EquiLend to launch Competitive Bid
17 February 2023 US
Image: Elena/stock.adobe.com
EquiLend will welcome hybrid screen and messaging-based Next Generation Trading (NGT) workflow, Competitive Bid, into production.
Expected to launch soon, Competitive Bid combines NGT, post-trade and market-level data into a single location and will aim to promote greater liquidity in the automated trading market of hard-to-borrow securities.
The workflow is designed to provide insight into available inventory, demand, open contracts and market benchmarks to allow traders to make more informed decisions.
According to EquiLend, the new tool will enable traders to view and agree the core specials they want to trade across multiple counterparts.
This will ensure that users have more control during agreement, while maintaining certain automated processes, the company adds.
Competitive Bid is to be included in the current NGT solution at no extra cost for clients.
Commenting on the announcement, Mike Norwood, director and global trading product owner at EquiLend, says: “Competitive Bid represents a new evolution of NGT by providing clients with the flexibility to choose from a spectrum of automation, ranging from screen-based behaviour (full manual) and full straight-through processing, to a hybrid approach.”
He adds: “The platform will be viewable to users through an interface that represents a first foray for us into leveraging our data and analytics solutions, in concert with our post-trade data, into a single view to improve trading workflows.
“Client reaction has been overwhelmingly positive so far, and I think users will really appreciate the centralisation of distribution and the ability to digitise another segment of the securities lending market."
Expected to launch soon, Competitive Bid combines NGT, post-trade and market-level data into a single location and will aim to promote greater liquidity in the automated trading market of hard-to-borrow securities.
The workflow is designed to provide insight into available inventory, demand, open contracts and market benchmarks to allow traders to make more informed decisions.
According to EquiLend, the new tool will enable traders to view and agree the core specials they want to trade across multiple counterparts.
This will ensure that users have more control during agreement, while maintaining certain automated processes, the company adds.
Competitive Bid is to be included in the current NGT solution at no extra cost for clients.
Commenting on the announcement, Mike Norwood, director and global trading product owner at EquiLend, says: “Competitive Bid represents a new evolution of NGT by providing clients with the flexibility to choose from a spectrum of automation, ranging from screen-based behaviour (full manual) and full straight-through processing, to a hybrid approach.”
He adds: “The platform will be viewable to users through an interface that represents a first foray for us into leveraging our data and analytics solutions, in concert with our post-trade data, into a single view to improve trading workflows.
“Client reaction has been overwhelmingly positive so far, and I think users will really appreciate the centralisation of distribution and the ability to digitise another segment of the securities lending market."
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