With global markets feeling the ripple effects of the U.S. trade tariffs and the ever-evolving geopolitical issues in Eastern Europe and the Middle East, both the European and Asian markets tell a story of resilience in the first half of 2025. Many currencies have strengthened relative to the U.S. dollar, equities have rallied and proactive central banking strategies have helped navigate this period smoothly. The FTSE 100 delivered its best first half showing since 2021, up 6.58% for the period. Asian equity markets also performed well, with Japan being particularly helped by diverging monetary policy. 

In the EMEA securities lending market, the overall performance was mixed from the latter half of 2024. A 21% increase in the volume of securities on loan was mitigated by a 17% fall in fees, causing a marginal 2% increase in revenue year-on-year. Many positive performances were seen across the industrial sectors in H1 2025 but most notably, the Utilities sector experienced a 35% year-over-year revenue increase, taking the total revenue for Utilities just shy of $30 million for the 6-month period. The top 3 EMEA revenue earners in the first half of this year were (1) SGS SA (SGS SA) ($16.4 million), (2) VOLVO (VLVLY)(AB) SER’B’NPV ($11.3 million) and (3) KONINKLIJKE PHILIPS (PHG) ($9.3 million). 

 It was the APAC equities market however, that contributed most to the global increase in revenue during 2025, with a $256 million increase, taking the revenue to $1.22 billion for H1. Large contributions due to the lifting of the short selling ban in South Korea at the close of Q1 and a significant increase in the volume of Hong Kong securities on loan (up 59%) powered this revenue increase in region. Meanwhile, the Hang Seng Index was up more than 20% while Chinese President Xi Jinping responded to President Trump’s tariff threats with aggression of his own. 

Two of the most significant H1 2025 movers in the Asian equity lending market were Metaplanet (MTPLF) and LG Energy (373220). Metaplanet – formerly a Tokyo-listed hotel developer – rebranded completely in 2024 to become a fully focussed Bitcoin treasury company, focused on holding and growing bitcoin reserves. In the past month, Metaplanet acquired a further $108 million of Bitcoin, increasing reserves to approximately 13,350 BTC and has since announced plans to target 210,000 BTC by 2027. Uncertain investment activity has caused repeated fluctuations in Metaplanet share prices and has made it one of the most profitable equities in the securities lending market, returning over $31 million to lenders in H1 2025, with fees up 685% year-over-year. Likewise, LG Energy Solution, a South Korean based battery producer, generated $25.5 million in lending revenue so far this year. As one of the biggest battery manufacturers for EVs globally and a provider to some of the largest car companies on the planet, LG Energy have been central to the volatility produced by the US tariff implementations and the effect on the EV market as a whole. The impact of lifting the short selling ban in South Korea has further fuelled LG Energy to be a significant earner for lenders in H1 2025.