CIBC Mellon Global Securities Services Company will implement EquiLend’s AutoBorrow and Trade2O services following Equilends recent announcement that it has received regulatory approval from the Investment Industry Regulatory Organization of Canada to operate as an alternative trading system in Ontario.
CIBC Mellon has used Equilend’s back-office solutions since 2007.
“EquiLend is a global standard in securities lending automation technology,” said James Slater, senior vice president and head of capital markets, CIBC Mellon. “By introducing EquiLend’s AutoBorrow and Trade2O capabilities to our desk, securities borrowers can expect to enjoy more efficient lending through a familiar interface, and we expect this will drive higher lending volumes for our clients.”
The EquiLend platform automates formerly manual trading and post-trade processes.
The approval by the Ontario Securities Commission and the Investment Industry Regulatory Organization of Canada allows EquiLend to offer trading services to clients in the province.
“Since opening our office in Toronto, there has been strong interest in our trading suite. Canada is a strategically important market for us and has seen tremendous growth over the past five years. We look forward to delivering our trading services to the Canadian securities lending market,” states Brian Lamb, CEO of EquiLend.
“This is long anticipated and exciting news for our clients. EquiLend trading services are the next step towards realizing increased efficiencies, automation and cost benefit to the Canadian securities lending market,” says Alexa Lemstra, Vice President, Business Development, EquiLend Canada Inc.
In addition to comparison and reconciliation services, EquiLend now offers AutoBorrow, Trade2O, Trade2O Baskets, Equity for Equity and AuctionPort in Ontario.