The EquiLend Data & Analytics Short Squeeze Score is a groundbreaking metric designed to provide early warning signals of potential short squeezes, enabling short sellers and market participants to proactively mitigate risk and protect their portfolios. By integrating traditional market data with proprietary securities lending insights and social sentiment analysis, this score empowers investors to stay ahead of market disruptions.
The signal enables traders, portfolio managers and risk teams to proactively mitigate risk in their portfolios by identifying the likelihood that a given security may be vulnerable to a short squeeze. The score is built on our transaction-based securities finance data bringing greater transparency to the global short sale marketplace.
The Short Squeeze Score is available across more than 50,000 unique equities in EquiLend’s suite of Data & Analytics Solutions, including DataLend, Orbisa and the Orbisa app on Bloomberg.
The Short Squeeze Score is a proprietary metric that identifies the likelihood that a given security may be vulnerable to a short squeeze. The score is daily and based on a range of 0 to 100, where:
0
Indicates a low probability of a short squeeze
100
Indicates a high probability of a short squeeze
Market Dynamics:
Price and volume anomalies signaling potential short squeeze events.
Securities Finance Data:
Liquidity pressures and rising costs impacting short positions.
Social Sentiment:
Monitors social media for retail-driven volatility.
Spire offers a comprehensive front-to-back platform for securities finance firms of all types to manage their entire business. Built on a modern microservice infrastructure, modules can be packaged to the client’s specifications, depending on their needs.
Working with large retail brokers, asset managers, private banks and wealth managers, Spire identifies a new route to the securities lending market that doesn’t compromise profits and is scalable to future business plans. From the outset EquiLend takes a partnership approach, helping clients with their business case for securities lending – Spire runs the portfolio of assets through its portfolio performance evaluator, outlining the untapped revenue that could have been generated if the portfolio were opted into securities lending in the previous year.
EquiLend aims to reduce the burden of starting to lend assets, and as such offers flexibility on pricing.
The Client Asset Lending Module is a small component of a much larger offering. As more functionality is required, modules can be switched on and implemented.
SaaS Solution hosted via the Equinix data centre network
Leverages EquiLend’s global support model; 24×7
The Spire platform has continuous adoption globally, by new entrants to the securities lending industry as well as migrations from other providers.
Spire acts as an aggregator and allocator, distributing availability to a chosen Agent Lender and fairly allocating loans, collateral, and revenue using a regulatory compliant algorithm.
It features an intuitive UI for monitoring inventory, applying restrictions, viewing loan details, and tracking activities that affect loan economics.
Provides tools to manage collateral, define revenue sharing, and includes a comprehensive reporting suite to integrate data into internal systems.
With Spire as the technology enabling access to a Lenders program, the chosen lender will manage the street side negotiations on your behalf, specialising in maximising the utilization and revenue of the portfolios.
Client
Spire
Agent Lender
Account Static
Underlying client Account IDs can be provided and mapped anonymized or un-anonymized. Spire can also act as a tool to assist in prioritising accounts to be opted in (if both opted-IN and opted-OUT accounts are loaded).
SOD Position File
With the holdings of each underlying client, Spire aggregates into one available to lend figure per security. Restrictions can be setup prior to passing availability to the Lender.
Intraday Sales
Ingesting sales, when a loan is allocated to the seller, the loan can fairly be re-allocated to other clients before a recall is issued. If there is not sufficient inventory to cover the sale, a notice will be passed to the lender to recall the shares.
EquiLend and SSImple have come together to present a ground-breaking SSI Repository and SSI management solution, tailored for today’s evolving financial sector. Dive deep into the world of enhanced SSI enrichment, storage and sharing, as we redefine how the industry perceives post-trade processing. Our enhanced SSI Repository aims to automate the SSI flow across the industry, accepting SSI inputs directly from the custodian or buy-side client.
As the financial landscape is changing rapidly, the advent of CSDR buy-in penalties looms large. For EU domiciled trading entities the tightening of the settlement process has already happened. For non-EU-domiciled trading entities the impending move to T+1 brings increasing pressures on settlement with greater need than ever to reduce latency across the lifecycle of a trade. EquiLend’s Enhanced SSI Repository ensures you’re not just prepared but leading in this new settlement regime.
Match
Unify SSIs across multiple assets including equities, fixed income, cash, and FX. Match them early, match them right.
Enrich
Experience centralized enrichment right at the epicentre of the transaction agreement. No more hassle, just streamlined processes.
Protect
Protect against disputes. With immutable records anchoring every action, your transactions are safer than ever.
Visible
Stay ahead of the curve. Enjoy a bird’s-eye view of SSI communication at every pivotal stage.
Compliant
No compromises on compliance. Our platform proudly upholds ISO-recognized data standards, ensuring you stay within the boundaries.
Empowerment
through Efficiency
Envision your post-trade processes, where SSI management is not just efficient but seamlessly integrated into your infrastructure
Harness the Power
of SSImple
The Enhanced SSI Repository, underpinned by a SaaS DLT platform, is specifically designed for impeccable SSI management. Not just that, we’ve ensured it’s TradFi compatible, allowing smooth interfacing with traditional finance systems.
Unparalleled Control and
Risk Mitigation
Standing at the heart of our service is an unwavering commitment to mitigate risk. Our solution offers unmatched control over the entire SSI process, ensuring that your operations remain as smooth as possible.
The EquiLend Enhanced SSI Repository Factsheet
EquiLend’s Enhanced SSI Repository, Powered by SSImple, isn’t just about technology, it’s about vision. A vision to create a robust, transparent and efficient financial world.
The EquiLend Recalls UI, housed within the Risk Resolution Suite, provides an efficient, automated way for for clients to send & receive recall notifications.
EquiLend Recalls offers lenders multiple input options to initiate their recalls and enables both parties to manage the recalls lifecycle on one platform. Users can seamlessly track all recalls activity in real-time with access to MQ messaging and DTCC ARMS connectivity with the added benefit of linking recall activity to returns activity via our powerful Returns solution.
Supporting the recalls process with automation and standardization provides a market-wide benefit for both parties, specifically in delivering key insight into rejection decision making and reasoning for borrowers.
Multiple connectivity options, including bespoke easy connect inbound options and boasting true real-time MQ message capabilities
Global solution with full STP capabilities for U.S. domestic and international markets as well as connectivity to DTCC ARMS and TMX recalls hub
Redesigned UI clearly identifies risks in recalls workflow while enabling users to take actions on-screen to update internal systems and communicate with counterparties
Intuitive workflow tool links recall notifications to returns bookings enabling users to specifically track returns linked to recalls
Key recall warnings for market cutoffs, MTAs and shortened settlement cycles
Lender recalls are distributed to all counterparties, even those
not utilizing EquiLend Recalls
In a world driven by digital transformation, Fully Paid Lending (FPL) stands at the forefront of financial innovation. At its core, FPL is a system targeted to retail brokers, enabling them to offer their retail customers the opportunity to lend out the securities in their portfolios. Imagine that these brokers have huge holdings of securities that their retail customers are buying through them that are just dormant, representing untapped potential. With FPL, these securities don’t just sit idle; they can be lent out, unlocking a new income for both brokers and their clients. It’s about transforming passive assets into active income generators.
With Spire’s state-of-the-art technology, every fully paid security is not just an asset—it’s a gateway to automated and efficient new business areas.
Seamless Integration
Our solution is intricately woven into EquiLend’s comprehensive ecosystem, ensuring a smooth trade lifecycle from start to finish.
Global Reach
Our platform’s global presence ensures you’re always in sync with international markets.
Real-time Management
Stay ahead with real-time insights and analytics.
Future-Proof Technology
Embrace the future with our advanced technology, ensuring your operations are always a step ahead.
Robust Compliance
Navigate the complexities of global securities finance with our reports and compliance tools, tailored to meet international standards.
The onboarding of beneficial owners in securities lending programs is a significant challenge faced across the industry, which has traditionally been a manual and onerous process. EquiLend Onboard+ brings unparalleled efficiency to the market by leveraging an AI-driven platform to expedite the entire onboarding process through increased automation while substantially reducing costs and unlocking large volumes of liquidity.
For Agent Lenders
For Borrowers
Leveraging EquiLend’s Ecosystem
• Analytics powered by EquiLend’s Data & Analytics tools
• Distribution of SSIs and collateral information
• Bilateral relationship setup for NGT
• Setup for RegTech solutions: SFTR, SEC 10c-1a
• Reduced costs for EquiLend ALD solution users
EquiLend Onboard+ will reduce the cost of onboarding, accelerate onboarding times, and result in higher volumes of beneficial owner enablement while providing critical information for RWA exposure management in the near future.
As the financial world shifts to T+1, markets across the U.S., Canada, Mexico, Jamaica and Argentina have already embraced accelerated settlement, with Europe and Australia advancing their plans to follow. This transition demands unprecedented speed, precision and automation at every stage of the trade lifecycle.
EquiLend’s solutions seamlessly connect, automate and empower firms in the execution of T+1 with a comprehensive solutions designed to meet and exceed T+1 requirements.
Prepare for T+1 success with EquiLend’s comprehensive, adaptable T+1 solution.
As the industry pivots toward T+1, firms face the pressure to achieve flawless execution and minimize risk while accelerating operations. EquiLend’s solutions are designed with these imperatives in mind, addressing the pain points of high-speed execution, proactive risk management and real-time reconciliation—each critical to thriving in a T+1 environment.
Optimize Trade Execution with Speed and Precision
In the T+1 world, every second counts. EquiLend’s Next Generation Trading (NGT) platform enables seamless, real-time trade execution, reducing latency and enabling faster connections with counterparties. Competitive Bid offers up-to-the-minute market visibility, allowing firms to execute trades with precision and reduce turnaround time.
Prevent Settlement Delays with Advanced Monitoring
Settlement delays can impact your bottom line and pose compliance risks. Settlement Monitor offers real-time visibility into trade status, identifying and resolving settlement threats before they escalate. This proactive monitoring helps reduce penalty fees and ensures smooth, compliant settlement processes.
Efficient Recalls and Returns with Automation and Control
T+1 requires that recalls and returns are processed instantly. EquiLend’s integrated Recalls and Returns tools offer automated options and customizable rules to support your workflow. Whether you choose full automation for speed or retain active control, these tools ensure that your recalls and returns align with strategy while minimizing operational friction.
End-to-End Collateral Management
Swift, reliable collateral movement is crucial for T+1. EquiLend Exposure simplifies collateral agreements, facilitates tri-party collateral cover and minimizes the risk of settlement delays. This ensures that your firm is prepared to meet T+1 standards seamlessly and without disruption.
Real-Time Reconciliation with EquiLend 1Source
Manual reconciliation processes are prone to delays and errors, which can undermine T+1 compliance. EquiLend 1Source provides a DLT-based, automated source of truth, eliminating reconciliation delays and supporting timely, accurate settlement in line with T+1 standards.
Reduced Latency and Enhanced Accuracy
Streamline the entire trade lifecycle with automated workflows and robust exception management, delivering consistent accuracy and speed to meet T+1 demands.
Flexible Integration Options
Connect with EquiLend’s T+1 solutions in a way that best suits your system—whether via our user interface, SFTP, or API—for seamless adoption and integration.
Greater Automation, Less Manual Work
Maximize efficiency and reduce manual processes with solutions designed for the future of finance, enabling your team to focus on strategic, high-impact tasks.
Real-Time Data and Transparency
Achieve complete visibility with real-time, trade-level data for both sides of the transaction, supporting faster, more informed decision-making.
View our library of content focussed on the global challenges and solutions to accelerated settlement.
our 6 months of Accelerated Settlement T+1 Webinar covered key findings from 6 months of accelerated settlement and the detail around the challenges facing EMEA in the transition and touched on client feedback and sentiment this year in adapting to T+1.
Collateral management is a key consideration for European market participants in a T+1 environment. EquiLend Exposure can support firms in achieving accelerated settlement
In the ever-evolving landscape of securities finance, the introduction of T+1 settlement has proven to be a flash point for the industry.
In today’s Securities Finance Times RMA issue, EquiLend’s Ken DeGiglio, Chief Information Officer, reflects on the journey of EquiLend’s transformative 1Source initiative and the efficiencies it’s bringing to the marketplace by eliminating reconciliations for securities lending transactions.
EquiLend’s Gabi Mantle, Head of Post-Trade Solutions, sat down with Finadium to discuss the imminent launch of T+1 and how firms are gearing up for the change ahead of May 2024.
In a recent interview with Global Investor Group, EquiLend’s Gabi Mantle, Head of Post-Trade Solutions, reflects on the proposed SEC 10c-1 rule and the move to T+1 settlement while highlighting EquiLend’s complete T+1 solution, designed to increase speed at every touchpoint throughout the entire trade lifecycle with increased automation across the board.
In our latest analytical piece, we unpack the shift to T+1 settlement in the U.S. and Canada and how EquiLend’s ready to support the move with our robust suite of flexible and interoperable solutions.
EquiLend’s Kevin McNulty, Head of RegTech Solutions, sat down with Securities Finance Times to reflect on current challenges faced by market participants and how EquiLend is meeting these concerns with solutions.
EquiLend offers a complete T+1 solution designed to connect, automate, simplify and expedite all elements of the trade lifecycle. From trade execution to prematching, recalls, returns and settlement, EquiLend has you covered with increased speed at every touchpoint.
The U.S. Securities & Exchange Commission’s (SEC) final rule 10c-1a is designed to provide investors, other market participants and regulators with access to loan rates and other material information regarding securities lending transactions in a timely manner. Repo transactions are out of scope.
Lenders are required to report loan transactions and modifications. Borrowers are required to report transactions when the borrower is a broker-dealer when borrowing fully paid or excess margin securities. The SEC believes that this will improve price discovery, increase market efficiency and aid regulators’ oversight of this important market.
Utilize existing & new products to fulfill 10c-1a reporting
Retention of trade reporting data on EquiLend servers to be readily available for regulator/client access
Dedicated team to provide daily product support & monitor SEC activity for future regulatory changes
![AdobeStock_605385825-[Converted]](https://equilend.com/wp-content/uploads/elementor/thumbs/AdobeStock_605385825-Converted-qefzikdnmz06pqapbajumtrsxjwpoyf1u9vnmadjh4.jpg "AdobeStock_605385825-[Converted]")
EquiLend intends, and is well placed, to provide a reporting solution for clients
EquiLend is a registered broker dealer and therefore has the required regulatory status to act as a Reporting Agent
EquiLend already captures large volumes of intraday and end-of-day transaction and position data in our existing solutions (OneFile, SFTR, Spire, etc.)
EquiLend has heritage/experience in the reporting space gained through the development of solutions for ALD and SFTR processing and reporting
EquiLend is also well placed to incorporate data on securities lending published by an RNSA into its range of Data & Analytics solutions
What’s the difference between SEC 10c-1a and SFTR?
Dive into the details of our side-by-side comparison of SEC Rule 10c-1a and the European reporting rule SFTR.
Regulation Release
Final Rule 10c-1a Becomes Effective
FINRA Implementation Proposal
SEC Action on FINRA Requirements
FINRA Proposed Rule in Effect
FINRA UAT Period Opens
Regulation Go-Live
FINRA Public Reporting Go-Live
Our 10c-1a FAQ dives into components of the rule, implementation, timelines and the benefits of using EquiLend to support your reporting requirements.
We previously highlighted the challenges relating to effected vs. settlement, omnibus vs. allocation trades and rules for reporting evergreen trades under the SEC’s 10c-1a final rule. As we inch closer to the May 2 publication date of FINRA’s 10c-1a rule interpretation, we explore 3 additional ambiguities that, without clarification, could hinder a smooth compliance.
EquiLend’s Kevin McNulty, Head of RegTech Solutions, dives into some of the intricacies of 10c-1a implementation while providing an analysis of the challenges and how EquiLend’s 10c-1a solution will support clients reporting needs.
In our latest analytical piece, we explore the purpose, scope and legal challenges surrounding the implementation of SEC Rule 10c-1a while diving into how EquiLend’s ecosystem of solutions is uniquely positioned to help the market comply with 10c-1a’s reporting requirements.
EquiLend’s Kevin McNulty, Head of RegTech Solutions, reflects on speculation around the proposed SEC 10c-1 rule while considering the impact on markets and liquidity.
In our latest insight piece, we explore the impacts of the Securities Financing Transaction Regulation (SFTR) in the EU and UK, and the potential implementation of mandatory reporting for securities lending transactions in the U.S. under the proposed SEC 10c-1 rule.
EquiLend’s Dimitri Arlando, Head of Data & Analytics Solutions EMEA & APAC, sat down with Global Investor Group to discuss the facts, figures and trends seen throughout 2022, the evolution of beneficial owners and more.
EquiLend’s Kevin McNulty, Head of RegTech Solutions, sat down with Securities Finance Times to reflect on current challenges faced by market participants and how EquiLend is meeting these concerns with solutions.
EquiLend Competitive Bid is a new NGT workflow that combines NGT, post-trade and market-level data into a single location, giving insight into available inventory, demand, open contracts and market benchmarks to allow traders to make better, more informed decisions.
With features like real-time data and depth of market, this powerful tool allows traders to view and agree the core specials they want to trade across multiple counterparts, ensuring users have more control during agreement while maintaining certain currently automated processes.
Built upon the existing EquiLend NGT messaging system and included in the current NGT solution at no extra cost, EquiLend Competitive Bid promotes greater liquidity in the automated trading market of hard-to-borrow securities by offering users insights into today’s transactions (both on and off platform) and allowing them increased flexibility over allocation.
Features
Benefits
The securities finance trade lifecycle is fraught with blockers and siloes: mismatched trades, poor collateral mobility, specific collateral requirements, poorly managed SSIs, conflicting cut-off times and reporting requirements which vary by region and counterpart.
Additionally, each party stores its own copy of every contract, applying updates, pricing and other reference data independently. This commonly results in mismatches in information between two counterparties, causing incorrect accruals and settlement failures.
Lack of transparency, time costs and financial penalties are the price of these disconnected systems. Current technology solutions focus on reconciling disparate data points after these “breaks” happen. 1Source takes a different view: that the best time to solve a problem is before it happens.
1Source removes these common lifecycle event mismatches right at source. Built on Distributed Ledger Technology (DLT) and running on the Canton Network, trade lifecycle data is always in sync with 1Source in your tech stack.
So how does it work?
Universal source of data for the industry
Established operating procedures that produce predictable and consistent results for participants
A central record of agreements made between parties
EquiLend 1Source is a distributed ledger (DLT) based single source of truth for securities finance transactions that removes common lifecycle event mismatches which lead to reconciliation breaks, at their source. Running on the Canton network, trade lifecycle data is always in sync with EquiLend 1Source in your tech stack.
Single source of truth:
Acts as a shared digital ledger across counterparties, eliminating discrepancies and ensuring consistent reference data.
Streamlined operations:
Simplifies workflows by reducing the need for reconciliation efforts and manual interventions, aligning all participants with the same data.
Future–ready technology:
Interoperable with other ledgers via the Canton Network, supporting fast-moving regulatory changes, higher transaction volumes and quicker settlements.
Reduces labor costs, saving an estimated $42 million annually across the industry by minimizing annual reconciliation and operational handling.
Saves technology, expenses ($33 million estimated annually) by downsizing infrastructure and modernizing tech stacks.
Improves P&L impacts, with industry gains estimated at $32 million annually, by eliminating settlement fails and rate discrepancies.
Data Source: Single Source of Truth Initiative: Vy Solutions, May 2022
The strongest offense is a good defense.
With increasing volumes, shorter settlement cycles and tech and operations being reduced, now is the time to defend your firm’s capabilities with 1Source.
EquiLend 1Source was pioneered by an EquiLend-convened Digital Transformation Working Group made up of market participants representing a broad cross-section of the industry, with a goal of solving key challenges facing the industry. The initiative harnesses emerging technologies such as DLT to develop a future-proof securities finance market.
The first undertaking of the Working Group, to eliminate the reconciliation of securities finance transactions, was identified by the working group as the most pressing issue facing the industry.
EquiLend 1Source is available industry–wide and interoperable with any vendor, utility or other party interested in connecting. Click here to learn more about how we are efficiently transforming the industry with EquiLend 1Source – and how you can join the movement.
EquiLend’s Direct Lending Solution enables beneficial owners to manage their own securities lending programs in-house.
For beneficial owners new to securities lending or those interested in lending directly to the market or with peers, EquiLend’s Direct Lending Solution offers a complete, front-to-back securities lending system.
The solution includes securities lending books and records, regulatory compliance services, a trade execution platform and post-trade reconciliation technology. Direct access to Swaptimization, the total return swap optimization engine, and NGT, the securities lending trading platform for more than 120 global counterparties, is included for beneficial owners ready to trade their own book.
Spire
• Power your whole lending business from one centralized books & records platform, integrated seamlessly with all your systems & vendors
EquiLend Trading
• Trade directly with over 120 counterparties—including peers—on the biggest trading platform in the market, NGT
• Optimize your total return swaps activity with Swaptimization
• Easily recall securities for voting or other purposes with included Recalls solution
EquiLend Post Trade
• Automate your operational activities with efficient solutions for comparisons and marks to market
ALD
• Handle your mandatory Agency Lending Disclosure requirements with one simple, integrated solution
Seamless interconnectivity to the entire EquiLend ecosystem of solutions allows beneficial owners to maintain increased governance and control, transparency and cost efficiencies across their lending book.
Settlement Monitor is a centralized, global fails management platform, dedicated to tracking, reconciling, and resolving pending and failed securities finance transactions.
Designed to reduce failing trades and alleviate costly penalties and buy-ins in the Central Securities Depository Regulation (CSDR) regime, Settlement Monitor takes into consideration all the different variables that could stop a settlement of a trade. The dedicated pre-matching and fails management engine compares mandatory fields required for settlement to identify and address issues which may cause trades to fail.
Crucially Settlement Monitor reconciles SSI information from EquiLend’s SSI repository to not only display discrepancies but also suggest corrections. Additionally, taking real-time collateral status updates from EquiLend’s Exposure platform provides confirmation of pre-pay information to enable loans to be released into the market.
EquiLend Real-Time Data is a leading global securities finance dataset showcasing live data updated throughout the trading day. The dataset provides securities finance transaction details in real-time, including security name, ticket size, rate level and collateral type. Real-Time Data not only provides trade details within minutes of execution but also covers trade lifecycle events, including returns, recalls and re-rates.
EquiLend understands the need for the most up-to-date trade information, and with Real-Time Data we can provide an even greater level of transparency and quantitative data to drive trading decisions. The dataset can be easily accessed through the web-based user interface of NGT and DataLend’s new Client Platform for Interactive Data Visualization or with a direct link through our API.
EquiLend PTS provides automation at every lifecycle event. Clients connect using our flexible OneFile submission process, which supports both start-of-day and intra-day activity. OneFile data feeds into our Unified Comparison engine—the nucleus of PTS. Trades are matched, paired and reconciled at a granular transaction level. Unified Comparison data is seamlessly transferred to other PTS services, covering your marks, exposure calculations, RQV, returns, dividends, settlement instructions and more, providing the ultimate transparency needed to manage risk, exceptions, and exposure on an intra-day basis
UC also underpins our leading SFTR solution and ensures a CSDR-ready experience: all from one simple OneFile submission that can be fully automated from your system to ours.
EquiLend’s comprehensive Post-Trade Suite (PTS) enables firms to transform workflow, decrease costs, drive scale and enhance efficiency.
Designed not only to help clients maximize their collateral but also streamline and enhance the underlying borrow/loan settlement process
Flexible, automated workflow management—the nucleus for post-trade lifecycle management
Allows borrowers to automatically return assets borrowed through EquiLend or using another trading method
Automated service for central storage of all settlement instructions
Easily compare manufactured dividend claims and transmit pre-advice for agreement on payment and reconciliation terms
Allows clients to post electronic bills to all counterparties, whether or not they are an EquiLend client
Compare marks using customizable tolerances that can be adjusted based on collateral currency and mark amount
We recognize change is a constant and that your operational goals are unique. That’s why, at EquiLend, we offer a tailored and customized service that allows you to meet your objectives. We have invested heavily in PTS to ensure the product suite does not just meet the needs of today’s securities finance businesses but is as low-touch and as future-proof as possible.
Global Product Owner
Post-Trade Services
+44 20 7426 4402
Director
CRM
+44 20 7426 4412
Associate Director
PTS Product Specialist
+44 203 023 8377
Mark-to-Market Comparison allows users to compare mark values, prices and other loan details for cash and non-cash loans. Customizable tolerances and rules can be applied based on collateral currency and mark amount to auto-mark records. Mark-to-Market Comparison offers the ability to automatically submit Security Payment Order (SPO) charges directly from the screen to DTCC (for U.S. securities). Prices for the comparison can be sent by the client or automatically applied based on EquiLend’s pricing source.
In many ways the automation of the post-trade life cycle has never been better. Contracts are more regularly reconciled. Intraday reconciliation goes beyond anything you may have previously imagined. But something happened as we ventured into this exciting new world—the billing process got left behind.
Our goal with EquiLend Billing was to engineer a complete end-to-end Billing experience utilizing the lightest and most compact process seen to date. That meant reimagining every step of the billing life cycle to make it easier for clients to recoup their revenue within the current billing month. The result is more than just a reconciliation product. It is a unique, flexible, integrated solution that allows clients to communicate efficiently. EquiLend Billing has all you need to create, distribute and reconcile your bills today.
Compare dividend claims and payment details with Dividend Comparison, which highlights breaking information between two counterparties.
The new EquiLend Returns UI, housed within the Risk Resolution Suite, is a complete workflow tool dedicated to initiating, tracking and simplifying clients’ Return notifications and bookings.
The new EquiLend Returns UI complements EquiLend’s powerful return notifications and processing platform functionality.
EquiLend’s automated Returns solution provides an efficient, automated way for borrowers and lenders to send and receive return notifications.
Housed within the brand-new Risk Resolution Suite, the fully remastered EquiLend automated Returns UI offers all users a consistent view into the latest status of returns messages between the borrower and lender.
The application is designed to facilitate greater collaboration between both parties to manage the returns process and to quickly identify and resolve returns issues.
Boasting robust workflow capabilities, EquiLend’s automated Returns solution enables teams to hand-off tasks throughout the return lifecycle for seamless returns management and clear risk resolution.
Front Office can instantly view key return status / exceptions for high-value trades to minimize the impact of over-borrowing.
Summary Ribbon
The summary ribbon offers clients immediate insight into the statuses of all returns initiated for that business date. The summary ribbon also acts as a quick filter button allowing clients to instantly focus on the key return statuses.
Customizable Returns Management Grid
The customizable Returns Management Grid offers clients a platform to track and manage all their returns processed via EquiLend. Every column on the new Return UI is Filterable, Searchable and Sortable, allowing clients complete flexibility when viewing returns on the platform. The Customizable Returns Management Grid references data from NGT and DataLend, providing clients full insight into returns.
Global Settings
The Global Returns Settings screen allows users to define the returns that are visible within the main grid. For example, if a user is interested solely in returns in France, Germany and Spain, the user can customize via the Global Returns Settings screen to only see returns for those markets.
Position Summary
The position summary view on the new Returns UI pulls in data from a client’s real-time data files and Unified Comparison to show the latest contract data and key break exceptions linked to the return. The position summary view also offers a quick link directly to the contract in Unified Comparison if clients want further detail. The position summary view also displays all the return bookings both sides have booked on that contract, providing key insight to clients on potential reasons why returns have been rejected.
Broker dealers are required to monitor credit exposure and calculate capital requirements based on securities lending transactions with their underlying principal lenders.
Leveraging established EquiLend infrastructure, EquiLend’s ALD service will facilitate the direct movement of data between agent lenders and broker-dealers to support not only the onboarding process of the principal lenders for the credit prequalification of principals, but also daily open positions and collateral traded between themselves to enable the ALD requirements to be met.
View, trade, manage and monitor your positions, exposure, settlement and inventory, centrally.
The purest view of your securities finance inventory thorough the full trade lifecycle.
Modular and interoperable, EquiLend Spire streamlines the management of your operation with a birds eye view of your business.
Firms with EU-based trading desks must be compliant within CSDR from February 2022.
Centralized trading liquidity for securities finance with 120,000 trades across $100+ billion notional globally every day.
Currently, over 60% of the current daily trade flow is conducted on EquiLend’s flagship product. NGT enables complete STP at trade booking, and EquiLend research shows that less than 1% of trades booked on NGT have trade booking errors.
With an increase in same-day activity to support CSDR, EquiLend Exposure enables better automated booking and timely distribution of collateral.
Our Post Trade services include Returns and Recalls:
Remove inaccurate Settlement Instructions as a potential cause for fails with our SSI Repository functionality.
Prioritize your trades versus your deadlines.
EquiLend’s Settlement Monitor, a pre-matching tool, enables firms to keep track of trades with up-to-date trade status.
Settlement Monitor ensures that all aspects of the booking are correct, monitors the collateral movements associated with the trade, helps firms to prioritize exceptions and and provides settlement deadlines across each of the different settlement markets within the EU.
EquiLend’s suite of solutions offer consolidated risk mitigation relevant to CSDR, including:
Many of our solutions can be added to your existing EquiLend product agreement, requiring no lengthy onboarding.
Next Generation Trading (NGT) is a multi-asset class trading platform for the securities finance marketplace. Accessed through NGT’s intuitive, Web-based user interface or via full automation using our proprietary messaging protocol, NGT offers access to global securities finance trading to firms of all sizes.
With tens of thousands of trades conducted on the platform around the globe each day, NGT offers unparalleled liquidity in the securities finance market. NGT’s strategic features increase trade-level transparency, improve workflow automation and generate efficiencies market wide. Navigate the complexities of the market with NGT, built to simplify, optimize and revolutionize your trading.
Firms using NGT globally each day
NGT active in
markets
Average daily notional traded on NGT as of February 2025
The highest recorded trades in a single day (March 4, 2025)
Notional: highest notional traded in a single day on NGT on March 24, 2025
Domiciles of assets traded
NGT is available 24 hours a day for real-time securities lending trading between lenders and borrowers, including traditional stock loan and fixed income lending as well as to cover settlement fails. New counterparties benefit from free onboarding and integration.
For screen lenders, the NGT user interface may be configured to have trades be automatically accepted, or rejected based on user-supplied parameters
NGT is connected to EquiLend Clearing Services (ECS) to facilitate CCP trades via various Central Counterparties
NGT offers a full set of messaging protocols to allow clients to connect to the NGT engine for straight-through processing capabilities
EquiLend SFTR offers clients full SFTR support with UTI generation and execution time stamp at the point of trade.
NGT offers various ways for clients to connect into the eco-system. An intuitive web-based interface allows for traders to transact over the platform, providing a best-in-class user experience while going about their day-to-day trading activities. This includes a real time Order Book, Trade Blotter and a robust series of filters and screen downloads.
For clients who prefer Straight-Through Processing (STP), EquiLend offers a full set of messaging protocols to connect straight into the NGT engine. Borrow requests, Trade offers, execution and trade bookings can all be fully integrated into our clients’ proprietary systems, combining the power of NGT and our clients’ systems for a seamless front-office workflow solution.
NGT is designed and built for full interoperability between the different modes of integration, meaning clients can be fully agnostic to how their counterparties use NGT.
NGT’s Targeted Availability workflow delivers transparency to inefficient market processes. Targeted Availability increases the correlation and relevance between Offers and Bids. Lenders actively publish executable inventory, visible to borrowers, who respond to Targeted Availability resulting in higher execution rates and dual benefit to lenders and borrowers. Lenders realise higher asset utilization, while borrowers fill their needs more efficiently
Borrowers can reach out to multiple lenders to communicate interests for securities. NGT’s Indication of Interest (IOI) functionality uses a proprietary Natural Language Processing (NLP) algorithm to efficiently process emails, standardizing it into a system-readable format for lending counterparts
Borrowers can also choose to initiate firm borrow requests to their lending counterparts via NGT for their daily GC borrowing needs. NGT’s messaging capabilities allow for counterparties to communicate seamlessly with one another for a fully automated borrow and lending workflow, system to system
Borrowers have the ability to set up a pre-defined order of lenders they want to transact with, and allow NGT to route borrow requests sequentially, eliminating the need for the borrowers to send in multiple lists and preventing over-borrows.
A hybrid workflow for the hard-to-borrow market, leveraging Real-Time Data and Post-Trade insights within NGT to centralize and enhance trading decisions.
The various NGT features allow clients the flexibility to pick and choose the different workflows that cater to their needs. For example, clients can use the IOI and Targeted Availability features to negotiate the warm and hard-to-borrow names, while using the Firm Bid feature to handle their GC transactions with their counterparts
Ensure regulatory compliance for your Securities Financing Transactions Regulation (SFTR) reporting obligations with EquiLend’s flexible SFTR solutions. EquiLend’s 20 years of expertise in securities finance industry technology enables us to offer SFTR solutions designed and tailored specifically to support our clients with their SFTR reporting.
EquiLend operates NGT, the securities finance industry’s most active trading platform, and a full suite of widely used post-trade comparison services, including the flagship Unified Comparison tool. This makes EquiLend ideally placed to offer a point-of-trade solution to support firms trading either principal to principal or principal to agency.
EquiLend and MarketAxess have additionally teamed up to offer a full STP solution from point of trade straight through to the trade repository of a client’s choice, allowing firms to obtain a pre-repository match, ensure accurate reporting and efficient exception management processing.
Not all firms are alike, and SFTR solutions are most certainly not one-size-fits-all. Depending on your firm’s needs, we offer a stand-alone solution and an STP option through our partnership with MarketAxess.
SFTR applies to securities financing transactions (SFTs) made with European entities. As a measure to increase transparency in SFTs, the regulation requires all firms subject to SFTR to report a range of matched, verified fields to a trade repository from which the regulator can access and analyze this data.
The SFTR reporting requirement went live July 13, 2020, for banks, broker-dealers, exchanges and CCPs, with buy-side firms required to begin reporting in October 2020.
The EquiLend Clearing Services (ECS) Loan Market offers direct connectivity to CCPs for central clearing of securities finance trades, including over 6,000 OCC-eligible equities, ETFs and ADRs.
The ECS Loan Market is provided through a FINRA-regulated broker-dealer operating an SEC-registered Alternative Trading System (ATS) with a proven track record in securities lending technology.
A front-to-back solution from trade execution through the lifecycle of the trade, including support for returns, recalls, rerates and corporate actions.
Easy integration into a firm’s existing environment with powerful trading and post-trade tools which can be fully automated to improve efficiency and mitigate risk.
The ECS Loan Market provides a central point for all matched transactions to flow directly to a CCP, while delivering real-time updates on settlement back to clients with large ETF, GC and Hard to Borrow activity.
Offers access to wide marketplace of U.S. broker-dealer counterparties active in securities lending.
Borrowers and lenders benefit from improved trade efficiency as broker-dealers face the CCP directly, reducing balance sheet risk profile and improving 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 or browser-based screen access for clients with limited technology budgets to spend.
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.
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
Participants in the ECS Loan Market face the OCC on an anonymized basis; OCC is the counterparty. No MSLA required.
Create list of securities to track your needs vs liquidity posted on the platform. Use order features such as good until cancelled, price ranges you’re willing to accept on securities, etc.
Initiate rate changes & recalls through the API or the GUI front end. Automated email messages are generated for each of these new activities.
The EquiLend ECS Loan
Market Fact Sheet
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.
Flexible, Modular, Customizable.
Spire is a state-of-the-art platform and technology-driven hub for securities finance firms of all types, including agents, principals, third-party and fully paid lenders, prime and retail broker-dealers, beneficial owners and collateral managers. With a proven track record of providing best-in-class solution for managing global securities finance activities, managing your securities finance business has never been more efficient.
Spire is designed to consolidate disparate systems by offering a range of modules that cater to the specific needs of firms by adopting our comprehensive, full-service offering covering the front, middle and back offices. The platform comprises a range of modular components that cater to the specific needs of firms across the supply and demand sides of the industry. Spire’s built-in flexibility enables clients to manage their securities finance activities from a single central hub, streamlining the management of your business processes with a bird’s eye view of your entire business.
Spire is an innovative and flexible platform that seamlessly integrates with EquiLend’s suite of products, such as EquiLend NGT, Post Trade Solutions, and Data & Analytics Solutions, as well as with third-party vendor platforms across the securities finance industry. With an open architecture, clients can drive their securities finance activity from one central hub and access all the information they need to optimize their business processes.
Efficiently manage your securities finance business with Spire – the ultimate centralized platform. With industry-leading tools for inventory management, trade capture, settlements, and more, Spire streamlines your operations and offers unparalleled functionality. Plus, with seamless integration with other industry service providers and enhanced reporting capabilities, you’ll have the insights you need to drive business growth.
As part of the EquiLend Spire suite of Securities Finance Platform Solutions, EquiLend’s Fully Paid Lending (FPL) system delivers a comprehensive FPL engine to firms which offer FPL as a service, as well as a full-fledged solution for those looking to start an FPL offering.
EquiLend’s Armeet Sandhu, CEO of Stonewain Systems, an EquiLend Company, dives into our robust EquiLend Spire solution designed to streamline the entire securities finance lifecycle, offering firms a competitive advantage with Securities Finance Times.
Discover how EquiLend Spire’s bookkeeping and document storage solution can help protect your firm’s records from destruction, tampering and unauthorized intrusion. Stay compliant with ease!
Securities lending has undergone a significant transformation over the past three decades. From the sluggish pace of the T+5 settlement cycle, the industry is now accelerating to the brisk efficiency of T+1 settlements, reflecting a broader shift towards efficiency and precision.
Discover how EquiLend Spire can revolutionize your securities finance business processes. Read more to learn about its comprehensive modules and functionality.
Increased regulatory reform, combined with the requirement for financial institutions to manage collateral in a more efficient and cost-effective manner has meant that accurate exposure management and transparency of collateral usage is imperative.
Exposure Management provides a centralized way to highlight intra-day exposure risk, identify discrepancies in collateral requirements between counterparties and facilitate STP connectivity to tri-party agents while enhancing control and governance to ensure that collateral transactions are executed exactly how clients would expect.
EquiLend Delves into Collateral Trading and Exposure Management
Collateral trading and exposure management have become important issues to financial institutions concerned with efficiency and balance sheet costs. By creating flexible and dynamic processes that take advantage of new trading markets for collateral, EquiLend continues its mission of solving these kinds of complex industry challenges as a trusted technology partner.
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