27 April 2017
Reporter: Mark Dugdale

Squawker launches equity finance platform

Squawker has successfully launched an equity finance platform.

The new platform provides a central hub for European equity finance participants to bring the execution of their equity hedge trades on-exchange. Squawker said six investment banks are participating.

Equity finance traders can settle with three equity central counterparties through the platform, which also helps with trade reporting in compliance the second Markets in Financial Instruments Directive and Regulation.

It also has pan-European coverage of equities, depository receipts and exchange-traded funds.

According to Squawker, the equity finance platform overcomes restrictions and limits on trading in certain markets, such as automatic registration of share ownership in Spain.

Chris Gregory, CEO and co-founder of Squawker, commented: “The European equity finance market is currently estimated to trade over €2.5 trillion per annum. With six of the top ten banks live and trading through Squawker, we are already seeing some significant trading traffic over the platform.”

“With a further three of the top ten banks close to completing their deployment projects, Squawker has worked hard to provide the essential support that the equity finance community has asked us for.”

Squawker, which specialises in execute hedging and capital optimisation transactions on-exchange, has added Ian Axe and Derek Bandeen to its advisory board.

Axe was recently named as CEO of investment bank Panmure Gordon and is the former chief executive of LCH. He also previously worked at Barclays Capital.

Bandeen was global head of equities at Citigroup.

“The top-tier investment banks are under increasing regulatory pressure for on-exchange transparency and CCP cleared models across their operations,” Axe said. “They are all seeking to implement straight-through processing for equity finance to replace the traditional over-the-counter process.”

Bandeen added: “Squawker’s platform enables the large equity finance players to bring their execution of equity hedge trades on-exchange and provides a structure for them to manage their counterparty risk with CCP clearing.”

More technology news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Clearstream and dwpbank sign T2S agreement
16 October 2017 | Luxembourg | Reporter: Jenna Lomax
Though the length of contract has not been disclosed, the partnership will provide dwpbank with centralised access to the T2S market via a single platform
NEX Group launches cash and collateral movement tool
10 October 2017 | London | Reporter: Jenna Lomax
Through the partnership between NEX Optimisation and NEX Markets, Pivot connects the ENSO Core platform with NEX Treasury
S3 Partners upgrades short selling data app
02 October 2017 | New York | Reporter: Drew Nicol
Black App is expanding with additional campaigns planned for the US and new roll outs upcoming for both Europe and Asia
IHS Markit and Pirum sign up first SFTR clients
02 October 2017 | London | Reporter: Jenna Lomax
BNY Mellon, Brown Brothers Harriman, Deutsche Bank Agency Lending, eSecLending, J.P. Morgan and Rabobank will all act as users and design partners for the solution
BNY Mellon and Hazeltree team up
29 September 2017 | New York | Reporter: Jenna Lomax
Through the solution, clients will be able to access BNY Mellon’s full suite of cash, treasury and custody services through Hazeltree’s treasury management technology
IHS Markit and MSCI partner for liquidity risk solution
27 September 2017 | New York | Reporter: Jenna Lomax
The multi-asset class solution will integrate fixed income market and liquidity data from IHS Markit with MSCI LiquidityMetrics analytics
Wematch.SecuritiesFinancing completes first securities lending trade
19 September 2017 | London | Reporter: Drew Nicol
The counterparties of the first trade were Bank of America Merrill Lynch and ABN Amro, dealing in French equities