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.

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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

U.S. broker-dealers carry counterparty credit exposure on every bilateral securities loan. That exposure consumes balance sheet capacity and regulatory capital at a time when both are becoming scarcer. Bilateral trading can also add to operational complexity. Each new counterparty relationship requires legal documentation. This increase in operational overhead can lead to trade breaks, settlement failures, and more reconciliations. Firms are further constrained by the counterparties with which they have established legal relationships, limiting access to liquidity across general collateral, ETFs, and hard-to-borrow securities.

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 U.S. equities

OCC-cleared

Every matched trade is cleared through the central counterparty

NGT and PTS connected

Access additional source of market liquidity through 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

Access broader market liquidity

Manage the entire trade lifecycle

Connect by API or browser

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 optimize 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, adding 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.

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One powerful platform

Connected Architecture Integration Layer APIs, Adapters, MCPs Data & Insights Datalend Real-Time Analytics Predictive Insights Orbisa Finadium Research Pre-Trade Availability Locates Dashboards SSIs Onboard+ Post-Trade Re-Rates & Rate Optimizer Returns & Recalls Settlement Monitor Exposure Management Billing / Div Comparison Regulatory Compliance SFTR Reporting MiFID Delegated Reporting 10c-1a Reporting ALD T+1 Compliance Trade
Execution NGT ECS Workflow Automation Front Office Automation Order Management / Routing Borrow / Loan Automation Position Optimization Pricing Engine Back Office Foundation Books & Records Real-Time Inventory Collateral Optimization Cash Reinvestment CAL & Fully Paid Lending Billing & Reporting Settlement Processing Conduit Monitor 1Source Single Golden Source of Transaction Truth Professional & Consulting Services

Key features and product capabilities

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.

Ready to trade a centrally cleared securities lending market?

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Frequently asked questions

What is ECS Loan Market?

ECS Loan Market is Equilend's centrally cleared securities lending market for U.S. equities, ETFs, and ADRs. Supply and demand are matched and routed to OCC for clearance and settlement, so participants face the central counterparty rather than each other.

Do I need a Master Securities Lending Agreement to trade?

No. Participants face OCC on an anonymized basis, which removes the need to negotiate or maintain a bilateral MSLA with each counterparty.

Which securities are eligible?

Trade across more than 5,000 OCC-eligible U.S. equities, ETFs, and ADRs, with support for general collateral and hard-to-borrow securities.

Who acts as the central counterparty?

OCC is the central counterparty on every matched trade. Facing the CCP removes bilateral counterparty credit risk and reduces the balance sheet cost of your lending book.

How do I connect to ECS Loan Market?

You can connect through system-to-system API services or the browser-based screen. Spreadsheet upload lets you post borrow needs and loan supply in bulk, and you can manage rate changes and recalls through API or GUI.

Which lifecycle events does the platform support?

ECS Loan Market supports returns, recalls, rerates, marks, and corporate actions. Rate changes and recalls process through API or GUI with automated email notifications.

Is ECS Loan Market regulated?

Yes. ECS Loan Market operates through a FINRA-regulated broker-dealer and an SEC-registered ATS, with OCC as the central counterparty.

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