Global securities finance technology firm EquiLend and global Fintech leader Broadridge Financial Solutions, announced an agreement to facilitate straight-through processing (STP) to the National Securities Clearance Corporation’s (NSCC) central counterparty (CCP) for equity securities finance transactions. The new offering will utilize EquiLend’s liquidity sourcing options and allow clients to trade and automatically submit via Broadridge SFT Submission Service without a large change in operational processes while benefitting from the capital cost and risk reduction benefits of central clearing.
“We are pleased to be working with Broadridge to offer our clients streamlined access to the benefits of central clearing,” said Brian Lamb, CEO of EquiLend. “EquiLend is committed to working with our partners in the industry to bring new efficiencies and unprecedented interconnectivity throughout the global securities finance marketplace.”
Market participants utilizing EquiLend 1Source, the DLT-based single source of truth for securities finance transaction lifecycle information, will be able to direct securities lending trades seamlessly to the NSCC for central clearing via Broadridge’s Trade Submitter Service.
“We are delighted to be able to offer our joint clients straight-through processing to central clearing via our SFT Submission Service platform,” said Darren Crowther, Head of Securities Finance Services, Broadridge. “Interoperability across our platforms as well as the entire trade lifecycle event workflow, will enable our clients to benefit from the advantages of the NSCC offering while minimizing the time to market due to our out-of-the box connectivity.”
Broadridge’s newly launched SFT Submission Service provides the market with the capability to meet the NSCC requirements to match and submit via an Approved Trade Submitter.
More than 2.2 million global transactions are executed on EquiLend’s Next Generation Trading (NGT) platform each month, translating to more than $2 trillion in total notional value. U.S. equities, which are eligible for central clearing with the NSCC, make up the largest segment of securities on loan in the global securities finance markets.
Source: Equilend
NEWSLETTER SIGN UP
And receive exclusive articles on securities markets
As Technology Evolves, Asset Managers Adapt and Innovate
Citi Changes Organizational Structure
SEC Charges Virtu for Disclosures Relating to Information Barriers
ICE Futures Singapore Partners with CoinDesk Indices
Related articles
-
Last year Clear Street acquired React Consulting Services & BASIS, its cloud-native futures clearing platform.
-
Any ETF or Investment vehicle that includes any cryptocurrency will be subject to a 100% haircut.
-
Availability of adequate resources and tools for CCP resolution remains critical for financial stability.
-
This marks the first successful entry into the professional clearing market in close to a decade.
-
Bank of America and State Street will support Cboe Clear Europe’s clearing service for securities financing.