Systems and methods for electronically initiating and executing securities lending transactions

1. A computer-implemented method, comprising:

obtaining, using at least one processor, order data comprising a plurality of orders to lend or borrow securities;

computing, using the at least one processor, first metrics indicative of capabilities of a plurality of first counterparties to fulfill corresponding portions of the orders in accordance with a first matching criterion;

generating, using the at least one processor, a first electronic instruction to transmit, to a device of a trader, first information identifying the capabilities of the first counterparties to fulfill the corresponding portions of the orders, the first information comprising the computed first metrics;

receiving, using the at least one processor, and from the trader device, a selection of one of the first counterparties, the selected first counterparty being capable of fulfilling a first portion of the orders;

executing, using the at least one processor, one or more first transactions between the trader and the selected first counterparty to lend or borrow securities associated with the first portion of the orders;

identifying a portion of the orders that remain unfulfilled by the selected first counterparty; and

computing second metrics indicative of capabilities of a plurality of second counterparties to fulfill corresponding portions of the remaining orders in accordance with the first matching criterion.

2. The method of claim 1 , wherein the first matching criterion comprises information identifying at least one of a quantity of a security, a type of collateral, a type of transaction fee arrangement, an acceptance by the trader of partial order fulfillment, a settlement date, a transaction duration, a dividend requirement, or a loan currency.

3. The method of claim 1 , wherein the executing comprises executing the one or more first transactions in accordance with a first acceptance of automated trading between the trader and the selected first counterparty.

4. The method of claim 1 , wherein the obtaining comprises obtaining the first matching criterion from the trader.

5. The method of claim 1 , further comprising:

generating a second electronic instruction to transmit, to the trader device, second information identifying the capabilities of the second counterparties to fulfill the corresponding portions of the remaining orders in accordance with the first matching criterion, the second information comprising the second metrics;

receiving, from the trader, a selection of one of the second counterparties, the second counterparty being capable of fulfilling a second portion of the remaining orders; and

executing, using the at least one processor, one or more second transactions between the trader and the selected second counterparty to lend or borrow securities associated with the second portion of the remaining orders in accordance with an acceptance of automated trading between the trader and the selected second counterparty.

6. The method of claim 5 , further comprising generating a third electronic instruction to submit information associated with at least one of the first or second executed transactions to at least one of a central clearing party or a counterparty in a bilateral over-the-counter market.

7. The method of claim 3 , wherein:

the method further comprises determining, using the at least one processor, whether the first acceptance corresponds to an active agreement between the trader and the selected first counterparty; and

the executing further comprises executing the one or more first transactions between the trader and the selected first counterparty, when the first acceptance corresponds to the active agreement.

8. The method of dam 1 , further comprising:

receiving information identifying initial parameters of a second transaction to lend or borrow a security;

generating an electronic instruction to provide the initial parameters to a first counterparty;

initiating communications between the trader and the counterparty to negotiate final parameters of the transaction;

during the negotiations of the final parameters, using the at least one processor, at least one of (i) providing information identifying the trader to the first counterparty or (ii) providing information identifying the first counterparty to the trader; and

executing the transaction in accordance with the negotiated final parameters.

9. The method of claim 1 , further comprising:

receiving information identifying initial parameters of a transaction to lend or borrow a security, the initial parameters comprising an identifier of the security and a quantity of the security;

generating an electronic instruction to provide the initial parameters to a trading partner having a relationship with the trader established by mutual agreement;

initiating communications between the trader and the trading partner to negotiate final parameters of the transaction; and

executing, using the at least one processor, the transaction in accordance with the final parameters.

10. The method of claim 1 , further comprising:

receiving information identifying initial parameters of a transaction to lend or borrow a security;

generating an electronic instruction to provide the initial parameters to a plurality of counterparties;

using the at least one processor, initiating communications between the trader and the counterparties to negotiate final parameters of the transaction; and

executing, using the at least one processor, the transaction in accordance with the final parameters.

11. The method of claim 1 , wherein:

the first matching criterion comprises a preview criterion; and

first information comprises a preview identifying the capabilities of the first counterparties to fulfill the corresponding portions of the orders in accordance with the preview criterion.

12. The computer-implemented method of claim 1 , wherein:

at least one of selected first counterparty or the selected second counterparty is representative of a plurality of entities;

the entities are willing to lend or borrow securities associated with corresponding portions of the orders in accordance with a transaction parameter specified by the trader; and

at least one of the entities is anonymous.

13. The computer-implemented method of claim 1 , wherein the order data specifies transaction parameters for the orders, the transaction parameters comprising at least one of a quantity of a security, a type of collateral, a type of transaction fee arrangement, an acceptance by the trader of partial order fulfillment, a settlement date, a transaction duration, a dividend requirement, or a loan currency.

14. The computer-implemented method of claim 1 , wherein the at least one processor obscures, from the selected first counterparty, a performance of at least one of the steps of obtaining the order data, computing the first metrics, generating the first electronic instruction, receiving the selected first counterparty, executing the one or more first transactions, identifying the unfulfilled portion of the orders, or computing the second metrics.

15. The computer-implemented method of claim 1 , further comprising:

obtaining a second matching criterion, the second matching criterion being different from the first matching criterion;

generating a second electronic instruction to transmit, to the trader device, second information identifying capabilities of one or more second counterparties to fulfill portions of the remaining orders in accordance with the received second matching criterion;

receiving, from the trader device, a selection of one of the second counterparties, the selected second counterparty being capable of fulfilling a second portion of the orders; and

executing one or more second transactions between the trader and the selected second counterparty to lend or borrow securities associated with the second portion of the orders.

16. The computer-implemented method of claim 1 , wherein the first matching criterion comprises a first default criterion, and wherein the method further comprises:

obtaining information identifying a second matching criterion specified by the trader; and

modifying the first default criterion in accordance with the second matching criterion.

17. An apparatus, comprising:

a storage device; and

at least one processor coupled to the storage device, wherein the storage device stores a program for controlling the at least one processor, and wherein the at least one processor, being operative with the program, is configured to:

obtain order data comprising a plurality of orders to lend or borrow securities;

compute first metrics indicative of capabilities of a plurality of first counterparties to fulfill corresponding portions of the orders in accordance with a first matching criterion;

generate a first electronic instruction to transmit, to a device of a trader, first information identifying the capabilities of the first counterparties to fulfill the corresponding portions of the orders, the first information comprising the computed first metrics;

receive, from the trader device, a selection of one of the first counterparties, the selected first counterparty being capable of fulfilling a first portion of the orders;

execute one or more first transactions between the trader and the selected first counterparty to lend or borrow securities associated with the first portion of the orders;

identify a portion of the orders that remain unfulfilled by the selected first counterparty; and

compute second metrics indicative of capabilities of a plurality of second counterparties to fulfill corresponding portions of the remaining orders in accordance with the first matching criterion.

18. The apparatus of claim 17 , wherein the first matching criterion comprises information identifying at least one of a quantity of a security, a type of collateral, a type of transaction fee arrangement, an acceptance by the trader of partial order fulfillment, a settlement date, a transaction duration, a dividend requirement, or a loan currency.

19. The apparatus of claim 18 , wherein the at least one processor is further configured to execute the one or more first transactions in accordance with a first acceptance of automated trading between the trader and the selected first counterparty.

20. The apparatus of claim 17 , wherein the at least one processor is further configured to obtain the first matching criterion from the trader.

21. The apparatus of c aim 17 , wherein the at least one processor is further configured to:

generate an electronic instruction to transmit, to the trader device, second information identifying the second counterparties and the corresponding ones of the second metrics;

receive, from the trader device, a selection of one of the second counterparties, the second counterparty being capable of fulfilling at least a second portion of the remaining orders; and

execute one or more second transactions between the trader and the selected second counterparty to lend or borrow securities associated with the second portion of the remaining orders.

22. The apparatus of claim 21 , wherein the at least one processor is further configured to generate a third electronic instruction to submit information associated with at least one of the first or second executed transactions to at least one of a central clearing party or a counterparty in a bilateral over-the-counter market.

23. The apparatus of claim 19 , wherein the at least one processor is further configured to;

determine whether the first acceptance corresponds to an active agreement between the trader and the selected first counterparty; and

execute the one or more first transactions between the trader and the selected first counterparty, when the first acceptance corresponds to the active agreement.

24. The apparatus of claim 17 , wherein the first matching criterion comprises a first default criterion, and wherein the at least one processor is further configured to:

obtain information identifying a second matching criterion specified by the trader; and

modify the first default criterion in accordance with the second matching criterion.

25. A computer-implemented method, comprising:

obtaining, using at least one processor, order data comprising a plurality of orders to lend or borrow securities;

generating, using the at least one processor, an electronic instruction to transmit, to a device of a trader, first information identifying capabilities of one or more first counterparties to fulfill corresponding portions of the orders in accordance with a first matching criterion;

receiving, using the at least one processor, and from the trader in response to the transmitted first information, a selection of one of the first counterparties, the selected first counterparty being capable of fulfilling a first portion of the orders;

obtaining, using the at least one processor, information identifying a first acceptance of automated trading between the trader and the selected first counterparty;

determining, using the at least one processor, whether the first acceptance represents an active agreement between the trader and the selected first counterparty; and

when the first acceptance corresponds to the active agreement, executing, using the at least one processor, at least one first transaction between the trader and the selected first counterparty to lend or borrow securities associated with the first portion of the orders, the first transaction being executed in accordance with the first acceptance.

26. The computer-implemented method of claim 25 , further comprising:

identifying a portion of the orders that remain unfulfilled by the selected first counterparty; and

computing second metrics indicative of capabilities of a plurality of second counterparties to fulfill corresponding portions of the remaining orders in accordance with the first matching criterion.

27. The method of claim 26 , further comprising:

generating a second electronic instruction to transmit, to the trader device, second information identifying the capabilities of the second counterparties to fulfill the corresponding portions of the orders in accordance with the first matching criterion, the second information comprising the second metrics;

receiving, from the trader, a selection of one of the second counterparties, the second counterparty being capable of fulfilling at least a second portion of the remaining orders; and

executing, using the at least one processor, one or more second transactions between the trader and the selected second counterparty to lend or borrow securities associated with the second portion of the remaining orders; and

generating a third electronic instruction to submit information associated with at least one of the first or second executed transactions to at least one of a central clearing party or a counterparty in a bilateral over-the-counter market.

28. An apparatus, comprising:

a storage device; and

at least one processor coupled to the storage device, wherein the storage device stores a program for controlling the at least one processor, and wherein the at least one processor, being operative with the program, is configured to:

obtain order data comprising a plurality of orders to lend or borrow securities;

generate an electronic instruction to transmit, to a device of a trader, first information identifying capabilities of one or more first counterparties to fulfill corresponding portions of the orders in accordance with a first matching criterion;

receive, in response to the transmitted first information, a selection of one of the first counterparties, the selected first counterparty being capable of fulfilling a first portion of the orders;

obtain information identifying a first acceptance of automated trading between the trader and the selected first counterparty;

determine whether the first acceptance corresponds to an active agreement between the trader and the selected first counterparty; and

when the first acceptance corresponds to the active agreement, execute at least one first transaction between the trader and the selected first counterparty to lend or borrow securities associated with the first portion of the orders, the first transaction being executed in accordance with the first acceptance.

29. The apparatus of claim 28 , wherein the at least one processor is further configured to:

identify a portion of the orders that remain unfulfilled by the selected first counterparty; and

compute second metrics indicative of capabilities of a plurality of second counterparties to fulfill corresponding portions of the remaining orders in accordance with the first matching criterion.

30. The apparatus of claim 29 , wherein the at least one processor is further configured to:

generate a second electronic instruction to transmit, to the trader device, second information identifying the capabilities of the second counterparties to fulfill the corresponding portions of the orders in accordance with the first matching criterion, the second information comprising the second metrics;

receive a selection of one of the second counterparties, the second counterparty being capable of fulfilling at least a second portion of the remaining orders; and

execute one or more second transactions between the trader and the selected second counterparty to lend or borrow securities associated with the second portion of the remaining orders; and

generate a third electronic instruction to submit information associated with at least one of the first or second executed transactions to at least one of a central clearing party or a counterparty in a bilateral over-the-counter market.