Next Generation Trading: the securities finance market's largest electronic platform

NGT connects 145+ firms across 30+ markets, with more than $200 billion in notional traded every day. Trade bilateral stock loan, fixed income, and hard-to-borrow securities on screen or through fully automated straight-through processing.

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Securities finance runs on speed, liquidity, and global reach

Manual trading bottlenecks

Phone, email, and chat negotiation cap how much volume a desk can handle, and every manual touch adds operational risk.

Fragmented market connectivity

Separate counterparties, markets, and time zones mean fragmented workflows and inconsistent access to liquidity.

The need for real-time scale

T+1 settlement raises the stakes. Desks need real-time access across every market and time zone, without adding headcount to keep pace.

30 million+

unique TA records daily

145+

firms connected daily

30+

markets covered

Why leading securities finance desks trade on NGT

The market's deepest liquidity pool

Automated straight-through processing

T+1 ready, 24 hours a day

NGT runs around the clock and supports real-time trading across all major markets and time zones. NGT continues to work while you sleep.

Every execution model in one ecosystem

Bilateral stock loans and centrally cleared U.S. equities run together in one ecosystem. NGT supports bilateral securities lending, while ECS Loan Market adds central clearing for U.S. equities.

Lower operational risk

NGT synchronises trade records on both sides of every transaction. Matched data reduces comparison breaks, and the settlement fails caused by mismatched records.

Built-in market discovery

Targeted Availability publishes executable inventory lists, and Indications of Interest surface market demand. Competitive Bid adds DataLend market data next to live orders for managing specials.

See NGT in action

Watch how NGT streamlines trading across the desk.

How firms use NGT across the desk

Automate trade responses at scale

Agent lenders pair NGT with AutoLend to respond to borrow requests automatically against their lending parameters. Routine decisions run without trader input, so the desk handles higher volume without adding headcount.

Reach the full borrowing market

Broker-dealers leverage NGT to access their full lending client base across 30 markets. SmartBorrow and Locates help cover short positions faster and meet locate requirements.

Move from phone and email to automated STP

Firms coming off phone, email, and chat negotiation connect to NGT through the browser or automated messaging.

Trade around the clock, in every market

Desks trading across time zones use NGT's 24-hour availability for real-time execution in every major market.

Part of the Equilend ecosystem

NGT connects to Equilend Post-Trade solutions through OneFile and works with AutoLend, SmartBorrow, Locates, Push Lists, Rate Optimizer, and Pricing Engine. DataLend market data surfaces in the trade workflow through Competitive Bid, giving firms one path from execution through settlement and reporting.

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Key features and technical specifications

Feature
Description
Real-time negotiation

Live bid and offer workflow for real-time on-screen trade negotiation

Straight-through processing

Automates trade decisions and bookings through Equilend's proprietary messaging protocol, reducing manual intervention

Targeted Availability (TA)

Publish up-to-date, executable inventory directly to the market for faster, more efficient execution

Indications of Interest (IOI)

Market discovery tool that surfaces borrow and lend demand

24/5, T+1-ready access

Trade across 30+ global markets with 24/5 availability, supporting T+1 settlement and settlement fail coverage

Automated trading logic

Configure trading rules, restrictions, and auto-accept workflows to automate execution while maintaining control

Download the NGT 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

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Frequently asked questions

What is NGT?

NGT (Next Generation Trading) is the securities finance market's largest electronic trading platform. It connects 145+ firms across 30+ markets, with more than $200 billion in notional traded every day, covering bilateral stock loan, fixed income, and hard-to-borrow securities.

Who trades on NGT?

Agent lenders, broker-dealers, and other securities finance participants use NGT to negotiate and execute on screen or through fully automated straight-through processing against their trading parameters.

Which markets does NGT cover?

NGT supports trading across 30+ global markets with 24/5 availability, supporting T+1 settlement and settlement fail coverage in every major market and time zone.

How does NGT connect to the rest of the Equilend ecosystem?

NGT connects to Equilend Post-Trade solutions through OneFile and works with AutoLend, SmartBorrow, Locates, Push Lists, Rate Optimizer, and Pricing Engine. DataLend market data surfaces in the trade workflow through Competitive Bid.

Connecting
Securities Finance

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