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  3. EquiLend’s 1Source goes live with BNY and National Bank of Canada
Industry news

EquiLend’s 1Source goes live with BNY and National Bank of Canada


14 October 2025 US
Reporter: Karl Loomes

Generic business image for news article
Image: VideoFlow/stock.adobe.com
EquiLend has announced that BNY and National Bank of Canada have begun executing trades on its distributed ledger technology (DLT)-based 1Source platform, designed to increase efficiency, reduce trade breaks, and eliminate reconciliations in securities finance.

The development marks a key milestone for EquiLend’s initiative to create a single, golden source of truth for securities lending and financing transactions, according to the firm.

Goldman Sachs is expected to join the platform imminently, while additional counterparties are progressing toward adoption.

Developed in collaboration with leading market participants, the company says 1Source aims to transform post-trade workflows by removing downstream reconciliations and streamlining operational processes.

Rich Grossi, CEO of EquiLend, says: “The onboarding of BNY and National Bank of Canada to 1Source marks another significant step forward in our mission to transform post-trade infrastructure across the securities finance industry.

“Each new participant strengthens the network effect of 1Source, accelerating the industry-wide benefits of improved accuracy, transparency, and efficiency.â€

Nehal Udeshi, head of securities finance at BNY, says: “This milestone underscores BNY’s commitment to innovation and leveraging new technologies to mitigate risk. By using 1Source, we are aiming to manage challenges associated with manual reconciliation while delivering benefits to our clients.

“As more counterparties join, scale will drive improved efficiencies and smoother collaboration for everyone involved.â€

Carl Attie, managing director and head of global securities finance at National Bank of Canada, adds: “We are pleased to join 1Source as part of our ongoing focus on technology-driven solutions for our clients and counterparties.

“This milestone lays the foundation for broader adoption and future enhancements, enabling us to streamline processes, increase efficiency, and enhance resilience in the securities finance marketplace.â€

Nick Delikaris, chief product officer at EquiLend, concludes: “We are thrilled to welcome BNY and National Bank of Canada to 1Source, alongside the growing pipeline of institutions preparing to come on board, including Goldman Sachs.

“This milestone underscores the industry’s commitment to collaboration and innovation. 1Source is rapidly becoming the foundational layer of infrastructure that will define the future of securities finance.â€
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