Digital Asset to supply the underlying know-how for the brand new industry-driven 1Source initiative led by EquiLend
NEW YORK, March 2, 2023 /PRNewswire/ — EquiLend at the moment publicizes that it has chosen Digital Asset to supply the distributed ledger know-how underpinning the EquiLend 1Source initiative.
Unveiled in July 2022 as a part of EquiLend’s Digital Transformation Working Group, which consists of most of the world’s largest banks and broker-dealers, 1Source goals to resolve the central ache factors and dangers impacting the securities finance {industry}. By working with Digital Asset, EquiLend will use distributed ledger know-how to supply market members with a “single supply of reality” for securities finance transactions.
At the moment, counterparties to a securities lending transaction document contract particulars individually of their respective methods, which regularly results in “breaks” downstream within the commerce lifecycle. Using Digital Asset’s Daml sensible contract language and its Canton ledger, the 1Source initiative ensures commerce particulars keep in sync all through all the lifecycle for each events, eliminating the necessity for pricey and inefficient reconciliation processes down the road.
EquiLend’s 1Source initiative will in the end present {industry} enhancements, improve effectivity, cut back danger and restrict regulatory fines for unmatched trades previous the established regulatory timeframes.
“We’re excited to embark on this partnership with EquiLend, which we imagine will rework the securities finance market,” mentioned Kelly Mathieson, Chief Enterprise Improvement Officer at Digital Asset. “Utilizing Daml and Canton will considerably cut back reconciliation breaks and create a single ledger for buying and selling exercise for all market members, resulting in extra environment friendly and worthwhile trades. We’re grateful that EquiLend has entrusted us as their main know-how associate for this challenge.”
“EquiLend has an extended historical past of making effectivity via automation within the securities finance market,” mentioned Ken DeGiglio, Chief Info Officer of EquiLend. “EquiLend’s 1Source initiative represents a once-in-a-generation alternative to propel the {industry} ahead with an revolutionary new strategy to lifecycle administration. By leveraging Daml and Canton from the distributed ledger specialists at Digital Asset alongside our deep expertise and community within the securities finance {industry}, we’re assured that the 1Source initiative will lead to a modernized new securities finance {industry}.”
EquiLend underwent a 1Source proof of idea (POC) with monetary market leaders, which concluded in December 2022. The initiative is presently within the construct section, following which 1Source will go reside for market members, in addition to different distributors and market infrastructures considering connecting, in 2024.
About Digital Asset
Digital Asset is a software program firm that modernizes legacy monetary methods with Daml, our sensible contract language, and Canton, our privacy-enabled blockchain. Collectively, this platform powers cutting-edge blockchain options, serving to clients unlock new networks of worth with subtle functions. Main monetary providers, insurance coverage, and healthcare organizations are partnering with Digital Asset to create new, multi-party functions that rework disparate silos into synchronized networks.
To be taught extra about Digital Asset, please go to www.digitalasset.com. Click on right here to observe us on Twitter and LinkedIn.
About EquiLend
EquiLend is a world monetary know-how agency providing Buying and selling, Publish-Commerce, Knowledge & Analytics, RegTech and Platform Options for the securities finance {industry}. EquiLend has workplaces in North America, EMEA and Asia-Pacific and is regulated in jurisdictions across the globe. www.equilend.com
SOURCE EquiLend
