Next Generation Trading: The Securities Finance Market's Largest Electronic Platform

NGT connects 145+ firms across 30+ markets, with more than $230B 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

Securities finance desks handle more counterparties, more demand, and more complexity than manual workflows can support. Phone, email, and chat-based negotiation slows execution, creates keying errors, and leaves liquidity unused.

Fragmented market connectivity

Fragmented counterparty relationships each require their own infrastructure and traders get limited visibility into market depth for hard-to-borrow names. Mismatched records between lender and borrower cause settlement fails.

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.

$230B

Daily average Notional

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

Every execution model in one ecosystem

Lower operational risk

Built-in market discovery

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 and Regulatory 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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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

Real-time negotiation

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

Straight-Through Processing (STP)

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 50+ 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.

Ready to try NGT on your desk?

Related insights

Blog August 13, 2026

Monthly Securities Finance Market Review: July 2026

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his July securities finance market review, highlighting record platform activity, strong fixed income growth, and sustained global demand for hard-to-borrow securities.

Blog July 9, 2026

Monthly Securities Finance Market Review: June 2026

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his June securities finance market review, highlighting record quarterly trading activity, broad-based growth across equities and fixed income, and the strongest monthly notional on record.

Blog June 10, 2026

Monthly Securities Finance Market Review: May 2026

EquiLend’s Head of Trading Solutions, Mike Norwood, shares his February securities finance market review, highlighting how sector rotation, artificial intelligence-driven dispersion, and shifting macro conditions shaped activity across EquiLend NGT.

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Frequently asked questions

What is NGT?

NGT (Next Generation Trading) is Equilend's electronic trading platform for securities finance. It connects 145+ firms across 30+ markets for bilateral stock loan, fixed income, and hard-to-borrow securities, with more than $230B in notional traded daily.

How do firms connect to NGT?

Firms access NGT through a web browser or through Equilend's proprietary messaging protocol for automated straight-through processing.

Is NGT ready for T+1 settlement?

Yes. All NGT trading products are T+1 ready, and the platform runs 24 hours a day for real-time trading across every major market, including coverage for settlement fails.

What is Competitive Bid?

Competitive Bid is an NGT workflow for managing specials and hard-to-borrow securities. It shows inventory, demand, open contracts, and Datalend market data next to live orders, and it is included in the current NGT solution at no extra cost.

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