EquiLend: Securities Lending Revenue Totals $958 Million in November 2025, Up 23% from November 2024
December 4, 2025
The global securities finance industry generated $958 million in revenue for lenders in November 2025, a 23% increase from the same month last year and an 11% decrease from October, according to EquiLend Data & Analytics. November’s performance brings 2025’s year-to-date revenue to $10.8 billion, outpacing 2024 by 21%.
The continued strength was driven by global equity markets, with equity lending revenue reaching $725 million (+30% YoY), continuing the strong momentum seen throughout 2025. Fixed income revenue rose to $232 million (+6% YoY).
Global broker-to-broker activity, where broker-dealers lend and borrow securities from each other, accounted for an additional $283 million, up 36% from the same period last year.
North American equity revenue climbed 14% YoY, driven by a 28% increase in loan balances, as tech and AI securities remained highly volatile. While fees fell by 9% compared to November 2024, the resulting lending revenue rose by 14% year-on-year to $372 million. Revenue from corporate bond lending remained flat at $40 million as a 17% increase in balances offset a 15% decrease in fees. Likewise, government bond lending revenue rose by 9% year-on-year as the Federal Reserve continued to cut interest rates.
Lending revenue for EMEA equities increased by a similar margin, 31% year-over-year. Despite ongoing policy uncertainty in Germany and France, investors rotated out of concentrated U.S. tech positions into European equities, driving the CAC 40 and FTSE 100 to record highs. The increased valuations improved loan balances by 36%, which offset fees falling by 4%, year-over-year. Corporate debt lending yielded a minor 1% increase, as an 18% 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% year-over-year for the region.
Asia-Pacific (APAC) equity markets had the largest year-over-year growth in revenue across all regions, with a 61% increase in revenue. The region’s top revenue markets include Hong Kong, Taiwan, Republic of Korea, and Japan. Both fees and balances rose by 15% and 40%, respectively.
Single-stock revenue leaders for November were led by the technology, real estate and energy sectors. The top 5 revenue-generating securities globally were Infosys LTD ADR (INFY US), Contemporary Amperex Technology Co. (3750 HK), Circle Internet Group (CRCL US), Lennar Corp (LEN US), and Nano Nuclear Energy (NNE US), which collectively generated $74 million in lending revenue.
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