ISLA publishes 24th ISLA Securities Lending Market Report
27 February 2026 Global
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The International Securities Lending Association (ISLA) has released the 24th edition of the ISLA Securities Lending Market Report.
The report was written in collaboration with BNP Paribas, with the firm contributing its perspectives and experiences of the fixed income and equities markets across the EMEA, US, and APAC regions during the second half of 2025.
In addition to reviewing 2025, the report also explores what factors may shape securities lending and borrowing throughout 2026.
Speaking about the report, Ina Budh-Raja, CEO of ISLA, states: “We publish this report against a backdrop of unprecedented activity. 2025 proved to be an exceptional year, with global securities lending revenues reaching nearly US$15 billion, the highest level on record.
“As outlined in the report, this 22 per cent YoY increase was not fuelled simply by politically driven market volatility, but by a compounding of structural shifts, including surging demand in new sectors, changing approaches to risk and capital management, as well as the emergence of new markets and supply.”
The report collected data from a number of firms, including BNY, Euroclear, and S&P Global Market Intelligence, and was created in partnership with BNP Paribas’ Andrew Geggus, global head of agency lending, Triparty Services.
The report was written in collaboration with BNP Paribas, with the firm contributing its perspectives and experiences of the fixed income and equities markets across the EMEA, US, and APAC regions during the second half of 2025.
In addition to reviewing 2025, the report also explores what factors may shape securities lending and borrowing throughout 2026.
Speaking about the report, Ina Budh-Raja, CEO of ISLA, states: “We publish this report against a backdrop of unprecedented activity. 2025 proved to be an exceptional year, with global securities lending revenues reaching nearly US$15 billion, the highest level on record.
“As outlined in the report, this 22 per cent YoY increase was not fuelled simply by politically driven market volatility, but by a compounding of structural shifts, including surging demand in new sectors, changing approaches to risk and capital management, as well as the emergence of new markets and supply.”
The report collected data from a number of firms, including BNY, Euroclear, and S&P Global Market Intelligence, and was created in partnership with BNP Paribas’ Andrew Geggus, global head of agency lending, Triparty Services.
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