S&P Global securities lending volumes reach US$1.82bn for July
10 August 2026 Global
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Global securities lending revenues hit US$1.82 billion in July, up 15 per cent year-on-year (YoY), taking year-to-date revenues to US$10.6 billion, according to S&P Global Market Intelligence data.
Revenue growth continued to be driven primarily by rising balances and stronger utilisation rather than fee expansion, as aggregate balances increased 34 per cent to US$4.13 trillion while utilisation rose to 6 per cent, indicating that borrowing demand continued to outpace the growth in lendable supply.
Asian equities remained the dominant driver of growth, generating US$584 million in revenues, up 88 per cent YoY. This activity surpassed Americas equity revenues for the third consecutive month.
Demand remained concentrated in AI-related supply chains, semiconductors, memory, and technology infrastructure names across Hong Kong, Taiwan, South Korea, and Japan.
EMEA equities delivered another strong month, with revenues rising 66 per cent to US$144 million.
Unlike Asia and parts of the US, performance was underpinned by a broad mix of financials, industrials, healthcare, defense, and energy-related securities.
Germany, the UK, and France were among the largest contributors as improving inflation trends and a more balanced policy outlook supported market activity.
Exchange traded product (ETP) revenues increased 75 per cent to US$168 million, notes S&P Global Market Intelligence.
Borrowing activity reflected both long-term structural interest in artificial intelligence and increasing use of leveraged and tactical exchange traded fund (ETF) strategies to express market views during periods of heightened volatility.
The Americas generated US$477 million of equity lending revenues, down 37 per cent YoY despite balances increasing 47 per cent.
Investor focus also shifted toward assessing the valuation implications of ongoing AI-related investment spending, resulting in a more selective market backdrop.
Government bond revenues rose 42 per cent to US$270 million, the highest monthly total of 2026, supported by uncertainty surrounding inflation, central bank policy, and interest-rate expectations.
Corporate bond revenues increased 15 per cent to US$101 million, surpassing the US$100 million threshold for the first time in many years.
Matt Chessum, executive director, equity and analytic products at S&P Global Market Intelligence, says: 鈥淭he themes we observed during July highlight how securities lending continues to provide a real-time view of investor positioning across global markets.
鈥淓levated government bond borrowing demonstrated the market's continued focus on inflation, interest-rate expectations, and monetary policy.
鈥淎s investors balance opportunities linked to innovation with questions around valuation and economic growth, securities finance data continues to offer valuable insight into where capital is being deployed and risk is being managed.鈥�
Revenue growth continued to be driven primarily by rising balances and stronger utilisation rather than fee expansion, as aggregate balances increased 34 per cent to US$4.13 trillion while utilisation rose to 6 per cent, indicating that borrowing demand continued to outpace the growth in lendable supply.
Asian equities remained the dominant driver of growth, generating US$584 million in revenues, up 88 per cent YoY. This activity surpassed Americas equity revenues for the third consecutive month.
Demand remained concentrated in AI-related supply chains, semiconductors, memory, and technology infrastructure names across Hong Kong, Taiwan, South Korea, and Japan.
EMEA equities delivered another strong month, with revenues rising 66 per cent to US$144 million.
Unlike Asia and parts of the US, performance was underpinned by a broad mix of financials, industrials, healthcare, defense, and energy-related securities.
Germany, the UK, and France were among the largest contributors as improving inflation trends and a more balanced policy outlook supported market activity.
Exchange traded product (ETP) revenues increased 75 per cent to US$168 million, notes S&P Global Market Intelligence.
Borrowing activity reflected both long-term structural interest in artificial intelligence and increasing use of leveraged and tactical exchange traded fund (ETF) strategies to express market views during periods of heightened volatility.
The Americas generated US$477 million of equity lending revenues, down 37 per cent YoY despite balances increasing 47 per cent.
Investor focus also shifted toward assessing the valuation implications of ongoing AI-related investment spending, resulting in a more selective market backdrop.
Government bond revenues rose 42 per cent to US$270 million, the highest monthly total of 2026, supported by uncertainty surrounding inflation, central bank policy, and interest-rate expectations.
Corporate bond revenues increased 15 per cent to US$101 million, surpassing the US$100 million threshold for the first time in many years.
Matt Chessum, executive director, equity and analytic products at S&P Global Market Intelligence, says: 鈥淭he themes we observed during July highlight how securities lending continues to provide a real-time view of investor positioning across global markets.
鈥淓levated government bond borrowing demonstrated the market's continued focus on inflation, interest-rate expectations, and monetary policy.
鈥淎s investors balance opportunities linked to innovation with questions around valuation and economic growth, securities finance data continues to offer valuable insight into where capital is being deployed and risk is being managed.鈥�
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