Securities Finance Market Insights – November 2025

Within the securities lending markets, revenues remained strong all through November, totalling $1.215 billion. All asset courses exhibited sturdy efficiency in comparison with 2024, with year-to-date revenues surpassing $13.6 billion, a milestone that positions 2025 to doubtlessly turn out to be the best revenue-generating yr on file.

Within the fairness markets, revenues rose 35% year-on-year to $925 million. November marked the primary month since Could the place month-to-month fairness revenues fell beneath the $1 billion threshold. This decline was primarily pushed by a discount in common charges, which decreased from 88 foundation factors (bps) in October to 75 bps in November.

Asian equities continued to carry out properly, with revenues rising by 80% year-on-year to $310 million. Hong Kong remained the highest revenue-generating territory, adopted by South Korea and Taiwan. Capital Items shares emerged as vital income drivers within the area, as tariff-related and know-how shares continued to draw demand. Regardless of a cooling of revenues in comparison with each month since July, the area maintained sturdy efficiency.

Americas equities noticed a year-on-year development of seven%, producing $357 million in the course of the month. U.S. fairness revenues skilled a month-on-month decline of 30%, whereas posting a year-on-year improve of 9.3%. Common charges fell considerably throughout the nation, declining to 53 bps from 76 bps in October. In Canada, fairness revenues remained regular when in comparison with current months, though they declined each year-on-year and month-on-month as common charges dropped to 64 bps. Notably, common lendable stock exceeded $1 trillion, attaining the best common lendable worth on file.

EMEA fairness revenues skilled their highest month-to-month whole since June, rising 37% year-on-year to $89.9 million. The UK led the income rankings, pushed by a current scrip in Nationwide Grid (NG.), which spurred demand. Substantial year-on-year income will increase have been noticed throughout a number of international locations, together with Turkey and Poland, in addition to Italy and Spain. German equities stood out in the course of the month, with revenues rising by 52% year-on-year to $10 million, accompanied by a 43% improve in common charges.

Fastened revenue property additionally carried out properly, with authorities bonds exceeding $200 million in month-to-month revenues for the primary time in a number of years. U.S. Treasuries continued to dominate demand, whereas the Japan (Authorities) (0.8% 01-Jun-2027) (J2S39L8S6) emerged because the third highest revenue-generating bond in the course of the interval. In Europe, French authorities bonds maintained sturdy flows, pushed by ongoing fiscal uncertainty.

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