Securities Finance November Snapshot 2025

November revenues grow by 27% year-on-year.

• Market revenues hit $1.215B
• Asian equity revenues continue to soar, increasing 80% year-on-year
• Lendable and balances hit new highs
• Bitcoin related and leveraged ETFs experience strong demand

In the securities lending markets, revenues remained robust throughout November, totalling $1.215 billion. All asset classes exhibited strong performance compared to 2024, with year-to-date revenues surpassing $13.6 billion, a milestone that positions 2025 to potentially become the highest revenue-generating year on record.

In the equity markets, revenues rose 35% year-on-year to $925 million. November marked the first month since May where monthly equity revenues fell below the $1 billion threshold. This decline was primarily driven by a reduction in average fees, which decreased from 88 basis points (bps) in October to 75 bps in November.

Asian equities continued to perform well, with revenues increasing by 80% year-on-year to $310 million. Hong Kong remained the top revenue-generating territory, followed by South Korea and Taiwan. Capital Goods stocks emerged as significant revenue drivers in the region, as tariff-related and technology stocks continued to attract demand. Despite a cooling of revenues compared to every month since July, the region maintained strong performance.

Americas equities saw a year-on-year growth of 7%, generating $357 million during the month. U.S. equity revenues experienced a month-on-month decline of 30%, while posting a year-on-year increase of 9.3%. Average fees fell significantly across the country, declining to 53 bps from 76 bps in October. In Canada, equity revenues remained steady when compared to recent months, although they declined both year-on-year and month-on-month as average fees dropped to 64 bps. Notably, average lendable inventory exceeded $1 trillion, achieving the highest average lendable value on record.

EMEA equity revenues experienced their highest monthly total since June, growing 37% year-on-year to $89.9 million. The UK led the revenue rankings, driven by a recent scrip in National Grid (NG.), which spurred demand. Substantial year-on-year revenue increases were observed across several countries, including Turkey and Poland, as well as Italy and Spain. German equities stood out during the month, with revenues rising by 52% year-on-year to $10 million, accompanied by a 43% increase in average fees.

Fixed income assets also performed well, with government bonds exceeding $200 million in monthly revenues for the first time in several years. U.S. Treasuries continued to dominate demand, while the Japan (Government) (0.8% 01-Jun-2027) (J2S39L8S6) emerged as the third highest revenue-generating bond during the period. In Europe, French government bonds maintained strong flows, driven by ongoing fiscal uncertainty.

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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.