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Securities Lending Market Report | H2 2025

EMEA

>>> Equities

2025 proved to be an exceptional year for the securities lending sector globally. Political uncertainty, market volatility and Fig 1 - Top 10 Specials, Top 5 Markets 3
AI sector demand made for revenues of close to $15 billion , the highest level on record. This reflected a 22% increase
1
over 2024 revenues of which $11.7 billion stemmed from lender-to-broker activity.
2
In Europe, equity markets rallied on the back of the July Swedish, French and German markets also performed No Name Country Sector Revenue ($m)
trade agreement with the US, which reduced uncertainty well, with combined returns of $437 million for 2025.
around tariffs and provided stability to investors. The Swedish cybersecurity company Yubico AB was the 1 Yubico AB Sweden Information Technology 18.00
Governments stabilized rising gas and electric prices and one of the strongest performers in 2025. Missed earnings
placed emphasis on renewable energy as the EU aims expectations amid increased competitive pressure, saw the
to meet the 2050 goal of net zero carbon emissions and share price decrease 44% and drove revenues of more than 2 SGS SA Switzerland Industrials 15.50
combat climate change. Fiscal stimulus provided additional $11 million in H2.
funding for defence and a commitment to safeguarding In France, Eutelsat Communications was a top European 3 SSE PLC United Kingdom Utilities 13.00
and strengthening supply chains across the region. This special throughout the year. Short interest in the French
translated into the strongest half year returns since 2021 satellite operator spiked due to regulatory pressures and
across European equity markets, the Stoxx 600 and FTSE concerns about their ability to compete with SpaceX‘s 4 Volvo AB Sweden Consumer Discretionary 12.00
100 indices were up 16.6% and 20.2% respectively for Starlink and shares were significantly diluted following the
the period and in securities finance this resulted in Equity company‘s €670 million rights issue in November. Eutelsat Communications Communication
revenues of $515 million for H2 and full year revenues of 5 SACA France Services 13.50
$1.1 billion, with a 27% jump in loan balances. Across the sectors, finance and industrial groups posted the
highest revenue of 2025, Swiss industrial stock SGS SA was
The UK equity market provided the strongest performance once again one of the higher annual earners at $15.5 million 6 Telefonica SA Spain Communication 11.00
with revenues of $168 million across the year, an increase for the year due to trading demand surrounding its annual Services
of 47% year-over-year. Utility companies SSE PLC and scrip. Worth noting that of all sectors, IT delivered the
National Grid made full year securities lending revenues of highest average fees of 93.5 bps, 36 bps above materials in 7 Idorsia Ltd Switzerland Healthcare 10.00
more than $13 million and $9 million respectively, driven by second place, further emphasizing the AI trends seen across
infrastructure growth and market volatility as well as trading the year.
surrounding their scrips. The British ultra-luxury sports 8 Koninklijke KPN NV Netherlands Communication 9.50
car maker, Aston Martin Lagonda reported consecutive Services
quarters of net operating losses, with significant leverage
on its balance sheet. The company also faced additional 9 Svenska Handelsbanken AB Sweden Financials 9.50
headwinds from intensified competition, the prospect of
U.S. import tariffs and uncertainty surrounding its electric
vehicle (EV) transition roadmap, resulting of securities 10 Idorsia Ltd Switzerland Healthcare 10.00
lending revenues of just over $9 million for 2025.

Country Amend title to On Loan ($bn) Revenue ($m)

United Kingdom 38.83 168.18

Sweden 17.8 139.86

France 24.31 129.26

Germany 24.58 123.47

1. Source: Global Securities Finance Snapshot from S&P Global and DataLend Switzerland 21.99 96.94
2. Source: Bloomberg WEI Equity Indices: EMEA - Amended Index return figures. DataLend Source for securities finance revenues.
3. Source: Top 10 Compiled by BNP Paribas from DataLend and S&P. Reference graph: data from S&P