The securities lending matching platform, EquiLend, says the Abbey National Group has joined as a participant. Eqlend says the troubled British bank is the first UK-domiciled bank to join.
“As we broaden our focus outward in this new phase of evolution, more European and Asian firms, and more firms of different sizes are seeing first hand how EquiLend’s open system is a valuable tool for client-focused firms investing in automation,” says Dirk Pruis, President and CEO of EquiLend. “Abbey National’s decision to participate is a significant step forward for the diverse and growing number of financial institutions that choose to use EquiLend as a tool to help streamline their operations.”
“Our decision to participate in EquiLend was driven by three key factors: efficiency, liquidity and flexibility,” adds Tony Hibbitt, CEO of Cater Allen International Limited, Abbey National’s UK Broker Dealer. “As a standards-based platform with powerful modularly designed features, EquiLend gives us the ability to connect incrementally in a way that makes the most sense. The platform’s liquidity and STP functionality make it a strong fit with our client service objectives.”
Abbey National joins Deutsche Bank, Nomura Group and EquiLend’s 10 founding participants – Barclays Global Investors, Bear Stearns, Goldman Sachs, J.P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Northern Trust, State Street and UBS Warburg. EquiLend offers its participants daily access to more than $1 trillion in lendable securities and has facilitated more than $400 billion in securities loans since the platform went live in late June 2002.