EquiLend: May 2025 Securities Lending Revenue Up 7% Year-Over-Year to $955 Million
Rising balances bolster global revenue amid continued market volatility
June 4, 2025
The global securities finance industry generated $955 million in revenue for lenders in May 2025, according to EquiLend Data & Analytics – a 7% increase from $895 million in May 2024.
Interdealer financing, securities transactions between broker-dealers, generated $285 million in revenue in May 2025, up 15% year-over-year.
Global equity revenue increased by 7% as a rise in balances of 16% offset an 8% decrease in fees. With optimism surrounding tariff negotiations and stronger-than-expected first-quarter growth for U.S. companies, according to FactSet, most major indices rebounded from April lows, pushing lending balances higher. Within the U.S., lending revenue for stocks rose by 3%, with balances increasing 19% versus May 2024.
Equity lending revenue in EMEA increased by 5% year-over-year as an 18% increase in balances offset a 9% dip in fees. Italy led the EMEA region with a 123% year-over-year gain as both fees and balances skyrocketed. The top two earners in Italian equities, insurance company Generali S.p.A. and Banca Monte dei Paschi di Siena S.p.A., the oldest operating bank, were actively lent before and after their respective dividends.
In APAC, equity lending revenue rose by 17% as balances once again rose by 12% and fees increased by 5%. Lending of Hong Kong equities had the largest year-over-year gain of 41% aside from South Korea, which generated $33 million in securities lending revenue in May following the recent removal of its short selling ban.
Global fixed income revenue increased 8% year-over-year as government debt lending revenue improved by 7% and corporate debt by 9%. While average fees for both government and corporate debt fell by similar margins, 4% and 12% respectively, loan values rose 11% and 22% year-over-year.
The top five earning securities in the global lending markets in May were Pony AI (PONY US), Enbridge Inc. (ENB CN), Coreweave Inc. (CRWV US), Koninklijke Philips NV (PHIA NA) and Rocket Companies Inc (RKT US). The five securities in total generated $62 million in revenue for lenders in the month.
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