Posts by Josh Galper

New academic research on securities lending: haircuts for peer to peer; passive fund lending decisions

Finadium Big Ideas Quarterly Q3 2023 now online

The US Basel III endgame proposal is in, and it’s a big one

US repo trends: smaller dealers, clearing mandate, UST issuance and segment data

Over the 5%: where US Total Return Swaps are driving equity market prices

Custom baskets are the next big opportunity for Total Return Futures

SIFMA Roundtable: US Basel III a net negative for collateral businesses

As criticisms of the Fed’s Basel III plans mount, which make the most sense?

The Regulated Liability Network looks pretty interesting for overlaying DLT onto capital markets

The numbers on China’s repo market for international banks

Large firm attitudes are changing towards the NSCC SFT CCP

What agent lender public filings suggest about the state of securities lending indemnification

Finadium: Survey finds triparty assets at US$8.87 trillion

US SEC’s analysis on security-based swaps large position reporting is mostly good news for the SEC and for hedge funds

Expanding HQLA^X’s digital registry value proposition for collateral mobilisation

Filings show US ’40 Act funds making more money in securities lending but lagging other beneficial owners

Some impacts of US$1 trillion in new US Treasury issuance on the repo and securities lending markets

What the European repo market thinks about mandated clearing of government bond repo

Total Return Futures: Regional Growth and Financing Replacement Opportunities

The language of indemnification on CCPs for repo and securities finance buy-side clearing could offer a path to market improvements

FIS technology platform for securities finance is making noise on the street

Takeaways from the Finadium Investors in Securities Lending 2023 conference

Finadium: European Repo Conditions and Market Structure in 2023

Hazeltree steps on S3 turf with monthly shortside report

How DeFi solves the problem of complex settlement risk in securities finance

STP and post-trade in securities lending for client revenue generation: a case study at Fidelity Agency Lending®

NY Fed blog gives implicit support for central clearing of US Treasury repo

A US debt default could create a tidal wave of capital reductions at banks worldwide

Quantifying the Impact of State Street’s Venturi Peer to Peer Platform for Cash Investors

Finadium Big Ideas Quarterly Q2 2023 now online

What happens if the Fed lowers counterparty credit limits on the Reverse Repo Facility?

Hedge fund sentiment in the US TRS market shows short bias and short-termism

Rates & Repo Europe panel replays are now live

We review ISLA’s paper on tokenization for securities finance

A FISL proposal: new securities lending structures needed for US ’40 Act funds, ERISA plans and UCITS funds

Finadium: DeFi for the Securities Industry

Central banks are watching private sector repo market capacity, but some more than others

Revisions to bank capital rules following SVB and Credit Suisse are ill suited to solve the core problem

Analysis of the tokenization and CBDC panels at Citi’s Digital Money Symposium

What would happen if the Fed lowered the Reverse Repo Facility rate?

What’s holding Southeast Asia up on cross-border collateral integration?

Buy-side reading packet for the Finadium Investors in Securities Lending conference, May 17-18, NYC

The Sunthay argument for why Guaranteed Repo is the only viable short-term solution for repo constraints

Recent events in the US repo market

Is Credit Suisse’s new financing round enough to change market opinion on the safety of the bank as counterparty?

Finadium: Liquidity at Stake: Analysis of the Mandatory Clearing Proposal for US Treasury Repo

Silicon Valley Bank and Circle’s USDC show the perils of collateral security for stablecoins – we called this in a recent report

Is the UK short selling proposal on public disclosures fit for purpose?

Indemnification is appreciated, but does it cause more harm than good for beneficial owners?

Look to the Treasury General Account balance to impact the Fed’s Reverse Repo Facility in Q2 2023