Global securities lending activity surged to all-time highs of $15.3bn in 2025, up 26% from 2024 and 13% above the previous record set in 2023, according to a the latest figures from EquiLend Data & Analytics.
Loan balances also topped $4tn for the first time, reflecting strong demand across equities, corporate bonds, and government securities amid M&A activity, AI-focused trades, tariff shifts, and central bank rate cuts.
The lender-to-broker segment accounted for $11.7bn of revenue, a 22% rise on 2024, while broker-to-broker lending generated $3.61bn, up 41% year-over-year. North American equities led the growth, climbing 22% as AI-related securities remained in focus. Corporate and government bond lending also contributed, boosted by increased loan balances despite modest fee declines.
In EMEA, lender-to-broker revenue rose 15% as European equities and corporate debt saw strong balance growth offsetting fee compression, while APAC equities posted a 42% jump to $2.87bn, led by Hong Kong, Japan, Taiwan, and South Korea.
Top single-stock revenue contributors included CoreWeave, Paramount Global, Infosys, Contemporary Amperex Technology, and Nano Nuclear Energy, collectively generating $821m in lender-to-broker revenue globally.
The surge highlights the continued importance of securities lending as a financing and alpha-generating tool for hedge funds and institutional investors, particularly in markets driven by thematic trades such as AI, EV batteries, and nuclear energy.
