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A major step toward unified trade reconciliation across securities finance
EquiLend, the global financial technology, data and analytics company for the securities finance industry, today announced that The Bank of New York Mellon Corporation ("BNY") (NYSE: BK), a global financial services company, and National Bank of Canada (TSE: NA) began executing trades utilizing 1Source's distributed ledger technology (DLT) to increase efficiency, reduce breaks, and eliminate reconciliations.
The momentum behind 1Source continues to accelerate, with a global Broker Dealer set to join BNY and National Bank of Canada with live transactions on the platform imminently. The community response has been extremely positive, with additional counterparties nearing adoption, further expanding the network and compounding the benefits of industry-wide synchronization.
1Source is expected to transform global securities finance workflows by establishing a single, golden source of truth for securities lending and financing transactions. The DLT-based platform was developed by EquiLend with input and collaboration from a group of leading market participants to remove downstream reconciliations, increase operational efficiency, and reduce trade breaks in securities finance. The platform is expected to streamline how trading and operations behave to improve costs, automation, and overall efficiency.
"The onboarding of BNY and National Bank of Canada to 1Source marks another significant step forward in our mission to transform post-trade infrastructure across the securities finance industry," said Rich Grossi, CEO of EquiLend. "Each new participant strengthens the network effect of 1Source, accelerating the industry-wide benefits of improved accuracy, transparency, and efficiency."
According to third-party estimates*, EquiLend's 1Source has the potential to save industry participants hundreds of millions of dollars each year through greater operational efficiency, optimized costs and resources, and improved profitability.
"This milestone underscores BNY's commitment to innovation and leveraging new technologies to mitigate risk. By using 1Source, we're aiming to manage challenges associated with manual reconciliation, while delivering benefits to our clients," said Nehal Udeshi, Head of Securities Finance at BNY. "As more counterparties join, scale will drive improved efficiencies and smoother collaboration for everyone involved, and we look forward to working together to expand the network."
"We are pleased to join 1Source as part of our ongoing focus on technology-driven solutions for our clients and counterparties," said Carl Attie, Managing Director, Head of Global Securities Finance at National Bank of Canada. "This milestone lays the foundation for broader adoption and future enhancements, enabling us to streamline processes, increase efficiency and enhance resilience in the securities finance marketplace."
"We are thrilled to welcome BNY and National Bank of Canada to 1Source, alongside the growing pipeline of institutions preparing to come on board." said Nick Delikaris, Chief Product Officer at EquiLend. "This milestone underscores the industry's commitment to collaboration and innovation. 1Source is rapidly becoming the foundational layer of infrastructure that will define the future of securities finance."
* "Single Source of Truth Initiative," Vy Solutions, May 2022
About EquiLend
EquiLend is a global financial technology firm offering Trading, Post-Trade, Data & Analytics, RegTech and Platform Solutions for the securities finance industry. With offices in North America, EMEA and Asia-Pacific, EquiLend operates across various jurisdictions worldwide, adhering to the highest regulatory standards.
The company is committed to excellence and innovation and is consistently recognized for its contributions to the industry. EquiLend is Great Place to Work Certified™ in the U.S., UK, Ireland and India and has been awarded Global Data Provider of the Year and Regulatory Solution of the Year in the Securities Finance Times Industry Excellence Awards 2025.
For more information, please visit www.equilend.com
For further information from EquiLend, please contact: media@equilend.com
About BNY
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of June 30, 2025, BNY oversees $55.8 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.
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SOURCE EquiLend
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