SecFinex

SecFinex

Type	Lending & Borrowing market
Location	London, United Kingdom
Founded	November 2000
Owner	Majority owner: Liffe (Holdings) plc (NYSE Euronext) (59.52%)[1] Minority owners: Société Générale Corporate & Investment Banking[2] Fortis Bank Nederland[2]
Key people	Allen Postlethwaite, founder and CEO
Ceased operating in December 2011. Formerly known as PPA Capital Limited

SecFinex was a UK-based electronic stock lending and borrowing platform that operated between 2000 and 2011.^[3] It was closed down in December 2011, when its main owner, NYSE Euronext, said that despite it believing that central counterparty would play an important part in stock borrowing in the future the business had not gained enough tracking and they had decided to no longer financial support it.^[4] The business was wound down and its authorization was removed from the FSA register on January 6, 2012.^[5]

Overview

Originally known as PPA Capital Limited, the company changed its name to SecFinex, Ltd. in November, 2000. As of March 2007, SecFinex, Ltd. operated as a subsidiary of Euronext and later operated as a subsidiary of LIFFE (Holdings) plc.^[6]

The trading platform covered equities on Dutch, French, German, Irish, Italian, Japanese, Spanish, Swedish, Swiss, the United Kingdom^[6] and US^[7] equity markets.

Transactions on SecFinex were cleared by the following CCPs:

• LCH.Clearnet - for the transactions on Belgian, French, Dutch and Portuguese stocks^[7][8]
• SIS x-clear for stock loan transactions in Austria, Denmark, Finland, Germany, Norway, Sweden, Switzerland^[9] and coverage of the UK market planned for 2011^[10]

SecFinex Limited was Authorised and Regulated by the Financial Services Authority (FSA)

Main competitors

• EquiLend

See also

• Securities lending
• Straight Through Processing (STP)
• Electronic trading
• NYSE Euronext

References

1. "NYSE Euronext 2009 NYSE Euronext 10-K (2009 Annual Report)". NYSE Euronext. 2010-03-01. p. 191. Retrieved 2011-01-19.
2. "Euronext buys 51% stake in securities lending platform SecFinex". TheTradeNews.com. 2006-12-19. Retrieved 2011-01-28.
3. "Euronext buys 51% stake in securities lending platform SecFinex". The Trading News. 2006-12-19. Retrieved 2011-01-15.
4. "SecFinex to close doors". Securities Lending Times. 2011-11-29. Retrieved 2012-01-14.
5. "FSA Register - SecFinex". FSA. 2012-01-06. Retrieved 2012-01-14.
6. "SecFinex Ltd. Company Overview". Bloomberg Business Week. Retrieved 2011-01-15.
7. "SecFinex Overview". LCH.Clearnet. Retrieved 2011-01-15.
8. "SLIB Extends its Clearing Solutions to SecFinex Securities Borrowing/Lending on LCH.Clearnet SA". DerivSource.com. 2009-09-15. Retrieved 2011-01-15.
9. "SecFinex signs with SIS x-clear for securities lending CCP". Finextra. 2008-11-25. Retrieved 2011-01-15.
10. "SecFinex products to be cleared by BNP Paribas Securities Services". euronext.com. 2009-01-17. Retrieved 2011-01-17.