In a major structural break for global capital markets, the Asia-Pacific (APAC) region has officially unseated North America as the world's leading equity lending market. According to EquiLend’s Q3 2026 data report, APAC equities generated $1.70 billion in lending revenue, marking a 99% surge year-on-year and securing the top spot for the first full quarter on record.
The shift underscores a stark regional reversal. While North America has traditionally anchored global short-selling revenue through high-fee domestic "specials," those positions unwound significantly this quarter. North American equity revenue retreated 23% to $1.31 billion as average U.S. borrow fees tumbled 46% to 41 basis points.
Conversely, Asia's surge was powered by Taiwan’s blistering AI hardware supply chain fueling Nvidia’s GB300 platform, alongside a wave of small free-float consumer and AI listings in Hong Kong. Hong Kong-listed Pop Mart International Group emerged as the single largest revenue-generating security globally, bringing in $161.8 million. Of the $1.79 billion generated globally by hard-to-borrow specials this quarter, Asia captured 60% of the entire revenue pool, up from just 28% last year.
Driven by wider macroeconomic volatility - including a surprise Federal Reserve rate hike in September and escalating Middle East conflicts—global securities lending revenue reached $14.75 billion through the first three quarters. The industry is now firmly on pace to surpass 2025 as its biggest year on record.
