Equilend: Securities Lending Revenue Hits $1.24 Billion in July 2025, Up 47% Year–Over–Year

Global equity markets drive revenue surge; Americas and APAC lead regional growth

August 4, 2025

The global securities finance industry generated $1.24 billion in revenue for lenders in July 2025, according to data from Equilend Data & Analytics. The figure marks a 47% increase from July 2024 and a 12% increase from June 2025.

The rise was driven largely by strength in global equity markets, where lending revenue reached $1.01 billion for the month, a 58% increase year over year. Fixed income markets also continued to show growth, generating nearly $230 million in revenue, up 11% from the same period last year.

The sustained momentum comes as monetary policies diverge across regions and market participants brace for potential volatility amid ongoing geopolitical uncertainty.

In the Americas, revenue surged on the back of outsized equity lending performance, which rose 66% year over year. This growth was concentrated in a small number of high-fee securities: stocks with borrow fees over 500 bps (“hot” equities) accounted for more than $488 million in revenue – over 75% of the region’s total equity lending revenue.

EMEA markets also recorded solid gains, with equity lending revenue rising 41% from July 2024. Within fixed income, corporate debt led the way with a 9% increase, while government debt posted a modest 1% rise.

Asia-Pacific (APAC) markets saw robust activity, with equity lending revenue up 48% year over year. Hong Kong stood out with a 189% spike in revenue, driven by elevated borrowing demand. Guotai Junan Intl (1788 HK), a Hong Kong based financial services firm, was a leading target for short sellers. APAC’s fixed income market also posted the strongest year-over-year growth across all regions, up 26%.

Single-stock revenue was led for the second consecutive month by U.S.-based technology firm CoreWeave Inc. (CRWV), which generated over $209 million in lending revenue. Other top earners included Guotai Junan International Holdings (1788 HK), Quantum Computing Inc (QUBT), Circle Internet Group Inc. (CRCL) and UK utility SSE PLC (SSE LN). Combined, these five securities accounted for more than $261 million in revenue for the month.

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Equilend Data & Analytics

Equilend Data & Analytics tracks real-time securities finance market movements across more than 211,540 securities, covering $40 trillion in lendable assets and $2.9 trillion in on-loan assets.