EquiLend’s distributed ledger platform 1Source has gone live with its first users, BNY and National Bank of Canada, who are now executing live securities finance trades on the system. The rollout marks a step toward using shared post-trade infrastructure to reduce operational breaks and manual reconciliations, says Equilend in a press release.
1Source is designed to create a single, shared record of securities lending and financing transactions. The platform’s distributed ledger technology allows both sides of a trade to access the same data in real time, which could eliminate the need for post-trade reconciliation. A global broker-dealer is expected to follow shortly, and EquiLend says several other firms are preparing to join. The company positions the project as a collaborative effort with industry participants to address persistent operational frictions in securities finance.
Efficiency and scale
According to EquiLend, broad adoption of 1Source could generate significant savings through reduced trade breaks, lower operational costs, and streamlined workflows. While such estimates remain untested, the launch into live production marks one of the first concrete implementations of distributed ledger technology in this part of the post-trade chain.
BNY said the platform supports its efforts to reduce manual processes and operational risk. National Bank of Canada described the move as part of a broader focus on efficiency and technology-driven market infrastructure.
