EquiLend to wind down flagship AutoBorrow
09 February 2017 London
Image: Shutterstock
EquiLend is closing the doors on its long-time flagship AutoBorrow service after widespread migration to its newer Next Generation Trading (NGT) product.
The trading and post-trade provider informed its clients of the closure on Thursday (9 February). A wind-down process began two years ago to purge unused AutoBorrow schedules.
The AutoBorrow service first launched in 2001 but usage has waned in recent years, with more than 75 percent of EquiLend and BondLend trading activity now taking place on NGT.
In a note to investors, EquiLend said: 鈥淲e anticipate that nearly all EquiLend and BondLend trading activity will take place via NGT within the upcoming months.鈥�
鈥淎s NGT adoption continues to grow, we expect to sunset our AutoBorrow service soon.鈥�
NGT is a collaborative effort between EquiLend and its clients to deliver a consolidated, multi-asset class trading platform for the securities finance marketplace, according to EquiLend.
Leveraging EquiLend鈥檚 existing trading venues and messaging capabilities, NGT promises to increase trade-level transparency, improve workflow automation and generate greater efficiencies for the market.
The trading and post-trade provider informed its clients of the closure on Thursday (9 February). A wind-down process began two years ago to purge unused AutoBorrow schedules.
The AutoBorrow service first launched in 2001 but usage has waned in recent years, with more than 75 percent of EquiLend and BondLend trading activity now taking place on NGT.
In a note to investors, EquiLend said: 鈥淲e anticipate that nearly all EquiLend and BondLend trading activity will take place via NGT within the upcoming months.鈥�
鈥淎s NGT adoption continues to grow, we expect to sunset our AutoBorrow service soon.鈥�
NGT is a collaborative effort between EquiLend and its clients to deliver a consolidated, multi-asset class trading platform for the securities finance marketplace, according to EquiLend.
Leveraging EquiLend鈥檚 existing trading venues and messaging capabilities, NGT promises to increase trade-level transparency, improve workflow automation and generate greater efficiencies for the market.
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