
Monthly Securities Finance Market Review: December 2025
EquiLend’s Head of Trading Solutions, Mike Norwood, shares his monthly market review for securities finance, highlighting December trends and records seen across NGT.
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EquiLend’s Head of Trading Solutions, Mike Norwood, shares his monthly market review for securities finance, highlighting December trends and records seen across NGT.
EquiLend’s Head of Trading Solutions, Mike Norwood, shares his monthly market review for securities finance, highlighting November trends seen across NGT. The following data has been measured and derived from EquiLend NGT.
October 2025 saw securities lending activity on EquiLend’s NGT platform rise 6% month-over-month to 3.75 million trades (improving on the monthly high set in September) versus $4.11 trillion, led by an 8% increase in equity volumes and a 3% uptick in fixed income month over month.

NGT trading data showed +29% YoY increase in trading volumes for September! These highs take us into an optimistic Q4 with continued global revenue growth. ETFs continue their upward trajectory as momentum returns to securities finance revealing a new appetite for the power of automation.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his monthly market review for securities finance, analyzing the August downturn, the region showing counter indicators to the summer slowdown and the strength in the market year-over-year.
EquiLend’s Head of Trading Solutions, Mike Norwood returns with analysis of securities finance markets in July as tariff policy and inflation bolstered western markets, while trade tensions and currency concerns unsettled eastern markets.

We’re back with the latest analysis on the tariffs and IPOs fueling global market growth from Mike Norwood, Head of EquiLend Trading Solutions.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC and Andy McCardle, Head of EquiLend APAC.
EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC and Andy McCardle, Head of EquiLend APAC.
EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC and Andy McCardle, Head of EquiLend APAC.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC and Andy McCardle, Head of EquiLend APAC.
EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC and Andy McCardle, Head of EquiLend APAC.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC and Andy McCardle, Head of EquiLend APAC.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his monthly market review for securities finance, highlighting trends seen throughout August.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his monthly market review for securities finance, highlighting May trends and some all-time highs seen for fixed income.

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his global monthly market review for securities finance with insight on EMEA from Rowena Brown, Head of Trading Solutions EMEA & APAC.
