Monthly Asian equity revenues hit all time highs

• Market revenues increase by 43% YoY to $1.7B
• Asian equity revenues surpass those of the Americas for the second consecutive month
• EMEA and APAC equity special revenues soar
• Rate uncertainty supports Government bond borrowing

Securities lending revenues surpassed $1.7billion during the month of May, the highest monthly total of the year so far and a 43% increase when compared with May 2025.  H1 revenues also surpassed those seen in 2025 by 6.5% with June still to account for.  Average fees climbed 6% year-on-year to 49bps as balances continued to grow, topping $4.1trillion.  Average balances for May 2026 were approximately $1.1billion higher than those seen in May 2025.

Across the equity markets, Asian equity revenues surpassed those of the Americas for the second month in succession, growing by 113% year over year to $487million. Americas equities suffered from a 25% year on year decline in average fees which weighed upon revenues.  EMEA equity revenues continued to improve, growing 55% year on year to $266 million.  Average fees and balances both trended higher which supported returns.  The increase in balances was roughly double the size of the percentage increase in lendable supply year over year, which suggests stronger demand and more limited supply.

ETFs continued to show strong demand throughout the month as geopolitical events and AI investment themes remained key drivers of financial news.  Revenues increased 81% to $162million during the month of May as average fees remained elevated.

Across fixed income markets, inflationary pressures as a result on the ongoing disruption in energy markets and the subsequent uncertainty being seen in future interest rate decisions, pushed government bond revenues to some of the highest levels seen for many months.  The asset class generated $254.3 million throughout May as average monthly balances surpassed $1.7trillion.  utilisation rates shifted higher as a result, surpassing 23.9%. 

Corporate bonds benefited from similar tailwinds throughout the month as revenues increased month on month to $99 million.  Average fees remained flat when compared with April, but balances continued to grow, lifting revenues higher.