CREDIT SUISSE FIRST BOSTON INVESTS IN EQUILEND
NEW YORK & ZURICH, May 03, 2005 - EquiLend Holdings LLC today announced that Credit Suisse First Boston has become the eleventh firm to invest in EquiLend and join its board of directors.
CSFB's equity investment marks a milestone in EquiLend's short history. Formed in 2001 by its ten original investors, EquiLend delivers standardized, centralized and global securities lending solutions to the equity and fixed income markets, while providing operational efficiencies across organizations.
"We couldn't be more enthusiastic about CSFB's investment." states EquiLend's CEO and President, Dirk Pruis. "CSFB is a global leader that maintains strong relationships with our existing participant base; it has an impressive management team and a growing securities lending business. This investment is mutually beneficial and will provide both our firms further opportunities to grow and expand our businesses."
In May of 2004, CSFB's Managed Lending arm based in Zurich announced it would be using EquiLend's securities lending platform. Contract negotiations yielded ample opportunity to extend the relationship beyond being just being an EquiLend client.
Jack McNally, Managing Director and Head of the Managed Lending Group at CSFB: "As our business grows, we are constantly seeking to maximize the efficiency by which we execute our trades. EquiLend presents an efficient platform to help service the growing activity levels."
Paul Scheufele, Managing Director at CSFB in charge of Repo Matched Book Trading, Secured Funding and Principal Fixed Income Securities Lending states, "EquiLend's expansion to cover fixed income products as well as equities was a motivating factor for CSFB to expand our relationship with EquiLend. We look forward to working with EquiLend and its board as it further develops its services."
"CSFB's expertise and leadership in this industry is highly valued among EquiLend's board." Mike Vardas, Managing Director at Northern Trust and Chairman of the Board of EquiLend states. "This knowledge will be well utilized at the board and company level, as we continue to develop new solutions that service this industry."
Credit Suisse First Boston joins EquiLend's 10 founding firms, which include Barclays Global Investors, Bear Stearns, Goldman Sachs, JPMorgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Northern Trust, State Street and UBS.
About EquiLend
EquiLend is a leading provider of trading services for the securities finance industry. With its robust suite of automated trading tools, EquiLend enables its clients to scale their businesses with great efficiency on a global basis in all securities finance markets. Used by borrowers and lenders throughout the world, the EquiLend platform automates formerly manual trading and post-trade processes. 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. Firms can then free more resources to expand their business and grow trading volumes without increasing costs. This makes the EquiLend platform a cost-effective choice for all institutions, regardless of their size.
www.equilend.com
EquiLend LLC and EquiLend Europe Limited are subsidiaries of EquiLend Holdings LLC (collectively, "EquiLend"). EquiLend LLC is a member of the NASD and SIPC. EquiLend Europe Limited is authorized and regulated by the Financial Services Authority. All services offered by EquiLend are offered through EquiLend LLC and EquiLend Europe Limited. EquiLend and the EquiLend mark are protected in the United States and in countries throughout the world.
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