With the need for timely settlement of collateral, EquiLend’s new Tri-Party Connectivity service helps to expedite the agreement and communication of required value (RQV) figures, while ensuring clients always know the status of their trades.
EquiLend clients can submit values for all of their counterparties in one place. Group instruction functionality enables agent lenders to instruct tri-party trades at the underlying principal level and match against a single borrower trade amount.
The service facilitates the pre-matching of trades before they are sent in real time to BNY Mellon. BNY Mellon responds with updates that EquiLend processes, generating individual trade statuses viewable on the EquiLend User Interface. The new service not only enhances EquiLend’s post-trade efficiencies, but also benefits BNY Mellon’s current Auto Deal Matching (ADM) offering.
Brian Lamb, CEO of EquiLend, says: “Having conducted an extensive build and beta phase with BNY Mellon and our clients, we are confident that EquiLend’s offering to communicate and process RQV figures is best in class. We look forward to continuing our work with BNY Mellon for the benefit of the market.”
James Slater, Global Head of Securities Financing at BNY Mellon, says: “In today’s fast-evolving marketplace, clients are increasingly focused on managing risk, complexity and the need for greater transparency. BNY Mellon has a long history of helping our clients in these areas. This new service is further evidence of our commitment to enhancing the connectivity of BNY Mellon’s tri-party system for both lenders and borrowers.”