EquiLend: Securities Lending Revenue Totals $1.18 Billion in August 2025, Up 42% from August 2024
Global equity markets maintain momentum; U.S. Specials drive outsized returns
September 4, 2025
The global securities finance industry posted strong results in August 2025, generating $1.18 billion in revenue for lenders, according to EquiLend Data & Analytics. The figure marks a 42% increase from August 2024 and a 5% decrease from July 2025.
The continued strength was driven by robust global equity markets, where lending revenue reached $947 million for the month, representing a 54% year-over-year increase. Fixed income markets maintained a steady performance, generating $230 million in revenue, a 6% increase 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 $340 million, up 54% from the same period last year.
The sustained revenue generation comes as market participants navigate evolving monetary policy expectations and position for potential market shifts heading into the final quarter of 2025.
In the Americas, equity revenue remained elevated due to continued strength in the United States, where revenue rose 56% from a year ago, driven by higher fees that increased 23% year over year. Individual securities Paramount Global (PARA) and CoreWeave (CRWV) contributed 36% of the $568 million in revenue generated for US equities for the month. Fixed income for the region rose 6%, with growth in revenue for corporate bonds increasing 16% year-over-year, driven by higher loan balances, while fees were lower. Revenue for Government debt increased by 2% from the previous year, driven by higher loan balances as borrowing activity rose throughout the month.
EMEA markets posted steady gains, with equity lending revenue rising 20% from August 2024, driven by higher loan balances. In fixed income, corporate debt increased 10% year-over-year due to higher loan balances, despite falling fees. Similarly, Government debt saw a 1% rise driven by higher loan balances and lower fees.
Asia-Pacific (APAC) markets continued to show strong performance, with equity lending revenue increasing 64% year over year, driven by higher fees and valuations. Hong Kong led the region with substantial gains driven by increased borrowing demand in the industrial and financial sectors. APAC’s fixed income market, which experienced the largest year-over-year increase across all fixed income markets for the region last month, maintained its momentum, finishing August up 21% year-over-year. This was driven by higher loan balances in Australia and Japan. The region saw higher fees in Government debt year over year, up 5% over August 2024.
Single-stock revenue leaders for August included a diverse mix of securities across regions and sectors. Technology and financial services companies featured prominently among the top revenue generators, collectively accounting for a significant portion of the month’s total lending revenue. The top security globally was Paramount Global (formerly PARA, now PSKY), which generated $117 million in revenue after attracting widespread attention from the securities finance industry, leading up to the closing of its merger with Skydance. Rounding out the top 5 revenue-generating securities globally were CoreWeave Inc. (CRWV), Guotai Junan International (1788 HK), Contemporary Amperex Technology (3750 HK), and Enbridge (ENB CN), which generated an additional $129 million in lending revenue.
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