The Snapshot October 2025

Securities lending markets demonstrated exceptional growth following a strong September, with revenues reaching $1.41 billion for the month. October marked the fifth consecutive month where monthly revenues surpassed the $1.4B threshold, a milestone not achieved during any single month in 2024. Year-to-date revenues have now exceeded the entire 2024 total, reaching $12.48B with two months remaining.

Equity lending continued to generate the strongest year-on-year revenue growth, with all regions delivering impressive returns as both balances and average fees expanded. In the Americas, US equities produced $455.5M, representing a 60.5% increase compared to October 2024. Average fees, while declining relative to September, increased year-on-year by 14.2%. As US equity markets reached new record highs, on-loan balances followed suit, with a remarkable $692.9B average recorded during the month.

Asian equities maintained strong demand throughout October, with Hong Kong leading regional performance as year-on-year revenues surged 161% to $112M. Average fees in the region also increased by 36% to 266bps. Contemporary Amperex Technology Co Ltd (3750) remained the highest revenue-generating security in Asia, contributing $21.2M for the month.

Across EMEA, revenues also increased year-on-year, albeit at a more moderate pace. Sweden topped the regional revenue rankings after generating $15M as both average fees and balances improved. UK equities saw revenues increase 66% year-on-year to $11.4M, marking the third highest monthly revenue total for 2025.

ETFs and ADRs continued to experience robust demand, particularly across technology, leveraged, and commodity-focused assets. Asian ETFs notably demonstrated strong year-on-year revenue growth, with average fees climbing by 55%.

Fixed income assets maintained their trajectory observed throughout 2025. Political and fiscal uncertainty across Europe, combined with anticipation of a US rate cut, helped Government bonds produce their strongest monthly revenues of 2025 to date. While average fees remained stable, balances surged to $1.36 trillion. Corporate bond activity remained robust, with average fees increasing by 1bp to 27bps.