Lending given path between SL-x and Markit
09 October 2013 London
Image: Shutterstock
SL-x, a new capital markets electronic trading business, has signed an agreement with Markit to enable joint customers to move between the recently enhanced Markit Securities Finance web portal and the SL-x platform.
Markit customers who use the SL-x solution will have access to real time trading data from SL-x as well as their existing securities finance data and analytics from Markit. This covers $14 trillion of securities in the lending programmes of over 20,000 institutional funds and provides a view of short interest data and institutional fund activity across equities and fixed income spanning all market sectors.
The SL-x electronic trading platform will be launched later this year in 17 European markets to provide the global capital markets industry with a new marketplace for stock lending transactions.
The system will clear trades in Germany, Switzerland, France, Holland, and Belgium through Eurex Clearing, seeking to achieve regulatory capital savings and increased market efficiency. The platform will also allow lenders and borrowers to trade their remaining business in the current over-the-counter (OTC) markets where central clearing is not yet available.
David Carruthers, managing director and cohead of securities finance at Markit, said: “The ability to offer our customers access to the SL-x platform from our recently enhanced securities financing web platform will provide borrowing and lending desks with further improvements to their workflow and decision making capabilities.”
Peter Fenichel, chief executive officer, SL-x said: “We are enormously pleased to have reached an agreement with Markit, the industry’s leading provider of stock loan information and analytics, to provide these services to our joint customers. The addition of real time data fills an important gap in the information available for stock loan transactions, and our system’s unique capabilities will streamline customers’ workflow as well as reduce their capital requirements, and provide relief to their counterparty credit constraints on centrally cleared trades.”
Markit customers who use the SL-x solution will have access to real time trading data from SL-x as well as their existing securities finance data and analytics from Markit. This covers $14 trillion of securities in the lending programmes of over 20,000 institutional funds and provides a view of short interest data and institutional fund activity across equities and fixed income spanning all market sectors.
The SL-x electronic trading platform will be launched later this year in 17 European markets to provide the global capital markets industry with a new marketplace for stock lending transactions.
The system will clear trades in Germany, Switzerland, France, Holland, and Belgium through Eurex Clearing, seeking to achieve regulatory capital savings and increased market efficiency. The platform will also allow lenders and borrowers to trade their remaining business in the current over-the-counter (OTC) markets where central clearing is not yet available.
David Carruthers, managing director and cohead of securities finance at Markit, said: “The ability to offer our customers access to the SL-x platform from our recently enhanced securities financing web platform will provide borrowing and lending desks with further improvements to their workflow and decision making capabilities.”
Peter Fenichel, chief executive officer, SL-x said: “We are enormously pleased to have reached an agreement with Markit, the industry’s leading provider of stock loan information and analytics, to provide these services to our joint customers. The addition of real time data fills an important gap in the information available for stock loan transactions, and our system’s unique capabilities will streamline customers’ workflow as well as reduce their capital requirements, and provide relief to their counterparty credit constraints on centrally cleared trades.”
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