$15.3bn
global securities lending revenue in 2025 - a record, up 26% year on year and 13% above the previous 2023 high
EquiLend Data & Analytics, January 2026
$4tn
loan balances topped $4 trillion for the first time
EquiLend Data & Analytics, 2025 full year
+42%
APAC lender-to-broker equity revenue, to $2.87bn - 42% of global revenue growth
EquiLend Data & Analytics, 2025 full year
11 Oct 2027
first UK trading date for T+1 settlement, with stock lending recall automation named as a market commitment
UK Accelerated Settlement Taskforce implementation plan, February 2025
Hong Kong led country-level earnings in 2025 with $760m, up 123%, while South Korea surged to $404m, up 440%, after the short-selling ban was lifted in March. Hong Kong, Japan, Taiwan and South Korea were the leading equity lending revenue markets globally outside the United States, with regional fees up 17% and balances up 22%.
The Accelerated Settlement Taskforce confirmed 11 October 2027 as the first UK trading date for T+1, with 12 critical actions, 26 highly recommended actions and five behavioural commitments - among them an explicit push for automation in standing settlement instructions, corporate actions and stock lending recalls. Settlement instructions are to reach CSDs by 6am on T+1.
Tadawul and Edaa amendments effective 25 March 2021 opened short selling and securities borrowing and lending to all investor types under defined conditions, and the CMA has said it is introducing short selling and securities lending for ETFs to widen international participation. Tadawul remains on a T+2 default cycle with no public T+1 commitment.
Shorter cycles compress the window to identify and issue a recall. Industry guidance is explicit that operational and technology enhancements to the loan recall process are needed to avoid processing breaks, higher settlement fails and cash penalties.
Without one authoritative inventory view, eligibility is checked after the fact and corporate action impacts on loaned positions surface late.
Manual margin calls and substitution notices leave capital under-utilised and counterparty exposure open longer than the documents intend.
Rule-based lending fee and rebate accrual reconciled offline is the quietest form of revenue leakage on the desk — and the hardest to evidence to a client.
SFTR, MiFID II and evolving regional reporting standards read the same loan differently. Reconstructed from extracts, each one is a separate manual exercise.
In FINRA’s first action under Rule 4330, a clearing firm was fined $3.2m over its fully paid lending programme — including a failure, between March 2021 and April 2023, to provide many enrolled customers with all the written disclosures the rule requires. Four introducing firms paid $2.6m combined.
One source of truth for lendable vs non-lendable, with automated eligibility checks.
Real-time mark-to-market and automated margin calculation across the book
Flexible reporting engine for multi-jurisdictional obligations and internal risk governance
Auto-borrow and counterparty selection on live availability and pricing
Substitution notifications generated by rule, not by reminder
Rule-based fee and rebate engines with integrated billing and client reporting
Contract matching and auto-affirmation of trade terms across counterparties
Triparty agent integration for optimised allocation and settlement
Configurable STP workflows front to back, driving post-trade exceptions down
Recalls and returns straight through, with automated notification and settlement coordination
Corporate action impact on loaned positions assessed as it happens
Full audit trail across amendments, overrides and approvals
One source of truth for lendable vs non-lendable, with automated eligibility checks.
Auto-borrow and counterparty selection on live availability and pricing
Contract matching and auto-affirmation of trade terms across counterparties
Recalls and returns straight through, with automated notification and settlement coordination
Real-time mark-to-market and automated margin calculation across the book
Substitution notifications generated by rule, not by reminder
Triparty agent integration for optimised allocation and settlement
Corporate action impact on loaned positions assessed as it happens
Flexible reporting engine for multi-jurisdictional obligations and internal risk governance
Rule-based fee and rebate engines with integrated billing and client reporting
Configurable STP workflows front to back, driving post-trade exceptions down
Full audit trail across amendments, overrides and approvals
01
Accurate fee and rebate accrual, billed from the same ledger the loan sits in.
02
Automated recalls and validated instructions remove the breaks that become penalties.
03
Real-time valuation and triparty connectivity replace the buffers held against uncertainty.
04
Volume scales on configuration, not on additional reconciliation headcount.
05
Programme disclosures, client records and regulatory reports reconstructed from one trail.
We will walk one recall, one substitution and one fee run through your current workflow, and show what the same three look like when they run on one engine.