DataLend: November 2024 Securities Lending Revenue Nearly Flat YoY at $779 Million

Equity lending revenue falls while Treasurys continue strong run following election

December 3, 2024

NEW YORK (December 3, 2024)—The global securities finance industry generated $779 million in revenue for lenders in November 2024, according to DataLend, the market data service of fintech Equilend. The figure represents a slight 0.3% decrease from the $781 million generated in November 2023.

Global broker-to-broker activity, where broker-dealers lend and borrow securities from each other, totaled an additional $208 million in revenue in October, down 3% year-over-year.

Equity revenue declined globally by 6% due to a 14% drop in fees year-over-year. With U.S. equity indexes soaring to record-highs following the presidential election, lending revenue for U.S. stocks fell a substantial 12%, with average fees declining 25% vs. November 2023.

Equity revenue in EMEA and APAC saw moderate gains of 6% and 2% respectively year-over-year. The Taiwan and Hong Kong markets were bright spots, with the former capturing 30% in annual gains and the latter climbing 26%.

Sovereign debt continued its strong performance from October with global government debt lending revenue increasing 23% on the back of a 20% increase in balances and a 3% increase in fees. U.S. government debt remained the biggest factor in the market with over $875 billion in on-loan securities generating 36% more revenue year-over-year.

Corporate debt lending saw more modest annual gains, with revenue increasing 5% globally. Fees for corporate bonds fell 15% year-over-year, but revenue increased due to a 23% jump in balances.

The top five earning securities in November were Tempus AI Inc. (TEM US), Spirit Airlines Inc. (SAVE US), Enbridge Inc. (ENB CN), iShares iBoxx $ Inv Grade Corporate Bond ETF (LQD US) and Trump Media and Technology Corp. (DJT US). The five securities in total generated $61 million in revenue for the month.

Bloomberg Terminal users can subscribe to Equilend’s exclusive Orbisa securities lending data by entering terminal shortcut APPS ORBISA or clicking the following link: https://blinks.bloomberg.com/screens/apps%20orbisa.

Equilend Data & Analytics

Equilend Data & Analytics tracks real-time securities finance market movements across more than 210,000 securities, covering $40 trillion in lendable assets and $2.7 trillion in on-loan assets.