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EquiLend says Goldman Sachs has joined 1Source, its distributed-ledger platform for securities finance. Goldman is the third named institution on the platform, alongside Bank of New York and National Bank of Canada; no launch date, transaction volumes or measured performance results were provided.
Goldman Sachs has joined 1Source, a distributed-ledger technology platform for securities finance run by EquiLend, the companies’ announcement reported by Finextra says. Goldman is the third institution named as a participant, after Bank of New York and National Bank of Canada, adding a major securities borrower to a platform intended to streamline lending operations.
EquiLend announced Goldman Sachs’ participation in 1Source, which uses distributed-ledger technology, or DLT, for securities finance. The source identifies Goldman as one of the industry’s largest borrowers, a characterization attributed to EquiLend chief executive Rich Grossi. It does not specify the scope of Goldman’s involvement, the services it will use or when its participation will begin.
1Source’s other named institutional participants are Bank of New York and National Bank of Canada. EquiLend says the platform is designed to improve process efficiency, reduce operational breaks and eliminate reconciliations. It also says the system is intended to lower costs and improve settlement rates. These are stated design goals, not reported outcomes: the announcement provides no performance figures or independently measured results.
Grossi said Goldman’s involvement could increase the platform’s benefit for participants by reducing costs and improving operational efficiency. His comments describe EquiLend’s expectations. The source does not include a statement from Goldman Sachs, nor does it set out any commitment by the bank to move a particular share of its securities lending activity onto 1Source.
A Major Borrower Joins 1Source
Goldman Sachs’ participation matters because securities finance platforms may become more useful as more institutions join and conduct activity through them. A large borrower could bring additional activity to 1Source, while also giving EquiLend an opportunity to test its operating model with a prominent market participant. That potential is not evidence of adoption at scale; the announcement gives no indication of how much business Goldman will conduct on the platform.
EquiLend’s stated goals address operational work that can accompany securities lending, including reconciliation between participants and the handling of breaks in processes. If the platform delivers the promised efficiencies, users could see simpler workflows and lower processing costs. But no cost savings, settlement improvement or reduction in breaks has been quantified in the information available. For market participants evaluating the announcement, participation is confirmed; operational benefits remain unproven.
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Three Institutions Named on 1Source
1Source is EquiLend’s DLT-based platform for securities finance. The source describes it as being designed to improve operational efficiency in securities lending, rather than reporting completed results or a broad industry rollout. With Goldman Sachs joining, EquiLend has named three institutional participants: Goldman, Bank of New York and National Bank of Canada. The announcement does not provide a fuller participant list or clarify whether these institutions are live on the platform.
The report also places the announcement against consolidation in the securities lending market. It says eSecLending was acquired by Capitolis at the end of September, but does not specify the year in the supplied text. It also notes that EquiLend was acquired by private equity firm WCAS in September 2024. Those transactions provide industry context, but the source does not say either acquisition led to Goldman’s decision or changed 1Source’s plans.
“We are excited to welcome Goldman Sachs, one of the industry’s largest borrowers, onto the 1Source platform.”
— Rich Grossi, EquiLend chief executive
Participation Scope and Results Unknown
The announcement does not say when Goldman will begin using 1Source, which securities finance processes it will use the platform for, or how much activity it expects to route through it. It also does not clarify whether the other named participants are already operating on the platform or are at an earlier stage of involvement.
EquiLend has described expected benefits, but supplied no data on settlement rates, reconciliation volumes, operational breaks or cost savings. The report also offers no comment from Goldman Sachs confirming the bank’s own objectives or describing how its participation was agreed. Until those details are disclosed, the practical scale and effect of the addition remain unclear.
Look for Usage and Performance Data
The next useful updates would clarify Goldman’s implementation timeline, the activities it will conduct through 1Source and whether additional institutions join. The source does not announce a launch date, a forthcoming milestone or a schedule for further disclosures.
Evidence of impact would require operational figures over a stated period, such as changes in reconciliation work, breaks, costs or settlement performance, alongside a clear comparison basis. Until EquiLend or participating institutions provide that information, the platform’s stated benefits should be treated as goals rather than demonstrated outcomes.
Key Questions
What is 1Source?
1Source is EquiLend’s distributed-ledger platform for securities finance. EquiLend says it is designed to improve efficiency and reduce reconciliation work and operational breaks.
Which institutions have joined the platform?
The report names Goldman Sachs, Bank of New York and National Bank of Canada as the three institutions on 1Source. It does not provide a complete participant list.
Has 1Source reduced costs or improved settlement rates?
Those are EquiLend’s stated aims for the platform. The announcement provides no measured results showing that costs have fallen or settlement rates have improved.
When will Goldman Sachs start using 1Source?
The report gives no start date or implementation schedule and does not specify which Goldman securities finance activity will use the platform.
Why does Goldman Sachs’ participation matter?
EquiLend describes Goldman as one of the industry’s largest borrowers, so its involvement could add activity to the platform. The announcement does not say how much business Goldman will conduct through 1Source.
Source: finextra.com
