London-based SecFinex has gone live with a new version (v3) of its Internet-based trading system for securities finance.
A new AutoMatch facility has been introduced which allows borrowers to automatically create baskets of multiple securities. Users can search availability from their agreed lenders and select a desired counterparty by rate, size or relationship and initiate a trade. Lenders can then agree the trade, and the system automatically generates a ticket for straight-through processing.
A new Graphical User Interface (GUI) has also been developed to allow rapid navigation with all necessary trading information displayed on a single screen, says the company.
Mark Tidy, head of equity finance at Nomura International, says: “The new version of the SecFinex system has already started to radically change the way we transact our securities financing activities. Manual processes, previously very time consuming, are now completed with a few mouse clicks.”
The online marketplace is currently averaging single day trading volumes over 300 a day with a total of over £3 billion value traded.