Saxo Bank Japan Starts Stock Lending, Claims First-in-Market Status for Five European Countries

​Saxo Bank Securities has launched a stock lending service for its Japanese retail clients, enabling investors to earn interest on equity holdings without liquidating positions. The firm claims it is the first broker in Japan to offer stock lending for French, German, Swiss, Spanish, and Italian equities. Combined with US listings, the program covers over 6,500 stocks and ETFs.

This follows Saxo Japan's recent expansion of its trading platform to include those same European markets, part of a broader push into continental European equities. Under the service, clients lend holdings to other market participants via Saxo as intermediary. Interest accrues daily and is credited monthly, with the company handling all administration. Clients retain the right to sell shares during the loan period and receive cash equivalent to dividends, which is treated as miscellaneous income for tax purposes.

As of January 26, approximately 300 US and European stocks in the program carried annualized lending rates of 5% or higher, with over 150 of those being US-listed. The launch aligns with a trend of stock lending spreading as a retail product, following similar moves by eToro in the UK and flatexDEGIRO in Europe.

The service introduction is part of Saxo Bank's pattern of product additions in Asia, which recently included standalone margin lending in Singapore and a partnership with Trust Bank. However, Saxo Japan outlined significant risks. The arrangement is structured as an unsecured consumer loan from the client to Saxo, meaning investors carry the firm's credit risk. In a default, lent shares may not be returned. Clients also retain full market risk on their holdings, and enrollment makes all eligible stocks and ETFs available for lending, with no partial opt-in. The service is cancelable at any time.

This product launch occurs amid a change in ownership for Saxo Bank, following its €1.1 billion acquisition by J. Safra Sarasin in early March 2026. Lending rates exhibit extreme variance, driven entirely by market conditions. A Saxo Japan table from January 26 showed rates ranging from 203.90% for Brand Engagement Network Inc (BNAI) to 0.14% for the Direxion Daily Semiconductor Bull 3X ETF (SOXL). The company defines a "high lending rate" as 1% or more, with 119 stocks exceeding 20%.

To promote the rollout, Saxo Japan is running a campaign through April 30, 2026, during which it will match client earnings from standard lending interest, effectively doubling the payout. The bonus will be deposited by May 18, 2026, with no upper limit.