The global securities finance industry generated $9.64 billion in revenue for lenders in 2024, a 10.3% decrease from 2023.Global broker-to-broker activity generated an additional $2.57 billion in revenue, a 9.9% decrease from 2023.Equity lending revenues fell globally, with North America revenue declining by 15% and EMEA revenue dropping by 24%.Global sovereign debt revenue increased by 8% over 2023, driven by a 16% growth in U.S. treasuries.