4Sight: Solving Collateral: BCBS IOSCO Uncleared Margin Rules – How to Adapt
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4Sight offers a complimentary whitepaper on BCBS IOSCO uncleared margin rules and collateral management. Continue reading
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Funds Transfer Pricing and the Quest for Term Funding: Working Towards New Solutions
Funds Transfer Pricing (FTP) is emerging as not just a nice to have, helpful tool in managing a financial services business, but in some cases has become a regulatory necessity.…
Read More Ethereum: the next thing you need to know in digital currencies (Premium)
You understand bitcoin, right? And you’re pretty up to speed on blockchain, especially after reading Finadium’s 2015 research report and attending the Finadium 2016 Conference. Now its time to get…
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Finadium report: Opportunities in Cash and Non-cash Collateral for Asset Holders
A new research report from Finadium looks at strategic opportunities for asset holders across cash and non-cash collateral. The report considers regulatory and market changes in collateral acceptance, and presents…
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Bank collateral managers talk transfer pricing and the central collateral funding desk (Premium)
With collateral being at the heart of regulatory efforts to reduce complexity, banks find themselves needing to change organizational structures. But how internal desks will ultimately end up designed is…
Read More Finadium 2016 Conference roundup and our presentation slides (Premium)
We are pleased to report on a very successful Finadium annual conference yesterday in New York. With no transit strikes or bad weather in the way, nearly every one of…
Read More The Finadium 2016 Conference is Tuesday March 15
We are very pleased to report that our annual conference in NYC is right on track for a successful event. With 119 registered delegates and 18 speakers, we expect this…
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Banks look to optimize vendors and service providers as well as collateral (Premium)
When overhauling collateral management systems, choosing vendors requires its very own optimization strategy, said speakers and panelists at a recent London meeting. Internal infrastructure, tri-party agents and third party service…
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What would blockchain mean for "cash" and "credit" in funding? (Premium)
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Collateral and Liquidity Data Management: the next big challenge for financial institutions
The problem is well known: financial institutions have data all over the place. Small institutions tend to face straight-forward challenges, while large ones must identify not only where data are…
Read More Banks at AFME: the custody, collateral and settlement revolution will be ledgerized (Premium)
As a wave of new technologies crashes into traditional business models, banks are asking what needs to be done now and how relevant is it to the business. On the…
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US$27 billion in cost from collateral settlement fails? Hmm, let's take a look at that number.
DTCC-Euroclear GlobalCollateral Ltd and PricewaterhouseCoopers recently published a white paper, “Implications of Collateral Settlement Fails.” The paper claims that “the total value of collateral settlements that are expected to fail…
Read More Finadium: The Repo/LIBOR Flip and what it means for the markets
A new report from Finadium investigates why the historical repo/LIBOR relationship has reversed, what it means, and who can really get what rate in the open market. Continue reading
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There’ll be ‘no hiding’ in era of data transparency and collateral optimization (Premium)
Collateral management is shifting, shaking up business models and relationships. Next to regulation, the foundation underpinning that change is data, and collateral managers want their data platforms to be as…
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Resilience and opportunity in the securities lending market
Interest rates across Europe are widely expected to stay low for the foreseeable future, with even the possibility of further easing on the horizon, as the ECB asset purchase programmes…
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The FSB looks at measuring collateral re-use: we post the important parts
The Financial Stability Board released today a preview of an upcoming document on collateral use. The current document, “Transforming Shadow Banking into Resilient Market-based Finance: Possible Measures of Non-Cash Collateral…
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Our reading of the ICMA's latest European Repo Survey (Premium)
ICMA released their latest European Repo Market survey on Feb 11 2016, showing that the EUR 5,607.7 billion market is evolving in some expected and unexpected ways. We read through…
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Holding steady in a 'hurry up and wait' environment – an interview with Clearstream (Premium)
Central Securities Depositories (CSDs) are balancing their traditional guardian roles with competitive market dynamics – including a new deal with buy side firms, maintaining friendly relations with custodians, and preparing…
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GSF Summit: What the shift to collateral driven markets means for repo (Premium)
Cash has almost become a secondary consideration in the shift to a secured world, and that means collateral is grabbing the steering wheel in driving the market forward. Such a…
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4Sight's Jonathan Cooper on cross-product technology integration and margin rules for uncleared derivatives
The financing markets are changing, and with that change comes the need for some form of systems overhaul. The big issue going forward, said panelists representing the securities lending market…
Read More Finadium report: ETF Risk in the New Regulatory Environment
A new Finadium report looks at liquidity and operational risk in the ETF market given recent changes in underlying market liquidity and volatility, as well as regulatory concerns about fire-sale…
Read More Finadium’s Big Ideas Quarterly Q1 2016 presentation is now online
The Finadium Big Ideas Quarterly provides a summary of recent research, our upcoming report schedule and useful news. Continue reading
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Securities Finance Monitor Magazine Edition 3 (Tech Special) is now online
Securities Finance Monitor Magazine Edition 3, our Technology Special, is now online. Hard copies were distributed at Clearstream GSF and IMN’s US Beneficial Owner Conference. Download your free copy here.…
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Securities Lending in 2016: Challenges and Opportunities for Agent Lenders
The nature of agency lending is changing along with financial markets in the post-Global Financial Crisis era. Agent lenders have become more responsive to their clients, as well as to…
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Optimizing securities lending collateral management across cash and non-cash
The impact of regulations on the securities lending industry has been frequent and profound, but the market remains vibrant. Volumes decreased in 2015 for the first time since the Global…
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GSF Summit kicks off with cautious optimism for the future of securities finance markets (Premium)
The last 20 years of global securities financing were punctuated by crises: Asian, Russian, Long-Term Capital Management, and sub-prime mortgage. At Clearstream’s 20th annual GSF summit, held this week in…
Read More 4sight and DerivAsia Webinar Feb 18 – Collateral Management in Asia: The Transition Towards a Holistic Model
Collateral Management for firms trading in Asia is rapidly changing today. Regulatory requirements originating from BCBS-IOSCO are driving regional market participants to consider changing their business models and methodologies along…
Read More 2016 collateral tech trends: a view from the buy side (Premium)
Buy-side innovation in collateral management continues to be driven by firms’ needs to align with the business, control costs and provide transparency. In an interview with Securities Finance Monitor, Grigorios…
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Collateral management news update – vendors, products and events (Premium)
Collateral management has stayed active in the first weeks of 2016. This news update follows innovations in collateralized commercial products and vendor activities in the market. Conference season is gearing…
Read More Finadium announces 2016 annual conference date, releases agenda
Finadium’s 10th annual conference will be held on March 15, 2016 in New York City. This program features leading participants in the securities finance and collateral management markets and is…
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Purpose-for-Purpose (P4P) equity collateral in US markets – moving ahead or marching in place?
At the October, 2015 Risk Management Association (RMA) Conference on Securities Lending, the topic of non-cash collateral was featured on the agenda in several sessions. While equity collateral – and…
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Repo prepares for a ‘scary’ year-end, part 1
Market observers are calling foul over the absurdity of collateralized repo getting too expensive, so much so that unsecured liquidity is now cheaper. There are also concerns that a “perfect…
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Changes in hedge fund leverage according to IOSCO
IOSCO released their third hedge fund survey last week with some expected results and some new information. Most importantly, we have to get used to their definitions of leverage and…
Read More Finadium’s blockchain and collateral IT client webinar presentation (Premium)
Finadium clients can access the recorded webinar and PDFed presentation from our December 8, 2015 client webinar on blockchain and collateral management technology. Continue reading
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LCR, NSFR, HQLA? The technical reasons for why that FT article was off base
Following the publication of the FT’s article on November 30, “Regulators’ boost for securities lending has risky implications,” and our reply, “The FT suggests that collateral transformations amount to regulatory…
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The big yawn – why a Fed rate hike no longer really matters for cash collateral in securities lending (Premium)
We are staring it down year end and the Fed is gearing for a long-awaited rate hike. Typically, Fed interest rate moves are an Event with a capital “E”. Securities…
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“The Ballad of the Repo Trader” by Bloomberg’s Tracy Alloway
We couldn’t let the week pass without acknowledging Bloomberg’s November 25th article by Tracy Alloway “The Ballad of the Repo Trader”. Published just before Thanksgiving, we wonder if a lot of people…
Read More Non-cleared margin rules will have serious knock-on effects to securities financing markets
Late in October, US regulators announced final rules for margining of non-cleared dereivatives. This topic has been controversial since it imposes margin requirements where there often weren’t any before and…
Read More The FT suggests that collateral transformations amount to regulatory arbitrage
In a strongly worded article, the Financial Times yesterday came out swinging against collateral transformations. This was a surprise attack against a practice that certainly carries some risk, but is…
Read More Finadium: Survey of Collateral Management Outsourcing Providers
Finadium has conducted an industry-wide survey of firms offering services in collateral management for securities and investments. This survey provides readers with a service summary, target clients and level of…
Read More 4Sight Collateral Management: Benchmarking Your Systems and Processes
Collateral management is changing rapidly to meet the demands of the new post-crisis environment. It can be difficult for firms to know where to start when defining a target operating…
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Fed Governor Powell on repo CCPs: the opportunities and challenges ahead
Earlier this week Fed Governor Jerome Powell gave an interesting speech at the Clearinghouse annual meeting, “Central Clearing in an Interdependent World”, addressing expanding central clearing for repo.Continue reading
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Are collateral technology firms competitors or compliments to custodians and other outsourcers? (Premium Content)
We recently completed a survey of collateral management technology providers and will soon publish a similar survey of collateral management service providers. Something that struck us was the points of…
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Extending the 48 hour collateral liquidation stay to financing trades: cash lenders won’t be happy
ICMA, FSB, ISDA and Bloomberg are talking about the extension of the 48 hour rule in derivatives – where if a counterparty goes bust, liquidating the collateral is subject to…
Read More Finadium: Balance Sheet Optimization Strategies (Self-Funding) for Hedge Funds and Other Alternative Asset Managers
Finadium has released a new Executive Briefing report on balance sheet optimization strategies for hedge funds. Hedge funds and other alternative asset managers have been hearing about balance sheet optimization,…
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Inter-clearer FICC tri-party trading at DTCC will come to an end in July, 2016. Did the Fed just get impatient?
Last week DTCC made an announcement they would, as of July 15, 2016, no longer support FICC trades that go across clearing banks. The text of the announcement can be…
Read More Finadium client webinar on blockchain and collateral management technology Tuesday December 8
Finadium will hold a webinar for research clients on Tuesday, December 8 at 10AM New York / 15h London / 16h European time. This webinar will present the fast evolution…
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An analysis of the BCBS consultation paper “Haircut floors for non-centrally cleared securities financing transactions” (Premium Content)
The Basel Committee on Banking Supervision (BCBS) has released a consultation document that looks to operationalize what we’ve seen previously from the Financial Stability Board on haircuts for Securities Finance…
Read More Event recaps from London and Zurich (Premium Content)
We return to the US this week after two successful events in London and Zurich, covering collateral, funding, securities lending and repo. Here’s what we learned, combining findings from both…
Read More Finadium’s Big Ideas Quarterly Q4 2015 presentation is now online
The Finadium Big Ideas Quarterly provides a summary of recent research, our upcoming report schedule and useful news. Continue reading
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