AQS Non-Clearing Members
Non-Clearing Members (NCM) are not Clearing Members of The Options Clearing Corporation (OCC) and must be sponsored by one or more registered AQS Clearing Members. There are two classes of Non-Clearing Members:
- Primary Liquidity Providers (PLP) are institutional lenders of securities defined as agent lenders, third party lenders, or beneficial owners.
- Electronic Participants (EP) include borrowers and/or lenders of securities and market makers of securities borrows and loans (i.e., hedge funds)
Benefits for Non-Clearing Members
Improved Access and Transparency
Like any over-the-counter trading market, access to the supply of and demand for securities loans is subject to the limitations of bilateral credit relationships. AQS, as a central market hub, offers universal access to market liquidity for lenders and borrowers.
Reduction in Systemic Risk
All AQS transactions are guaranteed by the OCC, where default risk is mutualized and guaranteed by the clearing corporation, as it is with any centrally cleared product.
Regulatory Compliance
We believe over-the-counter conventions will continue to evolve into codified regulation, and AQS will continually make its best effort to design and update its systems to allow for automated compliance with all relevant rules and regulations whenever possible. AQS provides a standardized, auditable source of securities lending transactions for both Clearing and Non-Clearing Members.
AQS Agent Lender Sales
Timothy Keenan
212.905.5647
tkeenan@quadriserv.com
AQS Hedge Fund Sales
Andy Lazar
212.905.2673
alazar@quadriserv.com
| © 2009 Automated Equity Finance Markets, Inc. “AQS” is a registered trademark of Automated Equity Finance Markets, Inc., a wholly owned subsidiary of Quadriserv, Inc. All rights reserved. Patents pending. Disclosures |
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