The South African banking entity of Barclays Group Africa, Absa Bank, has emerged as the first-ever domestic South African entity to execute a securities finance trade through the EquiLend trading platform.
Now, with Absa Bank trading on EquiLend, the bank and its clients would be able to automate securities finance trading with EquiLend counterparties across the globe. Global market participants will also have unprecedented access to the South African market.
Brian Lamb, CEO of EquiLend, said, As EquiLend's global footprint continues to expand, we are constantly aware of our clients' demands to bring the automation and efficiency gains seen for users of our platform to new markets. We have seen significant interest among domestic market participants in South Africa, who are keen to elevate their international presence by joining the EquiLend platform. We anticipate considerable growth in this market going forward."
Francois Henrion, head of Equity Finance within Absa's Prime Services business, says: "Partnering with EquiLend was a natural step for Barclays Group Africa in becoming the 'go-to' prime brokerage business. Our prime brokerage clients benefit from improved pricing and liquidity in their financing portfolios, and as a lending business, we are able to significantly improve our access to, and utilization of, inventory."