Goldman Sachs Uses 1Source Platform to Process Securities Finance on a Shared Ledger
Key Facts
Equilend announced on October 28, 2026, that Goldman Sachs is using its 1Source platform, which is based on distributed ledger technology, in securities finance. The announcement places the bank among participants in a shared ledger for securities lending and financing transactions, after the company said it was using the platform. Equilend said Goldman Sachs "joins BNY and National Bank of Canada on 1Source." The company presents the expansion as a step toward increasing the platform’s impact as participation grows. This means the news concerns the use of shared operating infrastructure, not a separate announcement in the form of formal membership.
Equilend describes 1Source as a single source for records of securities lending and financing transactions, allowing participants to work from a shared ledger. The company says this approach addresses the friction caused by reconciling different parties’ records, a process that may require manual reviews. It said the platform increases efficiency, reduces reconciliation errors and eliminates manual settlement between ledgers. It also says it aims to reduce settlement errors and comparison fees with third parties and improve settlement rates. Equilend links these benefits to better operating outcomes for participants, without providing a measured assessment of the platform’s impact at Goldman Sachs in the announcement.
BNY and National Bank of Canada previously announced that they had begun sending live transactions to the 1Source ledger in the previous October, according to Equilend. This indicates that the platform had moved to processing actual transactions at two institutions before the announcement that Goldman Sachs was using it. The company says the new bank’s participation will expand the range of benefits available to the community using the platform. The announcement quoted Equilend Chief Executive Rich Grossi as saying Goldman Sachs’ participation "will expand the benefits of the platform by lowering costs and increasing operational efficiency among participants." The expansion is tied to reducing discrepancies between transaction data exchanged by institutions, according to the company’s vision for how the shared ledger works.
The announcement comes in a market that saw growth in global securities finance activity during 2025. S&P Global data cited by the National Association of Insurance Commissioners showed revenue of $14.906 billion for the full year, up 27% year over year. The average value of securities on loan was $3.100 trillion, up 16% from 2024. U.S. insurer figures also show that reinvestment collateral related to securities lending rose to $41.9 billion at the end of 2025, from $34.1 billion at the end of 2024. That collateral remained at 0.4% of total cash and invested assets in both periods.
Equilend markets the platform’s potential savings as estimates, not financial results already achieved. The company cites third-party estimates that 1Source could save industry participants hundreds of millions of dollars. On the platform’s page, Equilend estimates savings of more than $100 million annually when implementation and adoption are complete. The company attributes this potential to reducing settlement errors and comparison fees and improving settlement, benefits that depend on broad participation and consistent use of the ledger. It also says additional counterparties are currently working to adopt the platform, which will reduce inefficient reconciliations and transaction discrepancies for members.
These initiatives are underway as regulators move to strengthen transparency in the securities lending market. The U.S. Securities and Exchange Commission adopted Rule 10c-1a on October 13, 2023, to increase transparency, according to the National Association of Insurance Commissioners. Regulatory deadlines were later extended, setting September 28, 2028, as the reporting date and March 29, 2029, as the data publication date, according to the same page. In trading, Goldman Sachs shares closed at $911.77 on October 27, 2026. Equilend’s announcement provides no data on the stock’s response to the news, while broader adoption and a transition to higher usage volumes remain among the developments the company said it was working on.