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Global Investor Magazine

Repo and Tri-party

  • December

    Quadriserv hints CCP platform for equity repo 20 December 2012

    Quadriserv has said it will be building a CCP-based platform for equity repo

  • Uncertainty over collateral upgrade trades 13 December 2012

    Finadium says that winners and losers are already emerging in the potentially lucrative securities finance business

  • UBS and HSBC do first cross-border RMB repo 06 December 2012

    HSBC Hong Kong and UBS AG London used Euroclear and the HKMA as collateral management agents

  • Esma publishes repo guidelines for Ucits 04 December 2012

    Esma’s final guidelines on repo and reverse repo state that the full amount of assets or cash must be able to be recalled at any time

  • Insurers look to securities finance for cash 03 December 2012

    Insurance firms may be missing out on extra revenue opportunities by not running securities finance desks, according to a new report

  • November

    Maple looks to North America 15 November 2012

    Maple’s securities finance business has been restructured, making Walter Kraushaar global head of securities finance

  • Prime brokers look to boost fundraising 15 November 2012

    Prime brokers are under pressure to boost fundraising in the hedge industry despite assets reaching record levels, says Bob Campion

  • Citi opens Dublin sec lending desk 14 November 2012

    Gareth Mitchell has relocated to Ireland to continue running the bank’s Emea securities finance business which is now spread over both the London and Dublin offices

  • JPMorgan hires RBS’s Platt 13 November 2012

    Nick Platt joins the bank’s collateral management business

  • Collateral barriers are a problem, says De Vidts 08 November 2012

    A white paper from the Collateral Initiatives Coordination Forum says collateral does not move efficiently across borders

  • October

    BNY Mellon: expect OTC clearing delays 22 October 2012

    With an end of year deadline for OTC clearing approaching, infrastructure capacity issues are exacerbating the collateral squeeze in the derivatives market

  • RMA: Challenges with disclosure in sec finance 17 October 2012

    Panellists at the RMA Annual Conference on Securities Lending in Miami said the problem with improving transparency is the disclosure of information to the public, not to regulators

  • Mitsubishi: Balancing scale with flexibility 03 October 2012

    Iain Colquhoun, head of repo sales, and Andre van Hese, head of repo group, at Mitsubishi UFJ Securities International (MUSI), based in London, discuss the impact of LTRO and how their business has adjusted to growing client demand for more specialised repo transactions

  • September

    Rule reveals FSB’s ambitions 30 September 2012

    Regulators will not rush forward with new measures for the securities lending and repo industries, according to the FSB’s David Rule. Stephanie Baxter reports.

  • Equity lending technology awards photos 28 September 2012

    EquiLend, 4sight and Sungard picked up awards in the technology section of the Global Investor/ISF equity lending survey 2012

  • Tri-party awards photos 28 September 2012

    Clearstream and JPMorgan stole the limelight in the Global Investor/ISF tri-party awards

  • ABN Amro’s Harris to join Scotia 20 September 2012

    Global Investor/ISF sources confirm that Charlotte Harris will move to Scotia Capital’s prime finance business

  • Pirum progresses with tri-party RQV 18 September 2012

    Pirum is carrying out the final stage of its tri-party RQV processing service

  • Data Explorers’ Young leaves Markit 14 September 2012

    Sarah Young is the third individual to leave Markit Securities Finance in a month

  • Regulation threatens German repo 12 September 2012

    European regulators are making the financial system less stable and investments less profitable, speakers decided at the Global Investor/ISF German Securities Finance Summit. Stephanie Baxter reports

  • Zurcher Kantonalbank hires Zemp 07 September 2012

    Former Credit Suisse and UBS fixed income trader Raphael Zemp has joined the Swiss bank

  • BNY Mellon revamps collateral management 04 September 2012

    BNY Mellon has merged its various collateral management teams into one business

  • Andrew Hauser, chair of SLRC, Bank of England 01 September 2012

    The Bank of England’s Andrew Hauser tells Stephanie Baxter how transparency can bolster confidence in the securities lending and repo markets

  • August

    Demand for CCPs declines 30 August 2012

    CCPs have not gained traction in securities lending because they are too expensive, speakers concluded at the Global Investor/ISF German Securities Finance Summit

  • Demand of German bunds outweighs supply 30 August 2012

    German institutions are reluctant to lend their bunds, according to panellists at Global Investor/ISF’s German Securities Finance Summit

  • Citi's Douglas moves out of lending 28 August 2012

    Citi veteran Timothy Douglas will move to another position within Citi's Institutional Clients Group

  • Citi's Douglas moves out of lending 25 August 2012

    Citi veteran Timothy Douglas will move to another position within Citi's Institutional Clients Group

  • German and UK debt in high demand 24 August 2012

    Demand to borrow German and UK debt stays high while Spain suffers, according to Markit’s quarterly update

  • JPMorgan does first HK tri-party repo 22 August 2012

    JPMorgan has executed the first transaction on the Hong Kong regulator’s repo financing platform

  • Repo indices could solve Libor problem 16 August 2012

    Finadium says repo indices could replace Libor but the market has to progress first

  • Banks move away from European repo 07 August 2012

    The European repo market contracted by 9.9% in the first six months of the year

  • Fed “victim” of US tri-party duopoly 01 August 2012

    Prime broker criticises the Federal Reserve for its role in the development of the US tri-repo market

  • July

    CPSS-Iosco consults on FMIs 31 July 2012

    CPSS and Iosco have published a consultation on the recovery and resolution of financial market infrastructures

  • US regulators warn of tri-party repo flaws 19 July 2012

    The Financial Stability Oversight Council’s annual report says there has been “limited progress” in tackling risk in the US tri-party repo market

  • Euroclear opens up collateral borders 09 July 2012

    Euroclear is to introduce an infrastructure to move collateral across silos

  • June

    Rehypothecation has vital role to play 14 June 2012

    The mainstream media’s discovery of rehypothecation has provoked a similar reaction to that against short selling. The industry must answer the critics, says Simon Murray

  • Repo: uncertainty casts a shadow 07 June 2012

    While some progress has been made on improving elements of the repo market, concerns surrounding the future direction of clearing and regulation persist. Paul Golden reports

  • May

    Tri-party roundtable 31 May 2012

    Participants at Global Investor/isf’s tri-party roundtable debate the effects of the ECB’s long term refinancing operations, the impact of Basel III and the regulatory drive for transparency

  • Euroclear boards appoint new chairman 25 May 2012

    Marc Antoine Autheman replaces Sir Nigel Wicks who retires at the start of 2013

  • Tri-party survey full results 25 May 2012

    The results of this year’s tri-party survey largely reflected the rankings from the previous year while qualitative feedback showed respondents valued dividend collection, quality of static data and timeliness of margin calls most from their providers. Analysis by Luke Clancy

  • Tri-party survey highlights 24 May 2012

    Global Investor/ISF surveyed users of tri-party arrangements about the experiences over the past year and opinions about the future of the business

  • EquiLend, BNY Mellon automate RQV process 09 May 2012

    EquiLend announces partnership with BNY Mellon to automate end-to-end tri-party collateral management solution

  • German securities lending competition increases 08 May 2012

    As one US bank reveals plans to hugely expand its agency lending business in Germany, Stephanie Baxter considers the impact on the market

  • Australian funds could ‘in-source’ scrip lending 03 May 2012

    QSuper says "watch this space" on securities lending arrangements

  • The benefits of collateral transformation 03 May 2012

    Critics of collateral transformations are talking rubbish, says Roy Zimmerhansl, principal consultant of Zimmerhansl Consulting Services

  • BNY Mellon enhances collateral mgmt platform 02 May 2012

    BNY Mellon has enhanced its collateral management platform with an electronic margin call service

  • US collateral management roundtable 02 May 2012

    An expert panel discuss managing enterprise-wide risk, regulatory change, central counterparties, collateral optimisation and providing transparency

  • April

    One week to go until Sydney Master Class 26 April 2012

    The Global Investor/ISF Master Class, a securities finance event, will be held in Sydney on 3 May. Sign up for one of the remaining places today.

  • BNY Mellon adjusts CME collateral posting rules 12 April 2012

    The decision comes as demand for non-traditional collateral grows at clearinghouses in the wake of regulatory reforms

  • The battle for collateral 12 April 2012

    The transition of OTC derivatives to CCPs will hugely increase the demand for high quality collateral but the buy-side remains unprepared. Stephanie Baxter considers the consequences of failing to act

  • ICMA releases opinions on repo agreement 04 April 2012

    The International Capital Market Association has published this year's legal opinions on the Global Master Repurchase Agreement

  • March

    Euroclear, Russia NSD establish settlement link 29 March 2012

    Settlement, custody and related services will be provided for stock exchange and OTC equity trades, government and corporate bond transactions

  • Euroclear, BNP Paribas in tri-party partnership 15 March 2012

    Euroclear Bank and BNP Paribas Securities Services have joined forces to help clients optimise their use of assets as collateral

  • Face to face: Rupert Perry, Pirum 15 March 2012

    Rupert Perry, CEO and co-founder of Pirum, a company which focuses on automating the operational aspects of the global securities lending and repo markets, talks to Luke Clancy about how the business is developing

  • Reaction to delays on US tri-party repo 15 March 2012

    The Tri-Party Repo Infrastructure Reform Task Force has announced that it will take many years to implement the recommendations in its final report. Annabelle Palmer gauges the opinion of the industry

  • UK FSA’s Turner attacks 'shadow' banking 15 March 2012

    The 'shadow' banking sector needs to be properly regulated as it continues to threaten stability, according to the UK regulator’s Lord Turner

  • JPMorgan WSS launches HK repo platform 14 March 2012

    The new platform will facilitate repo financing transactions between members of Hong Kong’s Central Moneymarkets Unit and international financial institutions

  • Clearstream, CDS offer Canada tri-party service 13 March 2012

    The new service enables Canadian market participants to meet demands for collateral in a cost effective and operationally efficient way

  • Sell-side more prepared for Dodd Frank 13 March 2012

    Total spending by sell-side banks with OTC strategies has been around $10 to $50m annually since 2010, according to Rule Financial

  • February

    Tanweer Khan leaves Standard Chartered 27 February 2012

    Standard Chartered's global repo head is no longer at the bank

  • 7-year treasuries may lose 'specials' value 23 February 2012

    US Treasury seven-year notes may become less desirable as specials in securities lending and repo following large government auctions

  • ACM platform offers sec lenders opportunities 17 February 2012

    The new Agency Cash Management platform jointly launched by Newedge and MTS, will benefit lenders of securities as well as providing a solution to challenges faced by the buy- and sell-side of cash investment

  • Tri-party repo task force releases final report 16 February 2012

    The task force has concluded that it will take many years to eliminate intraday credit issues associated with the settlement of tri-party repo transactions

  • Risky repo debt at pre-crisis levels 08 February 2012

    The recent rise in repos backed by distressed structured finance collateral present a potential risk, according to Fitch Ratings

  • January

    Clearstream to consider South African tri-party 20 January 2012

    In collaboration with Strate, the South African central securities depository, Clearstream is exploring a new triparty collateral management service for the region

  • European repo market remains stable 19 January 2012

    An International Capital Market Association (ICMA) survey shows continued stability in the repo market despite underlying difficulties for eurozone sovereigns, which furnish the majority of the collateral for repo activity

  • Bringing D2C repo into the electronic age 16 January 2012

    Repo markets – in the dealer-to-customer space – have traditionally been the domain of voice and message-based trading. Nigel de Jong, a director of money markets at Tradeweb in London, explains how the burgeoning shift towards electronic trading can help participants

  • Marhefka exits Morgan Stanley 10 January 2012

    Global Investor/ISF has learned that Ed Marhefka has left Morgan Stanley