EquiLend Clearing Services
EquiLend Clearing Services (ECS) provides direct connectivity to CCPs for central clearing of securities finance trades. Our services offer powerful trading and post-trade tools that improve efficiency and mitigate risk. They integrate into a firm’s existing environment and can be fully automated. We currently have connections to OCC and Eurex, and have delivered a solution that is portable across CCPs globally. The ECS Gateway provides a central point for all matched transactions to flow directly to a CCP, while delivering real-time updates on settlement back to clients. ECS also offers a front-to-back solution from trade execution through the lifecycle of the trade, including support for returns, recalls, rerates and corporate actions.
EquiLend Clearing Services Loan Market
The EquiLend Clearing Services (ECS) Loan Market currently offers the only CCP-based securities lending market for U.S. equities, ETFs and ADRs. The ECS Loan Market provides activity to OCC’s centrally cleared Market Loan Program for securities lending clearance and settlement services. Integrating trade execution, clearance and settlement through the full trade lifecycle, the ECS Loan Market enables U.S. broker-dealers to benefit from the centrally cleared model for their securities lending business.
How It Works
- Access all market services via an API connection or our Web-based application
- Identify market liquidity including the depth of the market, last traded rate and floating rate versus OBFR overnight published rates
- Upload a spreadsheet with borrow needs or loan supply
- Execute trades on our proprietary trading screens, custom built for securities lending market participants
- Lender supply and borrower demand are automatically matched and immediately sent to OCC for clearance and settlement
- Transact with all OCC Market Loan Program approved counterparties
- Supports lifecycle events, including returns, recalls, rerates, marks and corporate actions
Benefits
Covers all OCC-eligible securities, including over 6,000 underlying equities, ETFs and ADRs
Offers access to wide marketplace of U.S. broker-dealer counterparties active in securities lending
Facilitates CCP legal and credit intermediation between lenders and borrowers, reduces balance sheet risk profile and improves overall capital footprint
Delivers fully automated, real-time, straight-through settlement processing once trade is matched and with near-time settlement status updates
Enables flexible connectivity solutions, including API system-to-system services and browser-based screen access
Improves operational efficiency through trading and post-trade tools that ensure synchronization of lender, borrower and CCP recordkeeping while eliminating contract comparison breaks
Enhances risk mitigation for both borrowers and lenders via the CCP guarantees
Provided through Automated Equity Finance Markets, Inc., a FINRA-regulated broker-dealer operating an SEC-registered Alternative Trading System (ATS) with a proven track record in securities lending technology
WHO WE ARE
EquiLend is a global financial technology firm offering trading, post-trade, market data, regulatory and clearing services for the securities finance, collateral and swaps industries. EquiLend has offices in New York, Boston, Toronto, London, Dublin, Hong Kong and Tokyo.
Matt Collins
Director
Markets & Trading, ECS
+1 (646) 767 4314
John Surgent
Associate Director
Head of NA Post-Trade Services
+1 (646) 767 4325