Multibank securities lending service EquiLend is to outsource the systems operations management of its private securities lending platform to Totality.
San Francisco-based Totality will provide 24x7 monitoring, asset management, backup and recovery services.
Dirk Pruis, president of EquiLend says: "Through our relationship with Totality, EquiLend is able to operate the platform in an efficient manner for our participants without compromising system reliability or performance."
EquiLend was created by a consortium of custodians and investment banks and has processed over 150,000 transactions, worth over $70 billion, in just over two months of operations.