Securities Finance February Snapshot 2026

North American equity revenues dip as average fees decline.

• Market revenues increase by 26% YoY
• Asian equity revenues continue to show strong year-on-year growth
• ETPs and ADRs remain in demand as the tech stock sell-off impacts stocks
• US and French government bonds dominate fixed income specials

Total revenues in the securities lending market remained robust, reaching $1,097 million for the month. EMEA and Asian equity segments demonstrated significant year-on-year growth, with revenues increasing by 63% and 59%, respectively. In contrast, North American equities experienced a modest year-on-year decline of 2%, marking the region as the sole major asset class to record negative growth during the period. This contraction was primarily attributable to declining average fees and stagnant balances in both US and Canadian equities, which collectively contributed to reduced returns.

Revenues within the ADR and ETF markets remained resilient, underpinned by sustained volatility throughout the month. This volatility continued to enhance the appeal of thematic assets and leveraged single stock ETFs. Notably, pronounced fluctuations in software and technology-related stocks drove increased demand for these ETFs, resulting in supportive trends for both revenues and average fee levels.

Fixed income assets delivered solid performance in February, despite a sequential decline in revenues from both corporate and government bonds. Average fees remained stable relative to January, while balances exhibited further growth. The presence of "specials" in the government bond market, especially in French and US government bonds, was a key driver of year-on-year revenue growth, offsetting broader declines and reinforcing the segment’s positive trajectory.

Overall, the securities lending market maintained elevated revenue levels, with strong performance in EMEA and Asian equities and resilience in ADR and ETF segments. While North American equities lagged, fixed income assets benefited from increased activity in government bond specials, supporting year-on-year growth.