EQUITIES COMMENTARY — July 2025
Securities Finance July Snapshot 2026
Securities lending revenues reached $1.821 billion during July, representing a 15% increase when compared with July 2025. Year-to-date revenues totalled $10.622 billion. Average fees declined 14% year-on-year to 51bps, although average balances continued to expand, rising 34% to $4.13 trillion. This was approximately $1.05 trillion higher than the July 2025 level. Lendable supply increased 22% to $54.934 trillion, while average utilisation climbed 12% to 6.0%, indicating that growth in borrowing demand continued to outpace the expansion in available supply.
Across the equity markets, Asian equity revenues surpassed those of the Americas once again, growing 88% year over year to $584 million. Average balances increased 52%, average fees rose 23% to 170bps and utilisation improved 18%. Americas equity revenues declined 37% to $477 million as a 57% fall in average fees outweighed 47% growth in balances. EMEA equity revenues strengthened, rising 66% to $144 million. Average fees and balances increased 37% and 21% respectively, supporting returns. Overall equity revenues reached $1.443 billion, 12% above July 2025, despite average fees declining 21% across the asset class.
ETPs continued to demonstrate strong revenue momentum during the month. Revenues increased 75% to $168 million as average fees rose 41% to 127bps and balances grew 25%. Lendable supply expanded 44%, although utilisation declined 13% year on year to 8.6%.
Across fixed income markets, government bond revenues increased 42% to $270 million. Average monthly balances reached $1.744 trillion, 33% above July 2025, while average fees rose 7% to 18bps. Utilisation also shifted higher, increasing 19% to 23.9%, as balance growth substantially exceeded the 14% rise in lendable supply.
Corporate bond revenues rose 15% to $101 million. Surpassing the $100 million threshold for the first time for many years. Average fees were broadly stable, declining 1% to 27bps, while balances increased 17% to $433 billion. Utilisation rose 6% to 6.6%, helping support the higher revenue result, despite slightly lower year-on-year pricing overall.