Global securities lending activity hits US$1.47 billion for March, reports S&P Global Market Intelligence
09 April 2026 Global
Image: Keopaserth/stock.adobe.com
S&P Global Market Intelligence reports a 36 per cent year-on-year (YoY) increase in global securities lending activity, with revenues reaching US$1.47 billion in March.
Asian and European equities delivered standout performances, posting revenue increases of 53 per cent and 60 per cent respectively when compared to March 2025.
In contrast, Americas equities saw more modest growth, up 6 per cent to US$333 million, as average fees declined by 20 per cent YoY, despite higher balances
Fixed income markets also outperformed, with government bonds reaching US$246 million and corporate bond revenues reaching US$99 million.
During the month, top revenue earners included Lucid Group, iShares iBoxx High Yield Bond ETF, Swedbank AB, and the US Treasury.
Q1 revenues mirrored March’s strength, totalling US$3.8 billion, a 32 per cent YoY increase.
Despite Q1 being the weakest quarter of 2025, this growth highlights a strong performance amid heightened volatility, increased thematic trading, wider credit spreads, and greater uncertainty around future rate paths.
All asset classes saw higher revenues compared to Q1 2025, with EMEA and APAC equities up 63 per cent and 58 per cent to US$337 million and US$998 million, respectively, driven by rising fees and balances.
Americas equities reflected similar trends to March, with average fees falling 19 per cent YoY, but balances significantly higher, resulting in a 7 per cent revenue increase in revenues to US$934 million.
ETFs and American Depository Receipts (ADRs) maintained strong demand, leading to higher fees, balances, and revenues. In fixed income, corporate bond revenues grew to US$274 million and government bond revenues to US$680 million, despite a 7 per cent decline in average fees for corporate bonds.
Leading revenue generators for Q1 included Infosys ADR, Lucid Group, and the US Treasury.
Matt Chessum, executive director of equity and analytic products at S&P Global Market Intelligence, says: “Recent geopolitical developments have underscored the responsiveness of securities lending to rapidly evolving news flow.
“Throughout March and Q1, activity and revenues accelerated sharply, driven by heightened volatility, thematic positioning, and increased dispersion across regions and asset classes.
“While market turbulence has made conditions less predictable, it has proven constructive for securities lending.
“Looking ahead, activity is expected to remain strong and highly reactive, as ongoing uncertainty around geopolitics, interest rates, and growth continues to create diverse directional and hedging opportunities, particularly supporting ETF, ADR, equity, and fixed income strategies central to the securities lending market.”
Asian and European equities delivered standout performances, posting revenue increases of 53 per cent and 60 per cent respectively when compared to March 2025.
In contrast, Americas equities saw more modest growth, up 6 per cent to US$333 million, as average fees declined by 20 per cent YoY, despite higher balances
Fixed income markets also outperformed, with government bonds reaching US$246 million and corporate bond revenues reaching US$99 million.
During the month, top revenue earners included Lucid Group, iShares iBoxx High Yield Bond ETF, Swedbank AB, and the US Treasury.
Q1 revenues mirrored March’s strength, totalling US$3.8 billion, a 32 per cent YoY increase.
Despite Q1 being the weakest quarter of 2025, this growth highlights a strong performance amid heightened volatility, increased thematic trading, wider credit spreads, and greater uncertainty around future rate paths.
All asset classes saw higher revenues compared to Q1 2025, with EMEA and APAC equities up 63 per cent and 58 per cent to US$337 million and US$998 million, respectively, driven by rising fees and balances.
Americas equities reflected similar trends to March, with average fees falling 19 per cent YoY, but balances significantly higher, resulting in a 7 per cent revenue increase in revenues to US$934 million.
ETFs and American Depository Receipts (ADRs) maintained strong demand, leading to higher fees, balances, and revenues. In fixed income, corporate bond revenues grew to US$274 million and government bond revenues to US$680 million, despite a 7 per cent decline in average fees for corporate bonds.
Leading revenue generators for Q1 included Infosys ADR, Lucid Group, and the US Treasury.
Matt Chessum, executive director of equity and analytic products at S&P Global Market Intelligence, says: “Recent geopolitical developments have underscored the responsiveness of securities lending to rapidly evolving news flow.
“Throughout March and Q1, activity and revenues accelerated sharply, driven by heightened volatility, thematic positioning, and increased dispersion across regions and asset classes.
“While market turbulence has made conditions less predictable, it has proven constructive for securities lending.
“Looking ahead, activity is expected to remain strong and highly reactive, as ongoing uncertainty around geopolitics, interest rates, and growth continues to create diverse directional and hedging opportunities, particularly supporting ETF, ADR, equity, and fixed income strategies central to the securities lending market.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
