Global securities lending revenues surged to US$14.9 billion in 2025, a 27% increase on the previous year and one of the highest annual totals on record.
Equities were the dominant driver of growth, according to Matthew Chessum, executive director in securities finance at S&P Global Market Intelligence, who shared the figures in a LinkedIn post. Equity lending generated US$11.5 billion in revenue — up 33% year-on-year — with Asia leading the expansion at 54%. Exchange-traded products (ETPs) and American Depository Receipts (ADRs) also posted standout gains, rising 71% and 62% respectively.
“While fixed income assets delivered steady growth, it was equities, especially in Asia, select US names, ETPs and ADRs, that defined 2025’s remarkable momentum,” Chessum wrote.
The second half of the year extended this strong performance, with revenues climbing 40% year-on-year to US$8.3 billion. Equities again served as the primary growth engine, contributing US$6.5 billion (up 52%) amid broad increases in balances, lendable supply and fees. Asia equity and ADR activity were particularly robust, each recording growth above 70%, while ETPs continued to perform strongly.
