SecFinex, a UK-based online marketplace for securities finance, has gone live with fourteen institutional lenders, borrowers and intermediaries.
Initially covering the UK equity markets including London Stock Exchange and Alternative Investment Market listed issues, SecFinex enables participants to streamline and automate routine business processes such as security searches and general collateral trades. These can be integrated into proprietary systems to facilitate straight through processing. Securities borrowers and lenders can also anonymously post, negotiate and agree stock loans and borrows, replacing phone, fax and e-mail contact.
Sarah Nicholson, head of securities lending & repo at Morley Fund Management welcomes the initiative: "The securities industry has been slow to pick up on the technology advances made possible by the Internet. SecFinex has filled this gap with a very intuitive system that provides an unprecedented level of efficiency for the stock loan market."
SecFinex was established by financial trading system supplier Mutant Technology with funding by Cazenove Private Equity.
Peter Irons, chief executive officer of SecFinex says the company is "actively working with additional institutions" that will go live shortly.