Global securities lending revenue reaches US$1.74bn for September
05 October 2026 Global
Image: Saeed/stock.adobe.com
Global securities lending revenue increased 23 per cent year-on-year (YoY) to US$1.74 billion in September, according to S&P Global Market Intelligence data.
The increase has helped to complete a strong third quarter in which revenue rose 20 per cent to US$5.35 billion.
Year-to-date revenue, which reached US$14.16 billion, was supported primarily by borrowing activity.
During the third quarter, average balances increased 33 per cent while utilisation rose 11 per cent. Average fees declined 9 per cent over the same period.
Asian equities remained the primary driver of growth, with revenue increasing 90 per cent during Q3.
September revenues rose 79 per cent to US$659 million as higher balances, fees, and utilisation reflected elevated activity across AI and semiconductor-related securities.
Borrowing demand also remained supported by uneven economic growth in China and changing expectations for Bank of Japan policy.
EMEA equities delivered another strong quarter, with revenue increasing 61 per cent in Q3 and 47 per cent in September.
Growth was supported by rising balances and stronger fees across the region, reflecting broad-based borrowing activity.
Americas equities were the notable exception, with revenue declining 38 per cent during Q3 and 39 per cent in September.
Although balances and utilisation increased, average fees fell 57 per cent in the quarter, suggesting ample supply and fewer scarcity-driven opportunities.
Exchange traded product revenues increased 85 per cent during Q3 and 104 per cent in September, with higher fees indicating concentrated borrowing activity in leveraged and thematic products.
Government bond revenues rose 46 per cent during the quarter and 49 per cent in September, while corporate bond revenues increased 19 per cent and 24 per cent respectively.
The gains coincided with greater volatility in the fixed income market, higher yields, persistent inflation concerns, and uncertainty around monetary policy, supporting hedging, relative-value and collateral-related activity.
Matt Chessum, executive director of equity and analytic products at S&P Global Market Intelligence, says: “With almost US$56 trillion of lendable assets and borrowing activity remaining high, securities lending is on course for another record year.
“Volatility across the AI supply chain has been a major driver of Asian revenues, while growing instability in fixed income markets is creating further demand.
“With valuations remaining at all-time highs and policy and geopolitical risks elevated, Q4 looks increasingly uncertain for investors.”
The increase has helped to complete a strong third quarter in which revenue rose 20 per cent to US$5.35 billion.
Year-to-date revenue, which reached US$14.16 billion, was supported primarily by borrowing activity.
During the third quarter, average balances increased 33 per cent while utilisation rose 11 per cent. Average fees declined 9 per cent over the same period.
Asian equities remained the primary driver of growth, with revenue increasing 90 per cent during Q3.
September revenues rose 79 per cent to US$659 million as higher balances, fees, and utilisation reflected elevated activity across AI and semiconductor-related securities.
Borrowing demand also remained supported by uneven economic growth in China and changing expectations for Bank of Japan policy.
EMEA equities delivered another strong quarter, with revenue increasing 61 per cent in Q3 and 47 per cent in September.
Growth was supported by rising balances and stronger fees across the region, reflecting broad-based borrowing activity.
Americas equities were the notable exception, with revenue declining 38 per cent during Q3 and 39 per cent in September.
Although balances and utilisation increased, average fees fell 57 per cent in the quarter, suggesting ample supply and fewer scarcity-driven opportunities.
Exchange traded product revenues increased 85 per cent during Q3 and 104 per cent in September, with higher fees indicating concentrated borrowing activity in leveraged and thematic products.
Government bond revenues rose 46 per cent during the quarter and 49 per cent in September, while corporate bond revenues increased 19 per cent and 24 per cent respectively.
The gains coincided with greater volatility in the fixed income market, higher yields, persistent inflation concerns, and uncertainty around monetary policy, supporting hedging, relative-value and collateral-related activity.
Matt Chessum, executive director of equity and analytic products at S&P Global Market Intelligence, says: “With almost US$56 trillion of lendable assets and borrowing activity remaining high, securities lending is on course for another record year.
“Volatility across the AI supply chain has been a major driver of Asian revenues, while growing instability in fixed income markets is creating further demand.
“With valuations remaining at all-time highs and policy and geopolitical risks elevated, Q4 looks increasingly uncertain for investors.”
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