Swedish online brokerage pioneer Nordnet deploys Citi Securities Lending Access platform
“Nordnet was one of the first online brokers in Sweden and has since expanded into a pan-Nordic leading digital platform for savings and investments. We are proud to add this collaborative initiative to our ever-growing list of market innovations for our customers.”
Nordnet AB (Nordnet), a pan-Nordic digital platform for savings and investments, has become the first Swedish client of Citi Securities Services to start lending through its Citi Securities Lending Access platform.
The goal is to enable Nordnet, one of the first online brokers in Sweden, to scale its securities lending programme to new markets and new client segments.
Securities lending solution that reaches banks, brokers, investment advisors
The end-to-end solution, co-sponsored by Citi Ventures‘ D10X programme, digitizes and automates the entire securities lending lifecycle by combining Citi’s lending platform and Sharegain’s technology.
The Citi Securities Lending Access platform offers clients lending programmes that are tailored to the needs of underlying individual investors as well as traditional lenders, Citi stated, arguing that the solution looks to democratize the securities lending industry by enabling access to a broader spectrum of investors through their existing banks, brokers or investment advisers.
The securities lending solution also brings new pools of untapped and diversified securities to borrowers for the first time.
“Paving the way for future democratisation of securities lending”
Quincy Curry, Director of Securities Brokerage at Nordnet, added: “Nordnet was one of the first online brokers in Sweden and has since expanded into a pan-Nordic leading digital platform for savings and investments. We are proud to add this collaborative initiative to our ever-growing list of market innovations for our customers.”
Okan Pekin, Global Head of Securities Services at Citi, commented: “Citi continues to embrace innovative ideas to deliver new services to our clients. By leveling the playing field, we anticipate this solution will help pave the way for future democratisation of securities lending.”
Ola Mjorud, Nordic Head of Securities Services, at Citi, said: “We are excited to provide Nordnet with this innovative solution, which enables increased profitability and additional revenue stream for their end clients.”
Citi Agency Securities Lending has trading desks in five countries covering 75 lending markets, and local expertise from over 60 proprietary custody branches. The division combines markets-based experience with traditional banking oversight and structure.