Global securities lending activity hits US$1.097m for February
04 March 2026 Global
Image: AF_DigitalArtStudio/stock.adobe.com
S&P Global Market Intelligence reports a 26 per cent year-on-year (YoY) increase in global securities lending activity, with revenues reaching US$1,097 million in February.
During the month, all asset classes continued to replicate the strong performance seen during January.
Asian equity revenues were up 59 per cent YoY to US$295 million, EMEA equity revenues increased 63 per cent YoY to US$89 million as utilisation, on loan balances, and revenues also grew across both American Depositary Receipts (ADRs) and ETFs.
The only asset class to experience a decline in revenues was North American equities, with US and Canadian equity revenues dipping both month-on-month and YoY.
Average fees fell furthest across these two countries as well, declining 25 per cent YoY in the US and 19 per cent YoY across Canada.
In the fixed income markets, demand remained resilient as balances continued to push higher, and revenues grew in response.
Government bonds generated US$209 million during the month and corporate bonds produced US$86 million in returns.
During the month, Infosys ADR remained the highest revenue-generating equity, producing US$12.2 million, while the 10-year US Treasury note (3.875 per cent, 15 August 2034) produced US$1.6 million in revenues, making it the highest revenue-generating fixed income asset of the month.
Matt Chessum, executive director of equity and analytic products at S&P Global Market Intelligence, says: “As balances continued to rise during the month of February revenues responded climbing higher across the majority of asset classes.
“Average fees did start to fall across the market during the month however and if this coincides with falling equity market valuations, considering the current geopolitical outlook, it’s possible that market participants may start to see a decline in returns over the coming weeks and months.”
During the month, all asset classes continued to replicate the strong performance seen during January.
Asian equity revenues were up 59 per cent YoY to US$295 million, EMEA equity revenues increased 63 per cent YoY to US$89 million as utilisation, on loan balances, and revenues also grew across both American Depositary Receipts (ADRs) and ETFs.
The only asset class to experience a decline in revenues was North American equities, with US and Canadian equity revenues dipping both month-on-month and YoY.
Average fees fell furthest across these two countries as well, declining 25 per cent YoY in the US and 19 per cent YoY across Canada.
In the fixed income markets, demand remained resilient as balances continued to push higher, and revenues grew in response.
Government bonds generated US$209 million during the month and corporate bonds produced US$86 million in returns.
During the month, Infosys ADR remained the highest revenue-generating equity, producing US$12.2 million, while the 10-year US Treasury note (3.875 per cent, 15 August 2034) produced US$1.6 million in revenues, making it the highest revenue-generating fixed income asset of the month.
Matt Chessum, executive director of equity and analytic products at S&P Global Market Intelligence, says: “As balances continued to rise during the month of February revenues responded climbing higher across the majority of asset classes.
“Average fees did start to fall across the market during the month however and if this coincides with falling equity market valuations, considering the current geopolitical outlook, it’s possible that market participants may start to see a decline in returns over the coming weeks and months.”
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