Global securities finance revenue reached $3.84 billion in Q1 2026, up 31% year-over-year - a record start to the year and a continuation of the $15.3 billion 2025 print.
Asia Pacific led every region, up 48% YOY ($884 million in lender-to-broker revenue). Korea alone was up 724% YOY following the return of short selling, and Hong Kong on-loan balances more than doubled.
Bears wasted no time piling in after the U.S. and Israeli strikes on Iran and the Strait of Hormuz closure. Our data shows meaningful short-interest builds across energy, airlines, and utilities - names in focus include Delta (DAL), American (AAL), NextEra (NEE), Xcel (XEL), International Seaways (INSW), easyJet (EZJ LN), and Lufthansa (LHA GR).
AI crowding evolved from a directional trade into a sorting machine. IT led sector revenue at $464 million globally, with SEALSQ (LAES), Hanmi (042700 KS), and GlobalWafers (6488 TT) among the top borrow earners as investors bet against parts of the semiconductor rally.
EquiLend also went live with Predicted Short Interest this quarter, closing the reporting lag on FINRA and exchange data. Early case studies on Cango (CANG), SPX Technologies (SPXC), and Seagate (STX) are in the report.
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