RBC Global Services, Institutional and Investor Services (IIS), announced today that it has entered into an agreement with SecFinex Ltd. to acquire a license for the use of their web-based securities lending trading system.
“We are pleased to have had the opportunity to acquire the SecFinex trading system license,” said Fred Francis, Vice-President, Securities Finance & Global Products for RBC Global Services. “It is an excellent software which will integrate easily to our single global securities lending platform. The SecFinex deal is the latest in our strategy to invest in innovative technology that creates value for both lenders and borrowers. The broad reach of a web based trading and auction system translates into higher lending utilisation and better returns for our lending clients. At the same time, borrowers will appreciate the ease of access to high demand stocks as well as the efficiency and simplicity of the process.”
“We are delighted to have entered into an agreement with RBC Global Services which is the premier securities finance house in Canada,” adds John Oddie, CEO at SecFinex Ltd.
“Their decision to acquire the SecFinex trading system software reinforces our belief that electronic trading and automation is the way forward for the securities finance market. The sale of this license will provide SecFinex with a solid financial platform enabling us to continue growing our customer base and increasing our geographic offerings.”
The agreement to acquire a global license from SecFinex allows RBC Global Services to include a powerful web-distributed front end to its leading securities lending program. This, coupled with a single global lending platform, efficient settlement operations and continuing development of new electronic distribution channels, moves RBC Global Services closer to achieving straight-through processing (STP) and into the forefront of global market automation.
RBC Global Services currently lends securities in 26 markets. Major shareholders in SecFinex include Cazenove Private Equity and Mutant Technology Limited.