Digital Asset confirmed as DLT provider for EquiLend 1Source
02 March 2023 US
Image: zatevakhin/stock.adobe.com
EquiLend has confirmed Digital Asset as provider of distributed ledger technology (DLT) for its 1Source solution for securities finance transactions, which applies Digital Asset’s Daml smart contract language and its Canton ledger.
1Source has been developed to help EquiLend clients to eradicate reconciliation challenges by providing access to a “single source of truth” using DLT.
Speaking to Securities Finance Times about 1Source in SFT Issue 320, EquiLend’s head of Japan Yuka Hasumi, says that “increasingly, market participants are looking for technology which is more innovative, scalable and that solves the significant issues that everybody deals with on a daily basis”.
Using traditional technologies, counterparties to a securities lending transaction typically record contract details separately in their own record systems, which may lead to reconciliation mismatches and STP breaks downstream in the trade lifecycle.
In a joint statement, the companies explain that through using Digital Asset's Daml smart contract language and its Canton ledger, the 1Source initiative ensures trade details stay in sync across the transaction lifecycle.
Commenting on the service relationship, Digital Asset’s chief business development officer Kelly Mathieson says: "We are excited to embark on this partnership with EquiLend, which we believe will transform the securities finance market.
“Using Daml and Canton will significantly reduce reconciliation breaks and create a single ledger for trading activity for all market participants, leading to more efficient and profitable trades. We are grateful that EquiLend has entrusted us as their leading technology partner for this project."
EquiLend’s chief information officer Ken DeGiglio comments: "EquiLend has a long history of creating efficiency through automation in the securities finance market.
“EquiLend's 1Source initiative represents a once-in-a-generation opportunity to propel the industry forward with an innovative new approach to lifecycle management. By leveraging Daml and Canton from the distributed ledger experts at Digital Asset, alongside our deep experience and network in the securities finance industry, we are confident that the 1Source initiative will result in a modernised new securities finance industry."
1Source has been developed to help EquiLend clients to eradicate reconciliation challenges by providing access to a “single source of truth” using DLT.
Speaking to Securities Finance Times about 1Source in SFT Issue 320, EquiLend’s head of Japan Yuka Hasumi, says that “increasingly, market participants are looking for technology which is more innovative, scalable and that solves the significant issues that everybody deals with on a daily basis”.
Using traditional technologies, counterparties to a securities lending transaction typically record contract details separately in their own record systems, which may lead to reconciliation mismatches and STP breaks downstream in the trade lifecycle.
In a joint statement, the companies explain that through using Digital Asset's Daml smart contract language and its Canton ledger, the 1Source initiative ensures trade details stay in sync across the transaction lifecycle.
Commenting on the service relationship, Digital Asset’s chief business development officer Kelly Mathieson says: "We are excited to embark on this partnership with EquiLend, which we believe will transform the securities finance market.
“Using Daml and Canton will significantly reduce reconciliation breaks and create a single ledger for trading activity for all market participants, leading to more efficient and profitable trades. We are grateful that EquiLend has entrusted us as their leading technology partner for this project."
EquiLend’s chief information officer Ken DeGiglio comments: "EquiLend has a long history of creating efficiency through automation in the securities finance market.
“EquiLend's 1Source initiative represents a once-in-a-generation opportunity to propel the industry forward with an innovative new approach to lifecycle management. By leveraging Daml and Canton from the distributed ledger experts at Digital Asset, alongside our deep experience and network in the securities finance industry, we are confident that the 1Source initiative will result in a modernised new securities finance industry."
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
