Hedge fund leverage in the first part of 2025 rose by $760 billion from the prior quarter, an increase of 14%. This has trickled down through the industry with prime brokerage revenues up sharply across securities lending, margin loans and Total Return Swaps. Securities lending income for beneficial owners was also up, hitting between US$5.2 billion (EquiLend) and $6.6 billion (S&P) through H1 2025. A breakdown of the data reveals market dynamics.
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