Global securities lending revenue rises 24% YoY for February
05 March 2026 US
Image: Unslux/stock.adobe.com
The global securities lending industry continued January's momentum, generating US$1.11 billion in February, representing a 24 per cent year-on-year (YoY) growth, reports EquiLend Data & Analytics.
Amid global market volatility, loan balances continued to rise, averaging US$4.22 trillion for the month as utilisation and securities lending demand increased globally.
The lender-to-broker market generated US$871 million in February 2026, a 24 per cent increase from the same month last year.
Broker-to-broker activity accounted for an additional US$240 million, up 25 per cent from the same period last year.
Equities led the month’s performance, with lender revenue reaching US$637 million, up 26 per cent YoY, continuing the strong momentum seen last month and throughout 2025.
Fixed income revenues rose to US$234 million, a 17 per cent increase YoY.
Within the lender-to-broker division, North American equity revenue climbed 7 per cent YoY, driven by a 36 per cent increase in loan balances.
Despite fees falling 20 per cent compared to February 2025, lending revenue rose to US$298 million.
Corporate bond lending revenue increased 15 per cent to US$38 million, as a 27 per cent increase in balances offset a 10 per cent decline in fees.
Similarly, government bond lending revenue rose 19 per cent YoY, while US Treasury loan balances increased 21 per cent.
Lender-to-broker revenue for EMEA equities increased by 61 per cent YoY, to US$85 million.
Loan balances increased 44 per cent, while fees rose 13 per cent over the same period.
Increased demand in the UK, Germany, and France contributed to the move, with Modivo SA as the highest earner in the region.
Corporate debt lending revenue increased 5 per cent, as a 23 per cent rise in loan balances offset a 16 per cent decline in fees.
Lending revenue from French government bonds (OATs) continued to support European government debt, contributing to a 22 per cent YoY increase for the region.
APAC’s lender-to-broker equity revenue rose 46 per cent YoY to US$250 million, led by Taiwan, Japan, and Hong Kong, with the primary driver being higher balances, up 48 per cent YoY, as regional valuations remained elevated.
Single-stock revenue leaders for February were Infosys LTD ADR, Enbridge, Lucid Group, iShares Trust iBoxx Investment Grade Corp, and Immunitybio, which collectively generated US$41 million, or 5 per cent of lending revenue.
Amid global market volatility, loan balances continued to rise, averaging US$4.22 trillion for the month as utilisation and securities lending demand increased globally.
The lender-to-broker market generated US$871 million in February 2026, a 24 per cent increase from the same month last year.
Broker-to-broker activity accounted for an additional US$240 million, up 25 per cent from the same period last year.
Equities led the month’s performance, with lender revenue reaching US$637 million, up 26 per cent YoY, continuing the strong momentum seen last month and throughout 2025.
Fixed income revenues rose to US$234 million, a 17 per cent increase YoY.
Within the lender-to-broker division, North American equity revenue climbed 7 per cent YoY, driven by a 36 per cent increase in loan balances.
Despite fees falling 20 per cent compared to February 2025, lending revenue rose to US$298 million.
Corporate bond lending revenue increased 15 per cent to US$38 million, as a 27 per cent increase in balances offset a 10 per cent decline in fees.
Similarly, government bond lending revenue rose 19 per cent YoY, while US Treasury loan balances increased 21 per cent.
Lender-to-broker revenue for EMEA equities increased by 61 per cent YoY, to US$85 million.
Loan balances increased 44 per cent, while fees rose 13 per cent over the same period.
Increased demand in the UK, Germany, and France contributed to the move, with Modivo SA as the highest earner in the region.
Corporate debt lending revenue increased 5 per cent, as a 23 per cent rise in loan balances offset a 16 per cent decline in fees.
Lending revenue from French government bonds (OATs) continued to support European government debt, contributing to a 22 per cent YoY increase for the region.
APAC’s lender-to-broker equity revenue rose 46 per cent YoY to US$250 million, led by Taiwan, Japan, and Hong Kong, with the primary driver being higher balances, up 48 per cent YoY, as regional valuations remained elevated.
Single-stock revenue leaders for February were Infosys LTD ADR, Enbridge, Lucid Group, iShares Trust iBoxx Investment Grade Corp, and Immunitybio, which collectively generated US$41 million, or 5 per cent of lending revenue.
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