1Source: The Single Source of Truth for the Securities Finance Industry
1Source aims to resolve the industry’s central pain points and risks and develop state-of-the-art technological solutions while efficiently transforming the industry. 1Source leverages emerging technologies such as distributed ledger, to develop an industry-wide single source of truth for all securities finance transaction lifecycle events.
Every reconciliation break starts with two counterparties keeping separate records of the same trade
The reconciliation challenge
In securities finance, each counterparty keeps its own record of every trade. When those records diverge rates, returns, recalls, or any other lifecycle events, the result is a reconciliation break requiring investigation and resolution from both sides. Firms spend an estimated $42 million a year on the labor to fix these breaks, carries an estimated $32 million in duplicate reconciliation infrastructure, and loses an estimated $31 million in P&L to settlement fails and rate discrepancies.
A single shared record
1Source removes the cause: when borrowers and lenders work from one shared ledger, the records cannot diverge, so those breaks never occur. When fully implemented and adopted, 1Source is estimated to save the industry more than $100 million annually.
Why securities finance firms move to 1Source
Lower reconciliation labor cost
Retire duplicate reconciliation infrastructure
Fewer settlement fails and rate discrepancies
Built on the Canton Network
One source of truth across counterparties
Future-ready for tokenized markets
See 1Source in action
Watch how the shared ledger removes reconciliation from the trade lifecycle.
How firms use 1Source across the trade lifecycle
Trade affirmation
Both sides receive confirmation of the terms of a trade at the same time, on the same ledger.
Lifecycle recording
Agreed trade data is written to a shared ledger. Marks, rerates, returns, recalls, and other lifecycle events are recorded once and visible to both parties to the trade.
Real-time notification
When a lifecycle event is recorded, every connected participant is notified in real-time. Counterparties act on the same information.
Consistent reference data
1Source shares consistent reference data across counterparties, so both sides identify securities, counterparties, and terms the same way. Consistent reference data removes a common root cause of downstream breaks.
Part of the Equilend securities finance ecosystem
1Source works alongside Equilend's ecosystem of solutions. The data on Equilend branded products feeds the 1Source shared ledger.
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Key features and product capabilities
Feature
Description
Shared digital ledger
A single, distributed record of trade lifecycle data that all counterparties read from and write to.
Affirmation
Confirms trade terms across both counterparties at the same time, on the same ledger.
Recording
Writes agreed trade data to an immutable, shared record covering rerates, returns, recalls, and other lifecycle events.
Notification
Sends real-time updates to every connected participant when a lifecycle event is changed or recorded.
Reference data
Keeps reference data consistent across counterparties, so both sides identify securities and terms the same way.
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Related insights
Blog December 1, 2025
Equilend 1Source: Transforming Securities Finance Through Distributed Ledger Technology
Reconciliations cost the securities finance industry tens to hundreds of millions of dollars each year.
Blog October 30, 2025
The Next Chapter in Securities Finance: Equilend 1Source at Launch and Beyond
A phased rollout in partnership with some of the market’s largest players paves the way for industry-wide efficiency, transparency and scalability.
Blog October 12, 2023
1Source: Reconciliations and Transaction Breaks a Thing of the Past? As Featured in Securities Finance Times
In today’s Securities Finance Times RMA issue, Equilend’s Ken DeGiglio, Chief Information Officer, reflects on the journey of Equilend’s transformative 1Source initiative and the efficiencies it’s bringing to the marketplace by eliminating reconciliations for securities lending t
Frequently asked questions
What is 1Source?
1Source is Equilend's distributed ledger solution for securities finance. It gives borrowers and lenders access to the same trade lifecycle data in real-time, so the mismatches that cause reconciliation breaks never form. It is built on distributed ledger technology and runs on the Canton Network.
How does 1Source reduce reconciliation breaks?
Reconciliation breaks happen because each counterparty keeps its own record of a trade, and those records drift apart over the life of the trade. 1Source replaces the separate records with one shared ledger. When both sides read from and write to the same record, there is nothing to reconcile.
What does 1Source do across the trade lifecycle?
1Source handles affirmation, recording, notification, and reference data on a single shared ledger. Trade terms are affirmed once for both sides, agreed data is recorded to an immutable record, every participant is notified of lifecycle events in real-time, and reference data stays consistent across counterparties.
What is the Canton Network, and why does 1Source use it?
1Source is built on the Canton Network, a privacy-first blockchain for regulated financial markets. It enables secure, real-time data sharing through a single shared ledger, helping eliminate reconciliation breaks, reduce settlement risk, and improve interoperability across participants.
What is the business case for 1Source?
Reconciliation is expensive. Industry estimates put the cost at $42 million a year in labor, $32 million in duplicate technology infrastructure, and $31 million in P&L lost to settlement fails and rate discrepancies. 1Source removes the breaks that drive those costs.
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