Revenues for the securities finance industry were up 47 percent compared to last year, says EquiLend.
The global securities finance industry is on a roll as it generated $1.24 billion in revenue for lenders in July 2025, a 47 percent increase over July 2024 and a 12 percent rise from June 2025, according to data from EquiLend Data & Analytics.
“The rise was driven largely by strength in global equity markets, where lending revenue reached $1.01 billion for the month, a 58 percent increase year over year. Fixed income markets also continued to show growth, generating nearly $230 million in revenue, up 11 percent from the same period last year,” according to EquiLend. “The sustained momentum comes as monetary policies diverge across regions and market participants brace for potential volatility amid ongoing geopolitical uncertainty.”
In the Americas, revenue grew because of “outsized equity lending performance, which rose 66 percent year over year,” according to EquiLend. “This growth was concentrated in a small number of high-fee securities: stocks with borrow fees over 500 bps (‘hot’ equities) accounted for more than $488 million in revenue — over 75 percent of the region’s total equity lending revenue.”
U.S.-based technology firm CoreWeave Inc. (CRWV) led single-stock revenue for the second consecutive month by generating more than “$209 million in lending revenue,” according to EquiLend. “Other top earners included Guotai Junan International Holdings (1788 HK), Quantum Computing Inc. (QUBT), Circle Internet Group Inc. (CRCL), and U.K. utility SSE PLC (SSE LN). Combined, these five securities accounted for more than $261 million in revenue for the month.”
EMEA markets had solid gains, “with equity lending revenue rising 41 percent from July 2024. Within fixed income, corporate debt led the way with a 9 percent increase, while government debt posted a modest 1 percent rise,” according to EquiLend.
“Asia-Pacific (APAC) markets saw robust activity, with equity lending revenue up 48 percent year over year. Hong Kong stood out with a 189 percent spike in revenue, driven by elevated borrowing demand. Guotai Junan Intl (1788 HK), a Hong Kong-based financial services firm, was a leading target for short sellers. APAC’s fixed income market also posted the strongest year-over-year growth across all regions, up 26 percent,” according to EquiLend.
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