Global securities lending YTD figures surpass 2024 total
04 December 2025 Global
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Global securities lending revenues hit US$1.215 billion during the month of November, representing a 27 per cent increase year-on-year (YoY).
According to S&P Global Market Intelligence, year-to-date (YTD) figures jumped 19 per cent YoY to US$13.7 billion, surpassing 2024鈥檚 total of US$11.74 billion, with a month to spare.
The firm reports a continued strong performance across the board with Asian equity revenues increasing 80 per cent YoY to US$310 million.
Americas equity revenues grew 7 per cent YoY to US$357 million while American Depository Receipts (ADRs) revenues skyrocketed 84 per cent YoY to US$45 million.
Exchange traded funds (ETFs) experienced another busy month in the securities lending markets as crypto-related ETFs saw increased demand, pushing revenues to US$112 million, up 47 per cent YoY.
In the fixed income markets, government bonds generated an impressive US$200 million, the highest monthly total for at least 24 months.
Circle Internet Group was the highest revenue generating equity of the month producing US$25 million while the 4 per cent 15 Feb 2034 10-year Treasury Note was the highest revenue-generating government bond, producing US$1.5 million in revenues.
Commenting on the month鈥檚 performance, Matt Chessum, executive director, equity and analytic products at S&P Global Market Intelligence, says: 鈥淪trong revenues have persisted throughout 2025, and November was no exception, positioning 2025 as potentially the highest revenue-generating year ever for the securities lending industry.
鈥淥n-loan balances also surged past US$4 trillion for the first time in market history during the month, reflecting robust demand and unprecedented activity.鈥�
According to S&P Global Market Intelligence, year-to-date (YTD) figures jumped 19 per cent YoY to US$13.7 billion, surpassing 2024鈥檚 total of US$11.74 billion, with a month to spare.
The firm reports a continued strong performance across the board with Asian equity revenues increasing 80 per cent YoY to US$310 million.
Americas equity revenues grew 7 per cent YoY to US$357 million while American Depository Receipts (ADRs) revenues skyrocketed 84 per cent YoY to US$45 million.
Exchange traded funds (ETFs) experienced another busy month in the securities lending markets as crypto-related ETFs saw increased demand, pushing revenues to US$112 million, up 47 per cent YoY.
In the fixed income markets, government bonds generated an impressive US$200 million, the highest monthly total for at least 24 months.
Circle Internet Group was the highest revenue generating equity of the month producing US$25 million while the 4 per cent 15 Feb 2034 10-year Treasury Note was the highest revenue-generating government bond, producing US$1.5 million in revenues.
Commenting on the month鈥檚 performance, Matt Chessum, executive director, equity and analytic products at S&P Global Market Intelligence, says: 鈥淪trong revenues have persisted throughout 2025, and November was no exception, positioning 2025 as potentially the highest revenue-generating year ever for the securities lending industry.
鈥淥n-loan balances also surged past US$4 trillion for the first time in market history during the month, reflecting robust demand and unprecedented activity.鈥�
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