EquiLend and BNY Mellon team up to automate RQV communication
Trading and post-trade service provider EquiLend will work with BNY Mellon to migrate the communication of Triparty Required Value (RQV) figures from email to an automated process using the company’s triparty automated deal matching (ADM) platform.
BNY Mellon needs a fully authenticated RQV instruction to collateralise the outstanding stock lending deals that are transmitted electronically or through a browser. This enhancement will allow EquiLend and BondLend users to increase the post-trade efficiencies in securities lending trades and to reduce operational risk by automating the service.
EquiLend will leverage BNY Mellon’s automated securities finance platform, which will reduce systematic risks, to enhance this service and assist client requests for RQV communication.
The service will be offered to existing clients of EquiLend and BNY Mellon by the end of 2012.
Brian Lamb, CEO of EquiLend, said: “We are looking forward to a long and fruitful relationship with BNY Mellon’s triparty collateral management business, particularly the opportunities and solutions that this partnership will create for the market.”
“We are pleased to be partnering with EquiLend to automate an end-to-end collateral management solution for our clients and the market,” added James Malgieri, head of global collateral Management and securities clearance at BNY Mellon.