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New Sec-Lending Platform Aims to Give Beneficial Owners Bigger Piece of the Pie

A pair of industry heavyweights--former Securities and Exchange Commission chairman Harvey Pitt and LocateStock.com founder and CEO John Tabacco--are backing a new electronic securities lending platform. The system, LendEx, will cater to beneficial owners and is the first to offer what it calls central counterparty (CCP) services.

Jersey City, N.J.-based LendEx is set to be pilot-tested on April 2 with two broker-dealers, two trust companies and a self-clearing hedge fund. It anticipates becoming operational in May.

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