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Finadium: 2018 Survey of Institutional Investors in Securities Finance

November 15, 2018

Collateral Management, Investments, Securities Lending

collateral management, Finadium, Institutional Investors, Repo, Securities Lending, topstory

In Finadium’s 2018 survey of institutional investors in securities finance, respondents voiced strong support for securities lending, collateral management and repo. These markets are seen as low risk and they…

Webinar replay and slides: Implementation Strategies for SFTR

November 14, 2018

Collateral Management, Regulatory, Repo, Securities Lending

Murex, SFTR, topstory, Unavista

Thanks to Murex, UnaVista and the 350 people who registered for our webinar today on Implementation Strategies for SFTR. Here’s the webinar replay and the slide deck. Continue reading

The US SA-CCR proposal on collateral: generally speaking, good news for the markets (Premium)

November 1, 2018

Collateral Management, Regulatory, US

collateral, SA-CCR, topstory, US regulators

US regulators have issued a Notice of Proposed Rulemaking (NPR) for the Standardized Approach for measuring counterparty credit risk” (SA-CCR) in derivatives contracts. This long-awaited proposal shows that US regulators…

Finadium’s event calendar: a webinar on SFTR implementation, events in Zurich and Frankfurt, Rates & Repo and more

October 25, 2018

Collateral Management, Repo, Securities Lending

Finadium events, FISL NYC 2019, Frankfurt, Rates & Repo, SFTR, topstory, Zurich

The Finadium events calendar is active in the last months of 2018 and growing in 2019. We’re holding a public webinar on SFTR, new and recurring events in Europe, our…

Regulatory Changes and the Need for Collateral Flexibility

September 27, 2018

Collateral Management, Regulatory, Securities Lending

collateral, non-cash, Regulation, Securities Lending, State Street, topstory

Since the financial crisis regulatory changes and market dynamics have led to an increased usage of non-cash collateral for securities lending transactions. This trend is most dramatic in the U.S., which…

Envisioning the next evolution of the securities finance industry

September 18, 2018

Big Data, Collateral Management, Liquidity Management, Securities Lending, Technology

Big Data, Pirum, securities finance, technology, topstory

Regulations and balance sheet management have combined to create the greatest level of disruption that the industry has seen since 2008, but this time the changes are likely to be…

Ten years after Lehman, another crisis is in the making (Premium)

September 12, 2018

Collateral Management, Regulatory

Global financial crisis, Lehman Brothers, topstory

A funny thing happens after a financial crisis: memories fade over time, people retire, and the warning signs of a financial crisis are not spotted until it’s too late. Basel…

Direct Clearing: A New Competitive Differentiator for the Buy-side

September 11, 2018

CCP, Collateral Management, Credit Exposure, Uncategorized

CCP, collateral, Direct Clearing, Eurex, Margin, topstory

The introduction of buy-side direct clearing for central counterparties (CCPs) has created buy-side opportunities while raising new considerations about business models, risk and reward. Whether and how to engage, for…

Treating Collateral Trading as a Business: Natixis’s Test Case

September 6, 2018

Collateral Management, Repo, Securities Lending, Total Return Swaps

collateral trading, Natixis, topstory

The collateral trading business is shifting to accommodate new client interests, regulations and balance sheet requirements. Technology remains both a major opportunity and business model threat. This article presents Natixis’s…

How can central banks effectively monitor transmission of monetary policy?

August 8, 2018

Collateral Management, ECB, Liquidity Management

ECB, Liquidity, monetary policy, topstory

A new paper from the European Central Bank looks at the transmission of monetary policy and the concept of fragmentation, which means that monetary policy goals are not getting through…

US Treasury fintech report: four impacts to securities finance

August 2, 2018

Artificial Intelligence, Big Data, Collateral Management, Credit Exposure, Regulatory, US

collateral, fintech, technology, topstory, US Treasury

The US Treasury issued the fourth report in their series, “A Financial System That Creates Economic Opportunities”; this one focuses on Fintech. Some of the recommendations speak to matters that…

Finadium Big Ideas Quarterly Q3 2018 now online

August 1, 2018

Collateral Management, Repo

collateral, Finadium, Repo, topstory

Our quarterly presentation on research, news and events. Finadium Securities Finance, Collateral and Derivatives subscription clients can log in and download the presentation here. If you are already logged in,…

US Treasury Markets Practice Group sees clearing and IDB risks in the US Treasury secondary market

July 16, 2018

Collateral Management, Investments, Market infrastructure, US

Clearing, collateral, settlement, TMPG, topstory, US Treasuries

The US Treasury Markets Practice Group (TMPG), hosted by the New York Fed, has issued a comprehensive paper on the US Treasury (UST) secondary market. In last week’s “White Paper…

Finadium announces H2 2018 event calendar for New York, London and Zurich

July 11, 2018

Collateral Management, Liquidity Management, Repo, Technology

collateral, Finadium events, Liquidity, Repo, Securities Lending, technology, topstory

Finadium will enter the fall months with a robust slate of events on technology, collateral, repo and securities lending. Here’s our upcoming calendar of events in New York, London and…

Finadium: Collateral Trading Platforms and Service Providers: A Finadium Survey

July 10, 2018

Automation, Collateral Management

collateral management, collateral services, Finadium, topstory, trading platforms

The collateral management services space has seen over a dozen new entrants join existing banks and technology companies in the last two years, who themselves have continued to adapt their…

SFM Magazine, Summer 2018, is now online

July 2, 2018

Big Data, Collateral Management, Regulatory, Repo, Securities Lending, Technology, Trade Repositories, Tri-Party Repo

Big Data, collateral management, Data repositories, Emerging Markets, Europe, Regulation, Repo, Securities Lending, topstory

Securities Finance Monitor Magazine, Summer 2018, is now online. This edition features articles on what to do with all the data that regulators are collecting, if securities lending is a…

Managing data through complexity: business evolution in the machine age

June 18, 2018

Sabine Farhat-Dupla

Artificial Intelligence, Collateral Management, Technology

Big Data, machine learning, Murex, topstory

The evolution of capital markets, including complex regulations such as the Securities Financing Transactions Regulation (SFTR), has resulted in a need to manage and understand data as a core function,…

Top five trends in collateral management for 2018

May 30, 2018

Collateral Management, Derivatives, Technology

Bimal Kadikar, collateral management, technology, Transcend Street

Collateral management has broadened far past simple margin processing; collateral now impacts a majority of financial market activity from determining critical capital calculations to impacting customer experience to driving strategic…

Finadium: Is Frankfurt the Next Collateral and Liquidity Hub?

May 15, 2018

Asia, Collateral Management, Europe, Liquidity Management

Asian banks, collateral, Finadium, Frankfurt, Liquidity, topstory

A new Finadium research report looks at Frankfurt as a financial center and some key aspects that may determine its competitiveness and future relevance post-Brexit and beyond. Does it have…

What does it mean for AcadiaSoft to move into repo and securities lending margin processing? (Premium)

May 3, 2018

Collateral Management, Repo, Securities Lending, Technology

AcadiaSoft, collateral management, Repo, Securities Lending, technology, topstory

We noted in March that we were seeing overlap across industry utilities. The more that each utility grows, it sees that its clients have demands that it can serve. In…

Finadium Big Ideas Quarterly Q2 2018 now online

May 2, 2018

Blockchain, Collateral Management, Repo, Securities Lending

blockchain, collateral management, Repo, Securities Lending, topstory

Our quarterly presentation on research, news and events. Finadium Securities Finance, Collateral and Derivatives subscription clients can log in and download the presentation here If you are already logged in,…

Finadium: Central Bank Digital Currencies, Cryptocurrencies and Collateral

April 18, 2018

Bank of England, Collateral Management, Cryptocurrency, Technology

Central Banks, collateral management, cryptocurrency, digital currencies, topstory

Central banks face new competition in their issuance of currency: cryptocurrencies have captured the popular imagination, if not yet the actual spending behavior of most consumers. Even so, central banks…

Manmohan Singh’s latest, “Leverage – A Broader View,” shows that build up in the banking system from off-balance sheet trades is huge

Manmohan Singh and Zohair Alam of the IMF have written an important white paper “Leverage—A Broader View” (March 19 2018, IMF Working Paper WP/18/62) that looks at off-balance sheet leverage.…

Competition in collateral trading notes, structured products and collateral packaged substitutes (Premium)

April 16, 2018

CCP, Collateral Management, Investments, Securitization

CCPs, CME, collateral trading notes, GCSA Capital, Invesco, K-Notes, structured products, topstory

We’re catching up on a few things following the conclusion of our Finadium Investors in Securities Lending Conference last week in New York. One notable item was a press release…

FISL NYC 2018: beneficial owners at collateral crossroads of revenue and risk

April 11, 2018

Collateral Management, FISL, Securities Lending

collateral management, non-cash collateral, Russell Investments, securities lending FISL NYC 2018, topstory

There is an erosion of the “cash is king” attitude in the US. Recent trends show an increased popularity to pledge non-cash over cash, and if US 40 Act funds start…

When looking at bankers leaving London post-Brexit, it’s computers as much as headcount (Premium)

April 3, 2018

Collateral Management, Europe, Regulatory, Technology

Brexit, European Central Bank, headcount, London, topstory

We’ve been reading the numbers of bankers leaving Brexit (4,000 for Paris, 1,000 for Frankfurt) and something has seemed amiss. EU regulations require more than a token presence in order…

Market feedback and trend analysis from the week (Premium)

March 22, 2018

Collateral Management, LIBOR, Technology

central collateral funding desks, collateral management, LIBOR, technology, topstory, utilities

At Finadium we have the good fortune of being able to speak with large cross-sections of the collateralized trading market on a regular basis. This week, we’re hearing some takeaways…

Is Asia coming of age in securities finance and collateral at last?

March 1, 2018

Asia, Collateral Management, Derivatives, Repo, Securities Lending

Asia, EquiLend NGT, Repo, Securities Lending, topstory, Variation Margin

For more years than we can remember, the promise of Asia as a securities finance marketplace has been bigger than the reality. Without getting too optimistic this time around, there…

Finadium Survey: Better Regulation for Europe’s Securities Financing Transactions

February 14, 2018

Basel III, Collateral Management, ECB, Europe, Repo, Securities Lending

Basel III, Europe, Finadium, Leverage Ratio, Liquidity Coverage Ratio, Repo, securities financing transactions, Securities Lending, topstory

European regulation of Securities Financing Transactions (SFTs) is having its desired effect, which is a near gold standard of risk management. Unfortunately, it’s at the cost of market vibrancy. A…

In collateral management and trading, the build vs. buy debate is over and the vendors have won

February 14, 2018

kjarnagin@finadium.com

Collateral Management, Technology

buy vs. build, collateral management, collateral trading, technology, topstory, vendors

For years, capital markets firms have asked themselves whether it was better to build their own collateral management solutions or purchase vendor offerings. We’ve been in detailed, heated meetings on…

The Move to Cloud Born Microservices in Collateral Management

February 12, 2018

Collateral Management, Technology

Calypso, collateral management, microservices, technology, topstory

The financial technology industry is seeing a move away from one-size-fits-all enterprise systems to cloud-native microservices based on the separation and segmentation of individual tasks. While these microservices can also…

Revisiting the Importance of Inventory Management in Collateral and Liquidity

February 8, 2018

Collateral Management, Operations, Technology

Bimal Kadikar, collateral management, inventory management, topstory, transcend street solutions

Inventory management is a cornerstone of securities finance, funding and collateral management, but often gets little attention until it is too late. This should not be the case, as inventory…

Elixium’s Stephen Malekian: All to All will be a new pillar of the collateral trading market

February 1, 2018

Collateral Management, Repo

All to All, Elixium, peer to peer, Stephen Malekian, topstory

Finadium’s Josh Galper spoke with Stephen Malekian of Elixium to hear his views on buy-side market adoption of All to All, trading patterns, and the growth of the collateral ecosystem.…

SFM Magazine, Winter 2018, is now online

Securities Finance Monitor Magazine, Winter 2018, is now online. This edition, our Technology Special, features articles on what protectionism means for efficiency in global capital markets, a proposal for smart…

A Proposal for Smart Regulation in European SFT Markets

January 25, 2018

Basel III, Collateral Management, Europe, Regulatory, Repo, Securities Lending

Europe, LCR, Leverage Ratio, Michael Cyrus, NSFR, Regulation, SFT, SFTR, topstory

In a post-crisis era, Europeans must focus on efficient and smart regulation in Securities Financing Transactions (SFT) to support competitive financial markets. This can be achieved but requires regulatory attention…

Finadium welcomes Kurt Jarnagin as Senior Consultant in Frankfurt

January 23, 2018

Collateral Management, Uncategorized

Finadium, Frankfurt, Kurt Jarnagin, topstory

Finadium is pleased to announce that Kurt Jarnagin has joined the firm as a Senior Consultant. Based in Frankfurt, Kurt has already begun work on Finadium research projects and consulting…

Artificial Intelligence is one way of several to bridge the manual to STP gap (Premium)

January 9, 2018

Artificial Intelligence, Collateral Management, Derivatives, Operations, Technology

AI, artificial intelligence, ION Trading, STP, Straight-through processing, topstory, True-PTS

Big banks, established vendors and start-ups are seeing a similar opportunity: technology should be used to get manual and voice transactions into electronic systems for post-trades processing, particularly for collateralized…

Networked collateral ecosystems will strengthen in 2018

January 2, 2018

Collateral Management, Technology

collateral management, networking, technology vendors, topstory

We’re seeing growing evidence from users, vendors and infrastructure providers that 2018 will be big year for creating a networked collateral ecosystem across multiple product types. This trend has been…

More firms get serious about real-time exposure management for collateral (Premium)

December 21, 2017

Basel III, CCP, Collateral Management, Technology

Baton, Citi, CME, collateral management, exposure management, Pirum, topstory

A press release from Baton Systems last week echoes what Pirum has been saying for a while: there is a significant amount of cash to be saved in real-time exposure…

A quick primer on “settled-to-market” vs. “collateralized-to-market” in counterparty credit risk (Premium)

December 18, 2017

Basel III, CCP, Collateral Management, Derivatives

capital, CEM, collateralized to market, Leverage Ratio, Settled to market, topstory

CCPs have changed or are changing their rules on Variation Margin to allow “settled-to-market” (STM). This is a useful change that will save money, and complements the desire of firms…

Collateral management technology vendors on blockchain and Artificial Intelligence (Premium)

December 14, 2017

Artificial Intelligence, Blockchain, Collateral Management, Technology

artificial intelligence, blockchain, collateral management, technology, topstory

For our recently released survey of 21 collateral management technology vendors, we asked how far vendors had come in monitoring, testing or going live with a blockchain or Artificial Intelligence…

Finadium: Collateral Management Technology Vendors in 2017: A Finadium Survey

December 13, 2017

Collateral Management, Technology

collateral management, Finadium, technology, topstory

Finadium has conducted its fifth industry-wide survey of collateral management technology vendors, providing a comparative look at the development of this sector. The survey provides readers with a product summary…

Finadium webinar replay and slides: Implementing Change in 2018 (Premium)

December 7, 2017

Basel III, Collateral Management, Prime Brokerage, Repo, Securities Lending, Technology, Tri-Party Repo

collateral management, Finadium, Repo, Securities Lending, topstory

We delivered two client webinars today on implementing change in 2018. 2017 was a big year, with many moving parts in the collateralized trading markets across the business, regulation and…

From Brussels to New York, our observations on Peer to Peer and European government regulation (Premium)

November 16, 2017

Collateral Management, Europe, Repo, Securities Lending, US

CFTC, collateral, Europe, peer to peer, Regulation, SBL, Securities Lending, topstory

Between the Euroclear collateral conference held in Brussels this Monday and Tuesday, plus our own conversations in New York, we’ve digested a lot of feedback on collateralized trading markets. Here…

Why you should care about off-the-run US Treasury trading platforms

November 15, 2017

Collateral Management, Liquidity Management, US

Liquidity, LiquidityEdge, off-the-runs, OpenDoor, topstory, US Treasuries

Two press releases last week highlight the importance of liquidity in off-the-run US Treasuries. As the battle of the platforms is heating up, the winners will be holders of off-the-runs…

Finadium Big Ideas Quarterly Q4 2017 now online

November 6, 2017

Asia, Collateral Management, Derivatives, Europe, Regulatory, Repo, US

big ideas, collateral management, derivatives, Finadium, Repo, Securities Lending, topstory

Our quarterly presentation on research, news and events. Finadium Securities Finance, Collateral and Derivatives subscription clients can log in and download the presentation here If you are already logged in,…

The EU Systemic Risk Board on collateral premia: some logical conclusions and a few open questions

November 2, 2017

Jonathan Cooper

Collateral Management, Europe, Repo, Systemic Risk

collateral management, EU Systemic Risk Board, Europe, GC, Repo, risk, scarcity, specialness, topstory

The EU Systemic Risk Board has published a paper, “Collateral scarcity premia in euro area repo markets” (October 26, 2017) that bears some examination. At the close of 2016, the…

Finadium: The Global Tri-party Services Market in 2017: A Finadium Survey

October 30, 2017

Collateral Management, Derivatives, Operations, Repo, Securities Lending

collateral management, Finadium, Repo, Securities Lending, topstory, tri-party

The global tri-party market size is US$4.65 trillion, up from US$4.3 trillion in 2014, according to a new survey from Finadium. Tri-party services continue to evolve by product and region,…

What we heard and said at the first Asian Prime Collateral Forum

October 30, 2017

Richard Stinchfield

Asia, China, Collateral Management, Fixed Income, Market infrastructure, Prime Brokerage, Repo

ASEAN, Asian Prime Collateral Forum, Data repositories, Prime Brokerage, Repo, topstory

Finadium was invited to present last week at the first ever Asian Prime Collateral Forum, hosted by the Korean Institute of Finance. The Prime Collateral Forum brought together more than…

What’s better, legacy or enterprise technology in securities finance and collateral management?

October 26, 2017

Collateral Management, Repo, Securities Lending, Technology

collateral management, enterprise, legacy, securities finance, topstory

Following the publication of a report in our technology practice, “Legacy Architecture in Capital Markets: Enhance, Augment or Replace” we got to thinking more about the application of these ideas…

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