Next Generation Trading (NGT) is a collaborative effort between EquiLend and its clients to deliver a consolidated, multi-asset class trading platform for the securities finance marketplace. Leveraging EquiLend’s existing trading venues and messaging capabilities, NGT will increase trade-level transparency, improve workflow automation and generate greater efficiencies for the market.
EquiLend has instituted a policy to purge (deactivate) unused schedules from the AutoBorrow platform. Unused AutoBorrow schedules are defined as schedules with an “active” status but have not been used for AutoBorrow activity for 6 months or greater.
Purging unused AutoBorrow schedules will serve two purposes. It will help the transition from existing AutoBorrow to the new NGT service by streamlining the number of AutoBorrow schedules that borrowers and lenders maintain. It will also facilitate our operational efficiencies in processing AutoBorrow orders for backward compatibility processes while clients are at different points in their adoption of the NGT messaging.
EquiLend will begin purging unused AutoBorrow schedules on April 1, 2015 and will continuously purge unused AutoBorrow schedules on the 1st business day of each month.
EquiLend will send out a reminder email before each purge date.
Please feel free to contact us if you have any questions.