BNY and eight other institutions will serve as advisors to EquiLend.
The Bank of New York Mellon Corp. has made an undisclosed minority investment in EquiLend, a technology, data, and analytics solutions provider for the securities finance industry, and BNY along with eight other financial institutions making strategic investments will advise EquiLend on further innovation and efficiency in securities finance transactions.
BNY will also be among the “initial users of EquiLend’s 1Source solution, the first industry-wide single source of truth for securities finance transactions,” officials say.
“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),” according to EquiLend. “The first undertaking of the EquiLend 1Source initiative is to eliminate the reconciliation of securities lending transactions, which was identified by the [EquiLend-convened Digital Transformation Working Group] as the most pressing issue facing the industry.”
“This collaboration brings us even closer to driving forward our vision for a more efficient, transparent and modern securities finance industry,” says Rich Grossi, CEO of EquiLend.
EquiLend offers trading, post-trade, data and analytics, regtech and platform solutions for the securities finance industry. The company has offices in North America, EMEA and Asia-Pacific, and operates across multiple jurisdictions worldwide.
