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The End of the Beginning

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The End of the Beginning The primary source of global securities finance news and analysis Issue 276 27 April 2021 The end of the beginning Jonathan Lee of Kaizen Reporting explains how his firm is bringing novel solutions to lingering reporting issues and how Brexit creates double jeopardy for regulatory compliance Automating Swaps Work Flow © 2020 EquiLend Holdings LLC. Swaptimization_ad_SLT_final.indd 1 1/10/20 10:29 AM Lower risk. Greater returns. Eurex fixed income brings it all together. Now you can move your success forward – with one-stop-shop efficiency for a truly collaborative approach. Discover your next bold move at eurex.com. Architects of trusted m�rkets Lead Story 3 BMO exits agency lending Mitsubishi UFJ Trust and Banking Corporation for the past year, while MUTB, which has Kunkle declined to comment on the deal (MUTB) has inked a deal with Bank of been building out its third-party lending service other than to confirm he has left BMO and Lower risk. Greater returns. Eurex fixed income brings it all Montreal (BMO) to take on its entire book of since 2019 and is seeking to grow outside of to say he is open to new opportunities in the together. Now you can move your success forward – with clients under its agency securities lending its established Asian foundation, will welcome coming months. programme in a move designed to significantly BMO’s large, North American client base. one-stop-shop efficiency for a truly collaborative approach. enhance its North American footprint. Meanwhile, MUTB has been on a hiring Discover your next bold move at eurex.com. SFT understands that the agreement, which spree since Tim Smollen took the reins of the The Canadian bank is understood to be exiting was concluded in February, will see MUTB, the global agency lending solutions business in businesses its senior management consider to trust banking arm of the Mitsubishi UFJ Financial January 2020. be non-core. Group, assume responsibility for trading on behalf of BMO’s clients this month, with some operational Most recently, the Japanese banking Earlier this month, BMO Financial Group concluded services transitioning over later this year. group’s global securities lending solutions a deal to hand over its asset management business group (GSLS) gained Thomas Ryan from covering clients in Europe, the Middle East and Most of BMO’s securities lending team are Deutsche Bank, as head of asset and liability Africa to Ameriprise Financial. not expected to be taken on by MUTB, with management for the Americas and head of Christopher Kunkle, who served as head of trading for the bolstered client base under the The latest deal is thought to be mutually agency lending since 2015, and Daniel Hoover, leadership of Anthony Toscano, who oversees beneficial for both parties as BMO has been BMO’s head of distribution/sales since 2014, the North American business. seeking to exit the agency lending business having already parted ways with the bank. continued on page 6 Architects of trusted m�rkets www.securitiesfinancetimes.com Inside this issue Latest News Pass test to invest, South Korean 06 regulator tells retail short sellers News In-Brief A snapshot of the week’s must-reads 14 from the securities finance universe 20 Trade Reporting Earnings Round-up The end of the beginning Agent lenders and brokers report Jonathan Lee explains how his firm is bringing novel solutions to lingering 16 Q1 revenue reporting issues and how Brexit creates double jeopardy for regulatory compliance Publisher: Justin Lawson Programme Primer [email protected] Setting the record straight +44 (0) 208 075 0929 Don D’Eramo, of RBC Investor & Treasury Services, presents Editor: Drew Nicol an overview of why a securities lending programme can offer [email protected] 24 low-risk returns and support capital market liquidity +44 (0) 208 075 0928 Reporter: Alex Pugh [email protected] Pragmatic Principles +44 (0) 208 075 0926 Looking beyond the ESG hype Reporter: Maddie Saghir ESG is a hot-button topic, but are agent lenders’ and [email protected] +44 (0) 208 075 0925 28 beneficial owners’ ESG priorities aligned? Office manager: Chelsea Bowles +44 (0) 208 075 0930 Industry Appointments Marketing director: Steven Lafferty Comings and goings at [email protected] CloudMargin, SEC, VERMEG Published by Black Knight Media Ltd 32 and more Copyright © 2021 All rights reserved 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 BMO exits agency lending Pass test to invest, South barriers to entry, which the regulator hopes will continued from page 3 Korean regulator tells retail protect them from “excessive loss”. short sellers The acquisition of BMO’s clients is a Under the new rules, investors must have major step forward in MUFG’s vision of The South Korean financial regulator says the securities lending agreements with their becoming the first Asian bank to assume a measures, designed to protect and enhance trading firms and those without an account leading position within the global securities opportunities for retail investors to engage in must create one. financing marketplace. securities lending and short selling announced in February, will come into effect from 3 May. Additionally, those with no investment experience The journey began with the appointment must undertake mock trading programmes of Smollen and his team from The Financial Services Commission (FSC) and educational exercises administered by the Deutsche Bank. says 17 securities firms will provide securities Korea Exchange (KRX) and the Korea Financial lending services worth between KRW 2 trillion Investment Association, the FSC says. Beyond the personnel, MUFG Investor (USD 1.78 billion) and KRW 3 trillion (USD Services, the global asset servicing arm of 2.67 billion), up from only six offering these How much cash retail investors can get their Mitsubishi UFJ Financial Group, selected services today. hands on will depend on their prior experience EquiLend Spire’s securities finance system — total novices, for example, will be restricted as its core global platform to expand its An additional 11 will join the market throughout to borrowing KRW 30 million (USD 26,936). front, middle and back-office securities the year. The regulator expects a total of KRW The cap increases in line with an investor’s lending systems. 2.4 trillion (USD 2.15 billion) in securities will experience and is then removed for investors become available to lend for KOSPI 200 and with more than two years of experience or those EquiLend Spire is the product of a KOSDAQ 150 stocks as of 3 May. who are considered professional investors. partnership between EquiLend and Stonewain Systems and offers a modular Unlike institutional or foreign investors, retail Retail investors are also subject to the and scalable securities finance solution investors will be guaranteed a maximum 60 restrictions from participating in a company’s for compliance, reporting, risk analysis, day period of stock borrowing. capital increase via issuing new shares once accounting, positions and trading. the company has made such a plan public. The FSC has placed several guardrails on the BMO and MUFG declined to comment on financing and short selling markets for retail If an investor has shorted a company’s the deal. investors and erected several educational stock within the period of one day after the COMPLIANCE IS A BEAST. deltaconX AG Hertensteinstrasse 51 We help you tame it. CH-6004 Luzern, Switzerland www.deltaconX.com EMIR REMIT MAR FinfraG MiFIR/MiFID II SFTR Securities Finance Times ... to the next level. Let Securities Lending take you... Make idle assets
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