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Lender-to-borrower securities lending revenue totaled $2.29 billion in Q1 2025, marking a 2% increase year-over-year, according to newly released data from EquiLend’s DataLend platform. Activity was supported by continued strength in APAC equities and steady demand for U.S. Treasurys amid a backdrop of heightened market volatility and investor repositioning.
Global broker-to-broker activity—where broker-dealers lend and borrow securities from each other—generated an additional $633 million in revenue during Q1, a 6% year-over-year increase.
Regionally, equity revenue fell 13% in North America and 3% in EMEA compared to the same period last year. A decline in average fees was the primary driver across both regions, with a 19% and 23% dip, respectively, eliminating gains in average balances. APAC equity revenue improved by 29% year-over-year, as a 20% rise in fees and a 9% growth in balances resulting in $569 million in revenue. Japanese Bitcoin holding company Metaplanet Inc (3350 JP) was among the top 10 earners globally as prices in the volatile asset fell from $95,000 at the start of the year to $85,000 at the end of March.
Global fixed income lending revenue rose 10% year over year in Q1. The improvement was driven by an 11% increase in government debt lending performance, with U.S. Treasury lending revenue climbing 11% on the back of larger balances. Fees and utilization remained relatively flat as new supply in the marketplace was absorbed by borrowers.
In March 2025, the global securities finance industry generated $854 million in revenue for lenders. The figure represents a 3% decrease year-over-year from the $881 million generated in March 2024. The decline was primarily driven by lower fees for American, Swedish and Swiss equities, offsetting a 6% gain in corporate bond lending revenue.
Broker-to-broker activity totaled an additional $234 million in revenue in March, a 3% increase year-over-year.
The top five earners in March 2025 were Endeavor Group Holdings Class A (EDR US), Plug Power Inc (PLUG), Svenska Handelsbanken AB A (SHBA SF), iShares iBoxx High Yield Corporate Bond ETF (HYG), and Alibaba Health Information Tech Ltd. (241 HK). In total, the group generated $44 million in revenue in March.
These findings reinforce lender-side momentum in the securities finance space, particularly across hard-to-borrow names and sovereign debt instruments.
