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End of AutoBorrow coincides with the rise of NGT
One of the earliest electronic trading platforms to grace the $2trn securities lending business has reached the end of its shelf life.
AutoBorrow, part of New York-based EquiLend, will be phased out this year, leaving its younger and more technically advanced sibling NGT to take its place.
First launched in 2001, AutoBorrow was a novel piece of technology for its time.
It brought automation to what was largely a manual business where stock loan trades were based around emails and phone conversations.
Borrowers of securities (prime brokers) could electronically match up with lenders by using AutoBorrow.
A system of 'schedules' was implemented early on...