EquiLend and BondLend, the securities finance industry trading and post-trade service providers, have launched Trade Match, which provides an automated way to compare pre-settlement, cross-product securities finance transactions.
Trade Match reconciles all the trade components of either the start or close leg of each trade type. Trade Match’s exception management reporting prioritizes the core pending settlement risk items for the users, helping them to reduce fails and rectify trade economic discrepancies on a real-time basis.
Trade Match recognizes nuances between equity and fixed income clients. BondLend clients will be able to leverage reconciliation terms specific to the fixed income business, offering the flexibility to handle different trade types.
Trade Match is compatible with “One File” connectivity, EquiLend’s new workflow for streamlined build-out to EquiLend’s post-trade services.
Brian Lamb, CEO of EquiLend, says: “We have heard clients’ concerns around the changing regulatory environment and reduction of settlement cycles. Coupled with the industry focus on developing best practices, we are excited to offer a tool to help clients reduce risk on their pending trades. By leveraging Trade Match, an automated solution, we allow firms to be scalable with their business.”
Iain Mackay, post-trade service product owner at EquiLend, says: “Inventory management and latency have become a very important priority within the industry. Trade Match provides an opportunity to effectively manage this by offering same-day matching and affirmation transparency, giving clients a more effective reconciliation tool to ensure delivery of stock to the counterparty, which will enable them to reduce costs, increase client service and meet regulatory requirements.”
Trade Match is available immediately to existing post-trade clients of EquiLend and will be available on April 27 for BondLend clients.
EquiLend is a leading provider of trading and post-trade services for the securities finance industry with offices in New York, London, Hong Kong and Toronto. EquiLend is backed by 10 global financial institutions: BlackRock, Credit Suisse, Goldman Sachs, J.P. Morgan Clearing, J.P. Morgan, Bank of America Merrill Lynch, Morgan Stanley, Northern Trust, State Street and UBS.
Used by securities borrowers and lenders globally, the EquiLend platform (for equities) and BondLend platform (for fixed income) automate formerly manual trading and post-trade processes in the securities finance industry. DataLend, the securities finance market data division of EquiLend, provides aggregated, anonymized, cleansed and standardized securities finance data covering all asset classes, regions and markets globally.