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Cover GT to DC.Indd 1 26/9/08 18:40:33 Editorial Lend an Ear “Securities Lending Is the Missing Building Block for Market Completeness”

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Cover GT to DC.Indd 1 26/9/08 18:40:33 Editorial Lend an Ear “Securities Lending Is the Missing Building Block for Market Completeness” MARKETS Asia, US, Canada, CEE Global Securities INFRASTRUCTURE Lending Tri-party Collateral Management, GSL| Repo, Risk Management PROFILES EquiLend, CalPERS, Eurex, Anetics GSL ISSUE 02 Sold Short Has the lending industry been unfairly treated? Plus Revved up for Repo: Asia Lender Profile: calPers Country Focus: USA Cover GT to DC.indd 1 26/9/08 18:40:33 EDITORIAL Lend an ear “Securities lending is the missing building block for market completeness” MARKETS The securities lending industry is an increasingly essential part of US, Canada, CEE the financial machine. However, as an industry which has been strengthened by growth in the alternative funds sector, the FSA ruling INFRASTRUCTURE on short selling and SEC ruling on ‘naked’ short selling has caused Tri-party collateral management, controversy and debate. In a month, which has brought disaster of Repo, Risk Management fictional proportions to the financial services industry, we attempt to PROFILES answer some of the questions raised by the FSA ruling on short selling Brian Lamb, Dan Kiefer, Paul Wilson and its effect on securities lending (p14). In readiness for the RMA’s 25th Anniversary securities lending Editor: conferences in Texas, GSL looks at the securities lending markets Catherine Kemp ([email protected]) in North America. Joe Corcos provides an update on the securities Reporters: lending industry in the US (p21) and Catherine Kemp investigates the Joseph Corcos ([email protected]) regulatory changes that have lead to growth in Canada (p27). Ben Roberts ([email protected]) Transparency and the ability to ensure an accurate view of your Group Editor: Giles Turner ([email protected]) risk remains a Sisyphean dilemma. GSL talks to Dan Kiefer of the California Public Employees’ Retirement System (CalPERS) about the value of auctions in ensuring transparency and why beneficial owners Contributors: Brian Bollen, should be able to retain their right to vote proxies while securities are Anthony Harrington out on loan (p19), and Paul Wilson at JPMorgan about how securities lending has evolved into a front office function that chases alpha (p56). Design: Jerry May from OPERS writes on risk from a lenders perspective (p55). David Copsey Elsewhere Francisco Gonzalez at Eurex SecLend discusses the future of electronic lending (p50), Anthony Harrington discusses the challenges Operations Manager: of ensuring an accurate global view of collateral risk exposure across all Sue Whittle ([email protected]) asset classes (p39), and David Little from Rule Financial discusses the industrialisation of collateral management (p44). Publishing Manager: GSL continues to explore emerging markets. Ben Roberts looks at Monique Labuschagne the numerous obstacles to developing securities lending in the Czech ([email protected]) Republic, Poland and Hungary (p31), while Brian Bollen encounters the world of Asian repo and the potential for growth (p35). Commercial Manager: Jon Hewson The bankruptcy of Lehman Brothers, the buy out of Merrill Lynch, the declassification of the Morgan Stanley and Goldman Sachs as Publisher: investment banks, the buy out of HBOS, and the restrictions on Justin Lawson short selling globally, are events which have dramatically changed the ([email protected]) landscape of the financial services industry. How long these seismic shakeups will change the securities fincance industry is difficult to tell. CEO: Mark Latham What is for certain is that the waters will remain choppy for some time. ([email protected]) Catherine Kemp 16-17 Little Portland Street, London W1W 8BP T: +44 (0) 20 7299 7700 F: +44 (0) 20 7636 6044 © 2008 Investor Intelligence. All rights reserved. No part of this publication may be reproduced, in whole or in part, without prior written permission from the publishers. ISSN 1759-0728 Printed in the UK GSL | 1 GSL p01-15 Final.indd 1 26/9/08 16:14:00 CONTENTS News 4 News 8 News analysis 12 Across the Atlantic 14 Short Selling 16 CEO Profile - Brian Lamb 20 Lender Profile - calPers Country Profiles 21 Country Overview - USA 27 Country Overview - Canada 31 Country Overview - Eastern Europe 34 Australia - eSecLending Industry Insight 35 Asian Repo 39 Tri-Party Collateral Management 44 Post Crunch trends 46 Swift on securities lending 48 Anetics on asset management Technology 50 Eurex - Francisco Gonzalez 51 SunGard on risk management 54 Statistics on the short selling volatility People 55 Opers - Jerry May 56 JPMorgan - Paul Wilson 56 RMA 25th Conference Preview 62 Appointments 64 Meet the future - Nora Reemts Companies eSecLending - 18, 22, 40 OhioPERS - 55 Eurex - 50 Opes Prime - 10, 34 Anetics - 48 Euroclear - 40 Penson - 26, 29 ANZ - 10 Federal Reserve - 8, 22 Performance Explorer - 27 Bank of America - 12 FSA - 13 Quadriserv - 20 BBH - 21 Goldman Sachs - 17, 24, 36 Raiffeisen - 31 Bear Stearns - 12, 17 ICAP - 20 RBC Dexia - 27 BNY Mellon - 38, 39 IMC Trading - 64 RMA - 12, 58, 59 Budapest Stock Exchange - 32 iSEC - 20 Rule Financial - 44 CIBC Mellon - 30 ISLA - 13 State Street - 12 Citi - 35 JPMorgan - 56 SunGard - 51 Credit Suisse - 24 Lehman Brothers - 8 SWIFT - 46 CSOB - 31 LendEX - 18, 59 TSLF - 8 Data Explorers - 22, 54 Merrill Lynch - 8, 12, 17 UNIVYC - 31 DTCC - 13 Morgan Stanley - 24 Warsaw Stock Exchange - 10 EquiLend - 17 Northern Trust - 24 2 | GSL GSL p01-15 Final.indd 2 26/9/08 16:14:00 GSL p01-15 Final.indd 3 26/9/08 17:57:03 NEWS Global securities lending news Top industry stories at deadline. For more recent updates go to www.isj.tv Participant (GCP) of EuroCCP (European avoid unintended damage to the liquidity of Central Counterparty Limited). This will cash equity and related derivatives markets. provide clients with simple and rapid access In particular, dealers must be allowed to take to Turquoise, the new pan-European share short positions in the course of providing trading platform launched on 15 August liquidity for their customers. They need 2008. This service complements those that therefore to continue borrowing financial are already available on new trading venues shares from lenders, such as pension and like the Chi-X pan-European alternative investment funds and insurance companies, trading platform, as well as on the traditional for this purpose. Continued lending is also regulated markets. SGSS’ clients can also important in order to prevent chains of access a wide range of post-trade services on failed settlements. For these reasons, we ask the main regulated and multilateral trading that regulators do not introduce measures facility (MTF) markets. that might prevent or discourage lending of financial shares. For example, selling New York - Erste Group Bank has selected shares that are currently on loan should not Citi Global Transaction Services to provide be treated as entering into a short position a single integrated electronic execution where the seller can recall the lent shares and custody solution. The service provides within the normal settlement cycle. Lenders a single counterparty to execute, settle and should also be able to lend in good faith provide custody in all major execution without requirements to make enquiries markets worldwide. Through the linking about or obtain documentary proof of the Paris - SecFinex and LCH.Clearnet have of Citi’s capital markets and securities intentions of borrowers. launched central counterparty services for capabilities operational inefficiencies and More generally, we encourage lenders to stock borrowing and lending across the risks that come from dealing with multiple continue to make financial shares available SecFinex Order Market multilateral trading providers are removed. for lending in order to support market facility for Euronext markets. This will making and efficient settlement. Any include stock loan transactions in France, London - SIFMA, ISLA, RMA, PASLA & wholesale withdrawal of financial shares Belgium, The Netherlands and Portugal. ASLA released the following statement would have highly unwelcome consequences This is the first time that stock borrowing on the 26 September 2008 in regards to for liquidity in the cash equity and derivatives and lending markets will be able to take developments within the lending industry: markets that would be against the interests advantage of the services offered by a central “Against the background of the current of investing institutions and contrary to the counterparty. market turmoil, the International stated intentions of regulators in introducing Securities Lending Association (ISLA), these measures. We are encouraged by the Vienna - JPMorgan has launched its Asia Risk Management Association (RMA), response of securities lenders and again urge offshore payments clearing system, designed Securities Industry and Financial Markets them to continue to lend and to maintain to process payments from initiation to Association (SIFMA), Pan-Asian Securities their on-loan positions as appropriate in light settlement. Intended to service the global Lending Association (PASLA) and Australian of their respective goals.” trading needs of the bank’s financial Securities Lending Association (ASLA) institution partners and their customers, recognise why regulators around the world Abu Dhabi - Standard Chartered Bank has it will allow them to keep liquidity in have put in place temporary restrictions on expanded its custody services in UAE with the region, clear in multiple regional short selling of financial shares and support the recent addition of Abu Dhabi Securities infrastructures, concentrate their
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