November 3, 2026
Equilend: Asia-Pacific Equity Lending Revenue Climbs 82% as Global Securities Lending Totals $1.73 Billion in October
Equilend Data & Insights reports global securities lending revenue reached $1.73 billion in October 2026, up 20% year over year, as Asia-Pacific equity lender revenue climbed 82%. Year to date, global securities lending revenue totals $16.48 billion, up 28% from the same period last year and already above the full-year 2025 total of $15.33 billion.
NEW YORK - November 3, 2026 - Global securities lending revenue totaled $1.73 billion in October 2026, up 20% from October 2025, according to Equilend Data & Insights. Average loan balances rose 20% year over year to $3.87 trillion as U.S. equity indexes set record highs in early October before a technology-led sell-off in the middle of the month. Revenue eased 4% from September’s $1.81 billion as average loan balances declined 3% amid the sell-off.
Lender-to-broker revenue rose 25% year over year to $1.35 billion, while broker-to-broker revenue, where broker-dealers lend and borrow securities from one another, increased 6% to $386 million.
Global equity lender revenue rose 23% year over year to $1.05 billion, as average loan balances increased 25% to $1.75 trillion and fees were little changed. Fixed income lender revenue climbed 29% to $301 million, with loan balances up 17% to $2.12 trillion and fees up 29%, in a month when global government bond yields reached multi-year highs before easing. Government bond lending revenue increased 34% to $222 million, while corporate bond lending revenue rose 16% to $79 million.
Asia-Pacific (APAC) lender-to-broker equity revenue rose 82% year over year to $531 million, as loan balances climbed 41% and fees rose 28%. Taiwan ($165 million) and Hong Kong ($163 million) were the largest contributors, followed by Japan ($93 million), and Korea ($78 million). Pop Mart International (9992 HK) continued its incredible run as the top earning security globally for the fourth month in a row.
In North America, lender-to-broker equity revenue fell 17% year over year to $388 million, as a 31% decline in fees offset a 23% increase in loan balances to $1.15 trillion. Revenue did increase 4% from September as Pershing Square (PS US), another hot IPO name, and Medtronic PLC (MDT US), which completed an exchange offer, buoyed U.S. equity revenue. In North America fixed income, government bond lending revenue increased 42% to $150 million, with loan balances up 18% and fees up 80%, while corporate bond lending revenue rose 25% to $51 million as loan balances climbed 23% and fees rose 5%.
Lender-to-broker revenue for EMEA equities increased 43% year over year to $123 million, as loan balances rose 12% and fees rose 29% as geopolitical uncertainty persisted across the region, as the Middle East conflict kept energy prices elevated. In EMEA fixed income, government bond lending revenue rose 21% to $60 million, with loan balances up 12% and fees up 8%. The United Kingdom (up 35% to $15 million) and France (up 13% to $18 million) were the largest contributors, as sovereign yields in both markets reached multi-decade highs in early October amid fiscal and political concerns. Corporate bond lending revenue increased 6% to $22 million as loan balances rose 10% and fees fell 4%.
Single-stock revenue leaders for October 2026 were Pop Mart International Group Ltd (9992 HK), Pershing Square Inc (PS US), Medtronic PLC (MDT US), Wiwynn Corp (6669 TT), and Bending Spoons S.p.A. (BSP US), which collectively generated $104 million, or 7.7% of all lender-to-broker revenue.
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