The central counterparty marketplace for securities lending

A CCP-enabled securities lending marketplace that delivers RWA and capital usage efficiencies, anonymous trading, and full lifecycle management, backed by an OCC partnership.

Talk to our experts

Bilateral securities lending ties up your balance sheet and operations team. ECS enables more capital-efficient trading, adds balance sheet flexibility, and offers full lifecycle management with API connectivity.

Counterparty & capital constraints

Every new bilateral counterparty means another MSLA to negotiate, more balance sheet consumption, and heavier RWA and capital requirements against each exposure.

A centrally cleared trading model

ECS Loan Market addresses these challenges by replacing bilateral counterparty exposure with a centrally cleared trading model through OCC. Participants can access a broader pool of liquidity without negotiating a Master Securities Lending Agreement (MSLA) for each new counterparty, while reducing operational complexity, balance sheet consumption, and capital requirements.

$200B+

daily liquidity offered on the platform, including GC+, ETF and hard-to-borrow US equities

OCC-cleared

every matched trade is cleared through the central counterparty

NGT and PTS connected

access an additional source of market liquidity through the Equilend network

Why U.S. broker-dealers choose ECS Loan Market

RWA savings, capital-efficient trading, counterparty risk reductions

Trade anonymously, without an MSLA

Streamline trade processing

Automate the journey from execution through clearing and settlement. ECS Loan Market integrates trading, lifecycle management, and settlement workflows to reduce manual processing and improve operational efficiency.

Access broader market liquidity

Expand beyond the limits of bilateral trading relationships. ECS Loan Market gives firms access to a broader pool of supply and demand across U.S. equities, ETFs, ADRs, GC, and hard-to-borrow securities, helping you source liquidity more efficiently.

Manage the entire trade lifecycle

From trade execution through settlement, ECS Loan Market provides a single workflow for managing securities lending activity. Integrated lifecycle management reduces manual handoffs and helps keep operations aligned across the trading process.

Connect by API or browser

Connect through system-to-system APIs or a browser-based interface, depending on how your desk operates. Flexible connectivity simplifies onboarding while supporting both manual workflows and straight-through processing.

See ECS Loan Market in action

Watch how central clearing changes the trade.

How firms use ECS Loan Market

More capital-efficient trading via a CCP

A U.S. broker-dealer moves bilateral securities lending activity to ECS Loan Market, replacing multiple bilateral exposures with a single central counterparty through OCC. This helps reduce RWA and counterparty exposure, improve capital efficiency, and optimise collateral usage.

Anonymous access to new counterparties

A broker-dealer expands its trading network without negotiating new bilateral legal agreements. By facing OCC rather than individual firms, participants can transact anonymously and access a broader pool of market liquidity.

Source liquidity across a broad securities universe

A trading desk sources liquidity across U.S. equities, ETFs, ADRs, GC, and hard-to-borrow securities through a single centrally cleared marketplace. Broader access to supply and demand helps firms execute more efficiently while reducing the constraints of bilateral trading relationships.

Part of the Equilend ecosystem

ECS Loan Market connects to NGT, which adds a secondary liquidity pool alongside the centrally cleared market. Matched trades flow into Equilend Post-Trade for lifecycle management, reconciliation, and exception handling across your wider loan book.

Talk to our experts

Connects to your existing infrastructure

Connect to ECS Loan Market through system-to-system API services or a browser-based screen. Post borrow needs and loan supply by spreadsheet upload, and manage rate changes and recalls through API or GUI.

ECS Loan Market connected to OCC, API, browser, GUI, Excel and automated email notifications

Key features and technical specifications

Feature
Description
Central clearing

Every matched trade is centrally cleared through OCC, enabling anonymous trading while eliminating the need for bilateral MSLAs between participants.

Broad security coverage

Trade across more than 5,000 OCC-eligible U.S. equities, ETFs, and ADRs, including GC and hard-to-borrow securities.

Flexible connectivity

Connect through APIs or a browser-based interface, with spreadsheet upload for posting borrow requirements and loan availability.

Market visibility

Access depth-of-market information, and real-time pricing transparency on "last trade quantity, rebate" functionality.

Lifecycle and order controls

Manage trade lifecycle events through integrated workflows that support efficient processing from execution to settlement.

Download the ECS Loan Market fact sheet (PDF)

Trusted by

"Equilend has helped us streamline our securities lending operations, improve efficiency across the trade lifecycle, and scale our programme with greater confidence."
View case study
Dan Baxter
Dan Baxter Head of Securities Lending
Global Asset Management Firm
"Equilend has helped us streamline our securities lending operations, improve efficiency across the trade lifecycle, and scale our programme with greater confidence."
View case study

Ready to trade a centrally cleared securities lending market?

By submitting this form, you agree to our Privacy Policy. Equilend will use your information to respond to your enquiry and may contact you about relevant products and services.

Related insights

Frequently asked questions

What is ECS Loan Market?

ECS Loan Market is a centrally cleared securities lending marketplace. Every matched trade is cleared through OCC, the central counterparty, giving participants anonymous trading, capital efficiencies, and full lifecycle management backed by an OCC partnership.

What does central clearing change for my desk?

Instead of holding bilateral exposure to each counterparty, participants face OCC. That reduces counterparty risk, RWA, and balance sheet consumption, and removes the need to negotiate bilateral legal agreements for every new trading relationship.

Do I need an MSLA with each counterparty?

No. Because trades are cleared through OCC, participants can transact anonymously without negotiating a Master Securities Lending Agreement (MSLA) for each new counterparty.

Which securities can I trade?

More than 5,000 OCC-eligible U.S. equities, ETFs, and ADRs, including GC and hard-to-borrow securities, with over $200 billion in daily liquidity offered on the platform.

How do I connect to ECS Loan Market?

Through system-to-system API services or a browser-based screen. You can post borrow requirements and loan availability by spreadsheet upload, and manage rate changes and recalls through API or GUI, with automated email notifications.

How does ECS Loan Market relate to NGT?

ECS Loan Market connects to NGT, which adds a secondary bilateral liquidity pool alongside the centrally cleared market. Matched trades flow into Equilend Post-Trade for lifecycle management, reconciliation, and exception handling.

How does ECS Loan Market improve capital efficiency?

Replacing multiple bilateral exposures with a single central counterparty helps reduce RWA and counterparty exposure, improve capital efficiency, and optimise collateral usage across your securities lending activity.

Connecting
Securities Finance

By subscribing, you agree to our Privacy Policy.