Global securities lending rocketed to $15.3 billion in 2025, up 26% year over year. This is according to a report from EquiLend, a Fintech offering trading, data & analytics, as well as Regtech.
The big number is 13% higher than the previous high set in 2023.
Loan balances were reported to exceed $4 trillion, generating $11.7 billion in revenue, a 22% increase from 2024. This was a 9% increase from the prior record of $10.7 billion generated in 2023.
The broker-to-broker market accounted for $3.61 billion, up 41% from the same period last year and 27% from 2023.
North American equity revenue for the lender-to-broker segment climbed 22%, driven by a 20% increase in loan balances.
Lender-to-Broker revenue for EMEA equities increased by a similar margin, 15% year-over-year.
Asia-Pacific (APAC) equity markets lending in 2025 saw lender-to-broker revenue increase by 42% over 2024 to $2.87 billion. Hong Kong, Japan, Taiwan, and South Korea were the leading markets for equity lending revenue globally, outside the United States, as both fees and balances rose by 17% and 22%, respectively.
Equilend said that themes driving the growth included artificial intelligence, EV batteries, nuclear energy, and more.
The top 5 revenue-generating securities for lenders globally were:
- CoreWeave Inc (CRWV US),
- Paramount Global Class B (PARAB US),
- Infosys LTD ADR (INFY US),
- Contemporary Amperex Technology Co. (3750 HK),
- Nano Nuclear Energy (NNE US), which
These firms collectively generated $821 million in lender-to-broker revenue.
