EQUILEND AND BNY MELLON DEVELOP SEAMLESS LINK TO COMMUNICATE AND MATCH RQV FIGURES
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EquiLend and BNY Mellon Develop Seamless Link to Communicate and Match RQV Figures
NEW YORK (August 15, 2013) — With the need for timely settlement of collateral, EquiLend’s new Tri-Party Connectivity service helps to expedite the agreement and communication of required value (RQV) figures, while ensuring clients always know the status of their trades.
EquiLend clients can submit values for all of their counterparties in one place. Group instruction functionality enables agent lenders to instruct tri-party trades at the underlying principal level and match against a single borrower trade amount.
The service facilitates the pre-matching of trades before they are sent in real time to BNY Mellon. BNY Mellon responds with updates that EquiLend processes, generating individual trade statuses viewable on the EquiLend User Interface. The new service not only enhances EquiLend’s post-trade efficiencies, but also benefits BNY Mellon’s current Auto Deal Matching (ADM) offering.
Brian Lamb, CEO of EquiLend, says: “Having conducted an extensive build and beta phase with BNY Mellon and our clients, we are confident that EquiLend’s offering to communicate and process RQV figures is best in class. We look forward to continuing our work with BNY Mellon for the benefit of the market.”
James Slater, Global Head of Securities Financing at BNY Mellon, says: "In today's fast-evolving marketplace, clients are increasingly focused on managing risk, complexity and the need for greater transparency. BNY Mellon has a long history of helping our clients in these areas. This new service is further evidence of our commitment to enhancing the connectivity of BNY Mellon's tri-party system for both lenders and borrowers."
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. Using EquiLend's complete end-to-end services reduces the risk of potential errors and eliminates the need to maintain costly point-to-point connections while allowing firms to drive down unit costs. DataLend, the securities finance market data division of EquiLend, provides highly cleansed and standardized securities finance data covering all asset classes, regions and markets globally.