EQUITIES COMMENTARY —October 2026
Securities Finance October Snapshot 2026
Global securities lending revenue increased 20% year on year to $1.70bn in October, taking year-to-date revenue to $15.86bn and surpassing those generated in the entirety of 2025. Growth was underpinned by borrowing activity: average balances rose 28% to $4.17tn and utilisation increased 12%, while average fees declined 6%.
Asia remained the principal equity growth engine, with revenue rising 72% to $599m as both balances and fees strengthened. Taiwan and Hong Kong each generated $173m, while South Korea contributed $121m. These gains coincided with weakness in technology-heavy Asian markets as investors reassessed AI investment returns. EMEA equity revenue increased 38% to $118m, led by France, where revenue rose 82%.
Americas equity remained the exception. Revenue declined 29% to $351m despite 32% balance growth, as average fees fell 46%. US revenue dropped 31%, highlighting the continuing pressure from lower borrowing premiums.
Growth extended across other asset classes. ETP revenue increased 41% to $170m, driven by higher fees. Government-bond revenue rose 48% to $295m, with balances up 32%, fees up 12% and utilisation reaching 23.9%. Corporate-bond revenue increased 24% to $108m, predominantly through higher balances.
Fixed-income gains coincided with government-bond yields retreating from September’s highs as investors sought higher-quality assets. Falling yields supported sovereign and investment-grade returns, providing a backdrop for positioning, hedging and collateral activity rather than signalling uniformly higher borrowing costs.
Download the October Snapshot for further details.