Asian equities become the dominant driver of revenues

• Market revenues increase by 42% YoY
• Asian equity revenues surpass those of the Americas
• ETPs and ADRs remain in demand as tech and semiconductor valuations soar
• Demand for Corporate and Government bonds remains strong

Securities lending revenues surpassed $1.5billion during the month of April, the highest monthly total of the year so far 2and a 42% increase when compared with April 2025.  Average fees climbed 6% year-on-year to 46bps as balances continued to grow, topping $4trillion on April 28^th.

Equity revenues continued to grow when compared year-on-year across all regions.  The strongest growth was seen across Asia (+84%) and EMEA (+44%).  Americas equity revenues also outperformed but to a more modest extent (+16%).  Balances increased across all regions and lendable continued to grow which helped to offset a year-on-year decline in average fees in both EMEA and the Americas.  Average fees across Asia hit 134bps during April, their highest level seen since July 2025 (138bps).  Despite an increase in lendable, a larger relative increase in balances also pushed utilization higher year-on-year across all regions.

Exchange traded funds (ETFs) and American depositary receipts (ADRs) continued to produce strong returns during the month as many of the drivers igniting borrowing demand in these two asset classes remained intact.  Revenues grew 65% ($152M) and 15% ($43M) year on year respectively with average fees across ETFs remaining at their March average of 116bps.  Asian ETFs continued to experience strong growth in revenues, increasing 93% year-on-year.

Government and corporate bonds continued to benefit from further interest rate and inflation uncertainty throughout the month as the conflict in the Middle East remained unresolved.  Revenues did decline month on month but remained very strong when compared year-on-year.