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Equilend : EquiLend 10th Anniversary
equilend – 10 yeaRS of innovaTion 10 D ecades: Why did EquiLend form when it did? It’s hard for anyone to imagine this now but in the late 1990s everyone was petrified of the Y2K bug – which of course never happened! In addition, there was huge internal pressure to produce an internet strategy – I recall a long and involved questionnaire going round UBS that everyone had to answer. So, while the required contribution to EquiLend of $4m was a lot, there was a big pot of money at UBS ring-fenced for initiatives like this. I think the other pressure was regulatory. Complaints about short-selling and the lack of transparency in stock lending are cyclical: we are facing a peak to that cycle now; we had one during the crisis and there was one back after the dot-com crash. So there Seizing control Ian Strafford-Taylor was head of equity collateral trading at UBS. He talks about EquiLend’s transparency benefits and how he went on to start a retail currency business in London EL.indb 10 26/08/2011 09:54