26 October 2016
Find out more

Absa Bank goes live on EquiLend for securities finance trading

04 July 2014  |  2533 views  |  0 Source: EquiLend

On July 1, Absa Bank, the South African banking entity of Barclays Group Africa, became the first-ever domestic South African entity to execute a securities finance trade via the EquiLend trading platform.

With Absa Bank now trading on EquiLend, the bank and its clients benefit from the ability to automate securities finance trading with EquiLend counterparties around the globe. Furthermore, global market participants now have unprecedented access to the South African market.

Brian Lamb, CEO of EquiLend, says: "As EquiLend's global footprint continues to expand, we are constantly aware of our clients' demands to bring the automation and efficiency gains seen for users of our platform to new markets. We have seen significant interest among domestic market participants in South Africa, who are keen to elevate their international presence by joining the EquiLend platform. We anticipate considerable growth in this market going forward."

Francois Henrion, head of Equity Finance within Absa's Prime Services business, says: "Partnering with EquiLend was a natural step for Barclays Group Africa in becoming the 'go-to' prime brokerage business. Our prime brokerage clients benefit from improved pricing and liquidity in their financing portfolios, and as a lending business, we are able to significantly improve our access to, and utilization of, inventory."

EquiLend anticipates greater activity in the South African securities finance market as the need for an efficient means of sourcing securities to cover failed trades becomes increasingly important with the Johannesburg Stock Exchange moving toward a shorter securities settlement cycle, from the current T+5 cycle to T+3. That has increased demand among domestic market participants for securities finance in South Africa. 

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Find out more

Who is commenting?

A Finextra member Finextra Member Commented on: Robo-advisors not read...
A Finextra member Finextra Member Commented on: Why are we more intere...

Top topics

Most viewed Most shared
Visa treads on Swift's toes with blockchain pilot for high value paymentsVisa treads on Swift's toes with blockchai...
8970 views comments | 33 tweets | 38 linkedin
Monzo raises £4.8mMonzo raises £4.8m
8756 views comments
CBA and Wells Fargo combine blockchain and IoT to revolutionise trade financeCBA and Wells Fargo combine blockchain and...
8274 views comments | 26 tweets | 28 linkedin
Visa tells Europe to be ready for 3-D Secure 2.0 by April 2018Visa tells Europe to be ready for 3-D Secu...
8073 views comments | 12 tweets | 27 linkedin
Facebook Messenger adds PayPal support for bot paymentsFacebook Messenger adds PayPal support for...
7439 views comments | 26 tweets | 22 linkedin

Featured job

Senior Level Salary plus Car Allowance + Benefits...

Find your next job