January were Infosys LTD ADR (INFY US), Nano Nuclear Energy (NNE US), Iberdrola SA (IBE SM), Lucid Group Inc (LCID US), and New Fortress Energy (NFE US), which collectively generated $61 million, or 6% of lending revenue.
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