EquiLend has acquired a majority stake in Stonewain Systems, its latest expansive move following an already successful partnership between the two organisations over its joint securities lending platform.
Following the acquisition, Stonewain will continue to operate as a standalone legal entity and maintain its interoperability with all vendors, technology and data providers across the industry.
The software and solutions provider will also retain its independent management, as well as all client and partner relationships.
“Stonewain has been dedicated to developing cutting-edge solutions in the securities finance marketplace for over a decade, which aligns seamlessly with EquiLend’s ethos of innovation and driving efficiencies for the market,” said Armeet Sandhu, CEO of Stonewain.
“Our partnership with EquiLend has clearly demonstrated that market participants are eager for innovative solutions that tackle their technological challenges and that the combined might of our two organisations can help to alleviate those headaches in a very effective way. Our closer partnership is already primed for success.”
EquiLend’s acquisition of a majority stake in Stonewain follows the successful partnership struck between the two companies in February 2019, where it would integrate its range of trading, post-trade and data services with Stonewain’s Spire system on a single platform.
The partnership aims to meet the securities finance industry’s demand and need for swift modernisation, greater automation, increased efficiencies and lower costs.
“We have greatly enjoyed working with Stonewain through our partnership on EquiLend Spire and are proud of the opportunities it has presented for our clients around the world, particularly during the challenging year the world has just gone through. We are now looking forward to everything EquiLend and Stonewain can achieve together as a closer team,” said Brian Lamb, CEO of EquiLend.
In June last year, MUFG Investor Services selected EquiLend’s Spire securities finance system as its core global platform to expand its front-, middle- and back-office solutions.