Mellon Launches Sec Lending Bid Site

June 13, 2001 ( - Mellon Global Securities Lending has launched Mellon I-Bid, a Web-based auction technology, as it becomes the latest and the first financial services provider to auction individual issues of securities online.

The proprietary service enables Mellon to auction and award specific issues of US and non-US equities via the Internet. Having made its commercial debut by way of successful online auctions during May, Mellon I-Bid allows borrowers to submit bids interactively using private, secure technology.

Mellon I-Bid was developed in collaboration with the Grant Street Group, a Pittsburgh-based provider of financial e-commerce services.