Equilend: Global Securities Lending Revenue Reaches $5.64 Billion in Q3 2026

NEW YORK - October 6, 2026 - Global securities lending revenue totaled $5.64 billion in the third quarter of 2026, up 22% from $4.63 billion in the same period last year, according to Equilend Data & Insights. Average industry loan balances rose 28% year over year to $4.67 trillion, reflecting higher borrowing demand and rising valuations across Asian technology and consumer internet equities.

Asia-Pacific led regional growth in the quarter as capital markets activity accelerated amid renewed investor interest in Chinese artificial intelligence assets. The Hang Seng Index posted strong gains from late June, while newly listed Hong Kong names drove record borrowing activity and helped push the region past North America as the largest contributor to global equity lending revenue. Lender-to-broker revenue rose 23% year over year to $4.32 billion, while broker-to-broker revenue, where broker-dealers lend and borrow securities from one another, increased 19% to $1.32 billion.

Global equity lender revenue rose 22% year over year to $3.44 billion, driven largely by demand for Hong Kong-listed technology and consumer names amid renewed investor interest in Chinese artificial intelligence. Average equity loan balances climbed 38% year over year, while average fees declined 11%, suggesting growth was driven more by higher valuations than scarcity premiums. Fixed income lender revenue increased 28% year over year to $879 million, with average fees up 13% and average balances up 19%. Government bond revenue rose 34% to $649 million, while corporate bond revenue increased 12% to $230 million.

Asia-Pacific (APAC) lender-to-broker equity revenue nearly doubled, rising 99% year over year to $1.70 billion, leading North America as the largest regional contributor to global equity lending revenue. Average loan balances in the region rose 48% year over year, while average fees climbed 35%. Hong Kong led the region with $582 million in equity lending revenue, followed by Taiwan at $532 million, Japan at $263 million and South Korea at $233 million.

In North America, lender-to-broker equity revenue declined 23% year over year to $1.31 billion. Despite a 40% increase in average loan balances, a 45% decline in average fees weighed on regional revenue. For context, more than $417 million of Q3 2025 revenue came from two securities alone, CoreWeave and Paramount, compared with a $396 million year-over-year decline in regional revenue. Fixed income lending remained a key contributor to the region, with U.S. Treasury lending revenue up 41% year over year to $402 million and corporate bond revenue up 21% to $140 million. The Federal Reserve’s September rate hike, its first increase in more than three years, helped keep demand for fixed income financing and hedging elevated.

Lender-to-broker revenue for EMEA equities rose 56% year over year, to $397 million, supported by an 18% increase in average loan balances and a 36% rise in average fees. The United Kingdom led the region with $75 million in equity lending revenue, followed by Germany at $59 million and France at $51 million. Government bond lending revenue rose 24% year over year to $181 million, while corporate bond revenue increased 5% to $65 million.

Single-stock revenue leaders for Q3 2026 were POP MART INTL GRP LTD (9992 HK), Z.AI CO LTD H (2513 HK), Space Exploration Technologies Corp (SPCX US), Quanta Computer (2382 TT) and Wiwynn Corporation (6669 TT). Together, they generated $366 million, or 8% of global lender-to-broker revenue.

Bloomberg Terminal users can subscribe to Equilend Orbisa’s exclusive shortselling and financing data by entering APPS ORBISA <GO> on the Bloomberg Terminal.