Client Views on Triparty: A Finadium Survey
Finadium
December 2025
This survey of triparty clients in North America and Europe finds that triparty remains critical to the fluid functioning of collateralized markets across repo, securities lending and OTC derivatives. The investments made by triparty agents have shown how efficiencies can be delivered to a wide range of dealers and clients. At the same time, triparty remains a business in development, and users have commentary on the technology and services on offer. The survey covers 39 front- and back-office professionals across 26 dealer and buy-side firms.
Triparty positives are its reliability, scalability and access to liquid pools of collateral assets. Clients are building out their own products and services with an assumption that it will be a central part of the deliverable. The negatives are that agents and clients must work together to support an optimal outcome: mostly this is business as usual and sometimes old processes may create extra hurdles in otherwise technology-driven markets.
Clients have a wish list of what they would like to see triparty do next but agents have a finite amount of resources to deliver. Agents are working through complex issues like the introduction of artificial intelligence (AI) applications in real-time, and how client desires for interoperability in triparty may impact their own business models and revenues. Agents have also expanded their resources to meet the needs of buy-side clients; although the economics of triparty mean that these firms aren’t paying the bill, a better buy-side experience means a better outcome for everyone.
This report should be read by any market participant using triparty services across repo dealers, securities borrowers and lenders, money market funds, hedge funds and other cash and collateral providers. Triparty agents may be interested in this client feedback, while regulators and technology firms may benefit from a greater understanding of user needs in this space.
Table of Contents
- Executive Summary
- Why Survey Triparty Clients
- – Methodology
- Scale and Scope of Triparty Usage
- – Choosing a Triparty Agent
- Client Opinions of Triparty Services
- Planning for Triparty Business Management
- – Collateral Optimization and Triparty
- – Assessing Distributed Ledger Technology for Triparty
- Questions Ahead for Agents and Clients
- – Where Should AI Fit?
- – The Interoperability Challenge to the Business Model
- About Finadium LLC