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Big Things Have Small Beginnings The primary source of global securities finance news and analysis Issue 283 03 August 2021 Big things have small beginnings Rob Goobie, the Global Peer Financing Association’s chair, looks back on the GPFA’s successes and where it’s headed as the world returns to normal Automating Swaps Work Flow © 2020 EquiLend Holdings LLC. Swaptimization_ad_SLT_final.indd 1 1/10/20 10:29 AM Lead Story 3 EquiLend takes majority stake in Stonewain Systems EquiLend, technology provider to the Stonewain will remain as a standalone legal Armeet Sandhu, Stonewain’s CEO, securities lending, collateral and swaps entity with independent management and says: “Stonewain has been dedicated to industries, has purchased a majority share in will continue to support all existing client and developing cutting-edge solutions in the Stonewain Systems. partner relationships. securities finance marketplace for over a decade, which aligns with EquiLend’s ethos This deal builds on a partnership between The two companies indicate that their continuing of innovation and driving efficiencies for the the two companies that has been in place partnership aims to meet unprecedented market. Our partnership with EquiLend has since February 2019, which enables demand in the securities finance industry demonstrated that market participants are securities finance market participants to for automation, rapid modernisation, service eager for innovative solutions that tackle their manage their books of business on a single, efficiency and reduced cost. technology challenges and that the combined integrated platform. might of our two organisations can help to EquiLend chief executive Brian Lamb says: alleviate those headaches.” This brings together Stonewain’s Spire “Our increased commitment to Stonewain technology with EquiLend’s portfolio is a strategically important development for EquiLend’s global head of sales and client of trading, post-trade and market data EquiLend in a year that also represents a relationship management Dan Dougherty solutions for the securities finance industry, significant milestone for the business, as we says: “[the] partnership with Stonewain was including EquiLend’s NGT electronic celebrate our 20th anniversary in the industry. driven by two key factors: the opportunity in trading platform. the market to transform a highly antiquated, “We are proud of the opportunities [the underserved corner of securities finance in The combination, EquiLend Spire, offers partnership] has presented on EquiLend Spire books and records solutions and the natural a modular and scalable securities finance [and] look forward to everything that EquiLend synergies between Stonewain’s system and solution for compliance, reporting, risk and Stonewain can achieve together as a EquiLend’s suite of trading, post-trade, market analysis, accounting, positions and trading. closer team,” adds Lamb. data, clearing and regulatory services.” www.securitiesfinancetimes.com Inside this issue Lead news story EquiLend takes majority stake in 3 Stonewain Systems Latest news Capco and AccessFintech partner 6 over data solution Latest news Eurex launches deliverable cross 18 8 currency swaps and OTC FX clearing Cover story Big things have small beginningsx Latest news Beneficial owner-run, peer-to-peer securities lending network GPFA has Q2 financial results: BlackRock, weathered the pandemic and come out the other side to celebrate its 12 BNY Mellon and State Street one-year anniversary SFT reporting A year into SFTR: the devil remains in the detail As we reach the first anniversary of implementation of the Securities Financing Transactions Regulation (SFTR) for the first cohort of firms, it seems an appropriate time to ask ourselves what we have learnt. 20 Jonathan Lee, senior regulatory reporting expert at Kaizen Reporting, shares his assessment Q2 performance Quarterly securities finance revenues hit three-year high Q2 revenues grew by 13 per cent YoY to US$2.85 billion, with lending revenues from exchange-traded products having their best quarter on record. IHS Markit’s Sam Pierson 22 dissects the numbers Industry Appointments MarketAxess, MUFG, LCH and JonesTrading latest hires CIBC’s Will Cutts has been promoted to director of global markets, delta one and synthetic 26 prime, based in London. Rob Sackett joins JonesTrading Flexible. Modular. Customizable. A Bespoke Technology Solution For Broker Dealers, for All Your Securities Finance Agent Lenders, Business Needs Collateral Managers, Beneficial Owners & Retail Brokers [email protected] EquiLend LLC, EquiLend Europe Limited, EquiLend Canada Corp. and EquiLend Clearing Services are subsidiaries of EquiLend Holdings LLC (collectively, “EquiLend”). EquiLend LLC and EquiLend Clearing Services are members of FINRA and SIPC. EquiLend Clearing Services is registered with the SEC and FINRA as Automated Equity Finance Markets, Inc. EquiLend Europe Limited is authorized and regulated by the Financial Conduct Authority. EquiLend Canada Corp. is authorized and regulated by IIROC. All services offered by EquiLend are offered through EquiLend LLC, EquiLend Europe Limited, EquiLend Canada Corp. and EquiLend Clearing Services. EquiLend and the EquiLend mark are protected in the United States and in countries throughout the world. © 2001-2021 EquiLend Holdings LLC. All Rights Reserved. In the search for alpha, you need more than just a lending agent. RETURNS You need complexity made simple. Uncertainty made clear. Decisions made with confidence. MADE Above all, you need a trusted partner like State Street. SIMPLE Our lending program is the most innovative in the world.1 We give you easy access to the intelligence and lending tools you need to make the right moves and unlock growth. statestreet.com/globalmarkets 3390559.1.1.GBL ©2021 State Street Corporation. For informational purposes only. Securities lending services are provided through State Street Global Markets, the marketing name and a registered trademark of State Street Corporation, used for its financial markets business and that of its aliates. Products and services may not be available in all jurisdictions. 1 Global Investor ISF Survey 2020 – Securities Finance Agency Lending named Most Innovative Lender News Round-Up 6 Capco and AccessFintech partner over data solution Capco has partnered with AccessFintech to solutions to encourage faster workflow with the Synergy Network. enhance the engineering and delivery of the adoption and change management. latter’s data management and workflow solution. Owen Jelf, partner and global head of capital It will also assist companies to navigate markets at Capco, says: “By bridging the The two fintech companies noted the challenges around operations and regulatory gap between legacy and modern systems, importance of banks, brokers, custodians and compliance, particularly the approaching innovative solutions such as the Synergy buy-side firms ensuring they provide efficient Central Securities Depositories Regulation Network accelerate those journeys and deliver technology platforms in the current competitive (CSDR) regime, Interbank Offered Rate cost effective and highly controlled rules- regulatory environment. (IBOR) reconciliation, pre-matching and based process environments.” settlements, and cash payment affirmations. This can be difficult for some as legacy systems Boaz Zilberman, executive vice president of carry fragmented data and time-consuming In the partnership, AccessFintech’s Synergy business development at AccessFintech, adds: manual processes, causing increased costs Network has capabilities to extend and enrich “We are already successfully processing more and liquidity risk. Therefore, it is also important data, as well as synchronise workflow and enable than a billion transactions a month. Coupling for companies to modernise their internal technology-driven operations transformation for Capco’s industry benchmark technology and systems and processes. transaction lifecycle management. operations change management and delivery expertise with our Synergy Network and platform Capco and AccessFintech’s partnership aims Capco’s experience in transformation projects is an important accelerator of our clients’ to address this through joint engineering will streamline client operations integration operation and technology transformation.” Securities Finance Times ... to the next level. Let Securities Lending take you... Make idle assets work harder with Securities Lending. Behind the scenes, we generate low-risk additional revenues on your securities. The only impact on your business is enhanced performance figures, and today, every basis point counts. We offer tailor-made agency, principal and lending solutions with remote access to suit your precise needs. CACEIS, your comprehensive asset servicing partner. www.munier-bbn.com Contact: [email protected] www.caceis.com Caceis adv climb EN 203x267H - SECURITIES LENDING V2.indd 1 28/08/2017 11:28 News Round-Up 8 Firms moving to consolidate Other key considerations for firms were data lessons from previous regimes such as EMIR regulatory reporting under harmonisation and improving overall data and MiFIR, and SFTR appears likely to be the single platform quality, where the survey indicates that “the model on which future regulatory reporting market as a whole needs to commit in order requirements are based, the report said. A majority of SFTR survey respondents — to find a solution”. banks, asset managers, hedge funds and Eurex launches deliverable brokers — are planning to consolidate
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