EquiLend Gains Approval for Irish MTF
The Central Bank of Ireland has approved EquiLend Limited, the Dublin-based business of global securities finance technology provider EquiLend, to operate a multilateral trading facility (MTF) in Ireland.
The launch of the Irish MTF—EquiLend’s NGT securities finance trading platform—will allow European Union-based clients to continue trading on the platform without interruption post-Brexit.
The Irish MTF will operate alongside EquiLend’s existing U.K. MTF, which is regulated by the Financial Conduct Authority in the U.K.
Brian Lamb, CEO of EquiLend, says: “EquiLend has been active in the European market since we opened our first office in London in 2003. Our approval by the Central Bank of Ireland allows us to continue offering our valued global clients access to EU securities finance markets via our world-class trading platform, NGT.”
Laurence Marshall, CEO of Dublin-based EquiLend Limited, says: “EquiLend is fully committed to the European market, and we will continue to support our EU-based clients with the launch of the EquiLend Limited MTF in Ireland.”
Each day, an average of $80 billion notional (counting each side of the trade) is transacted on NGT.
There are concerns about the ability to trade dual-listed shares in the most liquid venues.
Brexit has cast uncertainty over the UK’s financial sector.
The UK government will publish its green finance strategy this year.
Participants are concerned about dispersed trading liquidity and regulatory data.
Members based in the European Economic Area will be able to continue using Liquidnet.