EquiLend told the ISLA Securities Lending Conference in Rome yesterday that a growing client list and expansion into the fixed income markets had driven transaction volumes to record highs. A new all-time high in daily volume saw over $20 billion worth of transactions.
“Since this time last year, EquiLend has had an increase in its client base of 70%, indicating firms are realizing the key benefits of centralizing and standardizing all of their securities finance business,” said Brian P. Lamb, Chief Executive of EquiLend. “That increase in clients has resulted in daily values of all trades executed through the platform up 67% since the same period last year. In fixed income alone, the numbers have increased 80%. EquiLend provides greater efficiency, streamlined operations, and the potential to increase our clients’ bottom line.”
Eugene Picone, EquiLend Chairman and Senior Vice President, JPMorgan, Securities Lending Division, added that he had seen value through economies of scale by using Equilend. “In the last year we have increased balances by over 100% and enjoyed a 20% improvement in our cost efficiency ratio,” he said. “For other participants, the cost story is also true, but also more compelling is the centralized access to counterparties. The technology allows them to compete in a way that they never could.”
New users of EquiLend include Barclays Capital, ABN AMRO, Mellon Bank and Societe Generale. “European growth has been explosive,” says Sharon Walker, Managing Director of EquiLend Europe, which is based in London. “Firms are truly excited about EquiLend’s value proposition and many of the recent joiners in Europe are opting for EquiLend’s Express Solutions offering, an expedient route to market, with plans to migrate over to the full-featured platform, EquiLend Complete Solutions.”