TORONTO, Sept. 30 /CNW/ - Today, CIBC Mellon Global Securities Services Company announced that it will implement EquiLend's suite of services to encourage greater efficiency in securities borrowing and lending, and to increase revenue potential for its clients.
"EquiLend is a global standard in securities lending automation technology," said James Slater, senior vice president and head of capital markets, CIBC Mellon. "By introducing EquiLend's AutoBorrow and Trade2O capabilities to our desk, securities borrowers can expect to enjoy more efficient lending through a familiar interface, and we expect this will drive higher lending volumes for our clients."
CIBC Mellon has relied on EquiLend's back-office solutions since 2007 and the company is expanding its partnership by implementing EquiLend's new services. This decision follows EquiLend's announcement that it has received regulatory approval from the Investment Industry Regulatory Organization of Canada to operate as an alternative trading system in Ontario.
Used by securities borrowers and lenders throughout the world, the EquiLend platform automates formerly manual trading and post-trade processes. With the adoption of AutoBorrow and Trade2O, CIBC Mellon is confident that it will improve efficiency for borrowers, reduce operational risks in securities lending transactions through greater straight through processing and increase the attractiveness of its clients' lendable assets to borrowers around the world.
CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce and BNY Mellon. CIBC Mellon Global Securities Services Company is a leading provider of financial services for institutions and corporations, providing superior asset servicing, multicurrency accounting, information delivery, securities lending and foreign exchange services in Canada. CIBC Mellon is part of BNY Mellon, which has US$20.7 trillion in assets under custody and administration and more than US$926 billion in assets under management.
CIBC Mellon is a licensed user of the BNY Mellon and CIBC trademarks.
SOURCE CIBC Mellon
For further information: For further information: David Bauer, corporate communications, CIBC Mellon, (416) 643-5142