Abbey National Group has become the first UK-based bank to join the EquiLend global securities lending platform as a participant.
Tony Hibbitt, CEO of Cater Allen International, Abbey National's broking subsidiary, says the decision to participate in EquiLend was driven by three key factors - efficiency, liquidity and flexibility.
"The platform's liquidity and STP functionality make it a strong fit with our client service objectives," adds Hibbit.
Abbey National joins Deutsche Bank, Nomura Group and EquiLend's 10 founding participants, including Bear Stearns, Goldman Sachs, Lehman Brothers and Merrill Lynch.
Equilend offers participants daily access to more than $1 trillion in lendable securities and says it has facilitated more than $400 billion in securities loans since the platform went live in late June 2002.