NEW YORK, January 19, 2011 /PRNewswire/ --
BondLend, the automated technology platform for the Fixed Income community, announced today that BNP Paribas is the first broker dealer to use Straight-Through Processing for their Fixed Income Mark-to-Market service. Straight-Through Processing facilitates reconciliation actions on BondLend's comparison services to be automatically updated in BNP Paribas' proprietary system.
Steven B. Misischia, Managing Director of Fixed Income Trading Operations at BNP Paribas stated, "Using BondLend's Mark-to-Market Comparison service has increased our operational efficiency and will exponentially continue to do so as more lenders and dealers enroll. We are self-assured that Mark-to-Market Comparison will impart the same automated Straight-Through Process for Fed eligible securities, as has existed in the equities and corporate bond markets for at least 20 years."
He continued, "BondLend's Mark-to-Market Comparison has eliminated hours of phone calls, email correspondence and money variance reconciliations, allowing BNP Paribas to reallocate internal resources. We look forward to working with the BondLend team to further this initiative and to continue to be innovative in creating efficiencies and Straight-Through Processing within the industry."
Brian. P. Lamb, CEO of BondLend commented, "We are very excited to see the continued increased usage of our Fixed Income comparison services which provides extensive operational efficiencies and automation to our clients. We've received an overwhelmingly positive response from the Fixed Income community and look forward to continuing to create innovative technology solutions for them."
Many lenders within the Fixed Income community, including BNY Mellon and Credit Suisse, are also benefiting from using BondLend's Mark-to-Market comparison service daily.
BondLend is a securities finance technology platform created specifically to support the fixed income lending and repo community. BondLend's Trading and Financing Services provide automation for borrowing, lending and repo using a common standards-based protocol and infrastructure, and provide straight through processing eliminating manual processes, freeing up valuable resources. The BondLend post trade suite of services includes Contract Comparison, Mark-to-Market Comparison, and Billing Comparison. BondLend comparison services add efficiency and reduce the risk of potential collateral management errors. Comparison services are security type agnostic and support global usage for cash and non-cash records. BondLend's trading and post-trade services help drive down unit costs and increase efficiency. It allows firms to free up resources to expand their market presence, increase trading volumes, and reduce error rates all without additional cost. This makes the BondLend platform a cost-efficient choice for all institutions, regardless of size.