EquiLend successfully rolled out its Next Generation Trading (NGT) securities finance trading platform on Monday, April 27. The platform is now live, with clients from around the world already having executed trades on the platform.
NGT is a consolidated, multi-asset class trading platform for the securities finance marketplace. Leveraging EquiLend’s existing trading venues and messaging capabilities, NGT increases trade-level transparency, improves workflow automation and generates efficiencies for the market.
EquiLend began building NGT in 2013 following demand from clients for a consolidated trading system that would enable increased executions, real-time bid/offer negotiation, more dynamic workflow and streamlined setup, among other enhancements.
Brian Lamb, CEO of EquiLend, says:
NGT is the biggest initiative in the securities finance trading arena in years. We collaborated with clients on the ground across five continents to ensure the global securities finance industry would be prepared for a new trading dynamic focused on transparency and efficiency. With NGT, traders around the globe can, for the first time, conduct their entire trading workflow all on one screen, from indications of interest with counterparties through to trade execution."
NGT captures and enables seamless trade conversation between counterparties, whether machine-to-machine, person-to-person, machine-to-person or person-to-machine. Screens are customizable for traders across asset classes and regions, so the functions and nomenclature will be tailored to the user no matter where they are based or whether they trade equities, corporates or sovereign debt.
Dow Veeranarong, product owner for EquiLend, says:
EquiLend’s partnership with our clients to build NGT is driven by their desire for increased efficiencies and executions across a wider range of securities. NGT provides the technology for our clients to change the way they do business."
Currently, more than 28,000 trades are executed on EquiLend’s trading platform each business day. With the launch of NGT, EquiLend anticipates capturing a greater share of trades as institutions look for more efficiencies in their securities finance trading activities.
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 Chase, 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.