PITTSBURGH - Mellon Global Securities Lending on Tuesday announced that it has started a proprietary service that lets it auction individual issues of securities online.
Mellon I-Bid lets the company award specific issues of sought-after U.S. and foreign equities through the Internet. Borrowers submit bids interactively using private, highly secure technology, the company said.
Kathy Rulong, manager of domestic trading, said the service allows Mellon to offer securities simultaneously to many borrowers around the world and gives its traders an efficient way to gauge market demand.
The service improves "even further" on the telephone auction service the company introduced three years ago, she said.
Mellon I-Bid was developed in collaboration with Grant Street Group, a Pittsburgh-based provider of financial e-commerce services.