Today EquiLend announced that its DLT platform for securities lending, 1Source, has entered pilot mode. The solution’s scheduled launch date is Q3 2024. Equilend is the major technology provider to the securities lending sector and is backed by several large banks, including JP Morgan, Bank of America, Goldman Sachs, State Street and UBS.
EquiLend already provides a record of trades. However, currently each counterparty copies the details to internal systems. The challenge arises when there are subsequent modifications, such as rate changes and the separate records are no longer in sync. 1Source aims to provide a shared DLT ledger of agreed transactions and changes, thereby removing the need for manual reconciliations.
An independent consultant estimated this could save the industry as much as $100 million in costs.
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