#USA #New York #BNY Mellon #EquiLend #1Source

EquiLend's 1Source Goes Live with BNY and National Bank of Canada

EquiLend, the leading player in financial technology for the securities finance industry, has made significant strides with the successful roll-out of its innovative platform, 1Source. This groundbreaking service commenced trading operations with notable partners including The Bank of New York Mellon Corporation (BNY) and National Bank of Canada (NBC). By leveraging distributed ledger technology (DLT), 1Source promises to streamline operations and enhance the efficiency of securities lending and finance transactions.

A Milestone in Securities Finance

The launch is a pivotal moment in the quest for a unified trade reconciliation process within the securities finance sector. As the industry grapples with challenges related to trade discrepancies and post-trade inefficiencies, 1Source stands out as a transformative solution. The platform's inception is rooted in collaboration with industry leaders, aiming to eliminate manual reconciliation hassles, thereby minimizing operational breaks and driving down costs.

Rich Grossi, CEO of EquiLend, commented, "The onboarding of BNY and National Bank of Canada marks another significant advancement in our mission to reform post-trade infrastructure. The growing participant base will only enhance 1Source's network effect and bolster the overall efficiency of the industry."

The anticipated benefits of 1Source are substantial, with industry estimates suggesting potential annual savings running into hundreds of millions, owing to improved operational efficiency and resource optimization.

Positive Community Response

The initial reactions from the financial community have been overwhelmingly supportive. As more counterparties consider adopting the platform, it is expected that the collective benefits will substantially increase. The growth of the platform may transform not just workflows within individual firms, but the dynamics of the securities finance landscape as a whole.

Nehal Udeshi, Head of Securities Finance at BNY, praised the initiative, stating, "Incorporating 1Source within our framework showcases our dedication to innovation and proprietary technology to mitigate ongoing reconciliation errors. The advantages are clear for our clientele as the scale of participation amplifies efficiencies and fosters smoother collaborative efforts."

Similarly, Carl Attie, Managing Director at National Bank of Canada, expressed enthusiasm about joining 1Source, noting, "This partnership enhances our commitment to delivering cutting-edge solutions to our clients. It serves as a stepping stone for broader adoption and potential future enhancements that will bolster operations within the securities finance marketplace."

The Future of Securities Finance

The implications of 1Source's successful deployment extend beyond immediate operational improvements. Nick Delikaris, Chief Product Officer at EquiLend, emphasized the platform's role as a foundational infrastructure layer. "As we welcome BNY and National Bank of Canada, we are also witnessing a growing pipeline of institutions poised to join. This milestone represents the collaborative spirit of our industry in embracing innovation," he added.

The ability to create a single, golden source of truth for securities transactions signals a new era in the securities finance sector, characterized by enhanced accuracy, transparency, and efficiency. As the industry continues to evolve, 1Source will likely play a crucial role in shaping its future and driving sustainable growth.

For the latest information about EquiLend and its offerings, visit www.equilend.com.