EQUITIES COMMENTARY —September 2026
Securities Finance September Snapshot 2026
Global securities lending revenue increased 23% year on year to $1.74bn in September, completing a strong third quarter in which revenue rose 20% to $5.35bn. Year-to-date revenue reached $14.16bn, supported primarily by sustained borrowing activity: Q3 average balances increased 33% and utilisation rose 11%, while average fees declined 9%.
Asia remained the principal growth engine. Q3 equity revenue advanced 90%, including a 79% increase to $659m in September, as higher balances, fees and utilisation reflected elevated positioning across the AI and semiconductor supply chain, uneven Chinese growth and shifting expectations for Bank of Japan policy. EMEA equity revenue also rose strongly, increasing 61% in Q3 and 47% in September as both balances and fees strengthened.
Americas equity was the notable exception, with revenue down 38% in Q3 and 39% in September. Although balances and utilisation increased, sharply lower fees, down 57% for the quarter, suggested plentiful supply and fewer scarcity premiums.
Demand broadened across other asset classes. ETP revenue increased 85% in Q3 and 104% in September, with higher fees indicating concentrated borrowing in harder-to-source leveraged and thematic products. Government-bond revenue rose 46% during the quarter and 49% in September, while corporate-bond revenue increased 19% and 24%, respectively. The gains coincided with greater fixed-income volatility, higher yields, persistent inflation concerns and policy uncertainty, supporting hedging, relative-value and collateral activity.