13 November 2017
Reporter: Drew Nicol

Startup presents industry's first peer-to-peer securities lending platform

SBL Network, a new London-based startup, has launched the industry's first peer-to-peer securities lending platform.

The new financial technology firm created the Aquila Network after two EIS-qualifying funding rounds that brought in approximately £1 million this year.

Participants will be able to negotiate securities lending transactions and benefit from access to anonymous pricing data providing complete peer-to-peer pricing transparency of the transaction executed across its platform, according to SBL.

The Aquila Network is currently being tested on a closed circuit basis and is starting live operations with its first third-party clients before the end of this year.

In a statement on the platform, SBL stated that the Aquila Network was built in response to the growing demand for greater transparency in the securities lending marketplace.

SBL Network was founded in 2016 by Peter Fenichel, who is currently chairman and boast previous experience as CEO of SL-x Group, SecFinex and Instinet Fixed Income Markets.

Tammy Phillips, formerly of Barclays Capital, was recently appointed CEO after joining SBL in January.

SBL’s board also includes SBL CTO Alex Pilsworth and David Hardy, formerly head of market strategy at MF Global.

According to Fenichel, SBL aims to provide transaction and information services to the global capital markets industry.

Fenichel said: “We have seen a very positive response from the international stock borrowing and lending community to our pre-launch marketing. We believe the market is now at a pivotal point and is ready to accept a significant structural change which will allow direct interaction between participants, with all the benefits which will flow from such direct dealing.”

“Clients of our Aquila Network will have access to a truly innovative means of arranging peer-to-peer securities lending transactions within a secure environment. Automating the process represents an effective, efficient and hugely cost-saving way forward for participants.”

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