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Securities Finance: A Journey Through Time - Paper 1: Building on the Past


Pierpoint is pleased to release the first in a series of three papers exploring operational efficiency in the securities finance industry, this paper covers the back story of the securities finance industry from the 1990s to the present day. The series is supported by EquiLend.

This initial paper describes the evolution of the operating framework in which securities financing transactions were carried out during the 1990s, recalling key roadblocks and the removal of some procedural inefficiencies with the progressive march of technology.

It recounts the founding launch of Pirum and EquiLend in the early 2000s and the speed of uptake for both services, providing recognition of the industrial solutions required to address systemic inefficiencies.

The paper establishes the reasons which restricted the post-trade world from keeping pace with the front-end while market expansion continued and why the easy solution of adding staff did not solve for more complex, systemic issues.

In subsequent papers, we will dig deeper into the future of securities lending and explore additional problems facing the industry in light of new regulations.

Download the paper here.

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