BNY’s investment represents a significant commitment to EquiLend and its suite of technology solutions. BNY, alongside eight additional major financial institutions with strategic investments in EquiLend, will advise the company on enabling further innovation and efficiency across the securities finance ecosystem.
BNY will also join a select group of planned initial users of EquiLend’s 1Source solution, the first industry-wide single source of truth for securities finance transactions. The 1Source platform has been developed in collaboration with leading industry participants to enhance transparency, reduce inefficiencies and establish new operational standards for the global securities finance market, delivered via smart contracts across a distributed ledger (DLT). By addressing critical inefficiencies, 1Source will represent a significant advancement and is positioned to become a foundational market infrastructure solution.
Nehal Udeshi, Head of Securities Finance, BNY, said: “This investment reflects our confidence in EquiLend’s ability to tackle the industry’s biggest challenges with innovative solutions that drive greater efficiency. We are confident in EquiLend’s central role in the marketplace and plans to further redefine securities finance with innovative market infrastructure.”
“BNY has been a strong partner of EquiLend’s since shortly after the company’s founding over 20 years ago. This investment brings added advisory leaders and underscores the commitment to our products and transformative potential of our long-term strategy,” said Rich Grossi, CEO of EquiLend. “We continue to be focused on solving our industry’s needs, and this collaboration brings us even closer to driving forward our vision for a more efficient, transparent and modern securities finance industry.”
For more information about 1Source and EquiLend’s comprehensive suite of financial technology solutions, please visit www.equilend.com.
Source: EquiLend
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