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View Issue in Original Adobe PDF Viewer The primary source of global securities finance news and analysis Issue 262 29 September 2020 Building a strategy around transparency, control, and optimisation Malik’s Memo Lending Newcomer Data Analysis Seb Malik of Market FinReg says the The Asset Management Exchange is now Risk is a central theme of the year and opportunities for firms’ expansion are huge offering securities lending services to its REITs bearing the brunt of the COVID-19 and will result from five trends buy-side clients market restructuring Automating Swaps Work Flow © 2020 EquiLend Holdings LLC. Swaptimization_ad_SLT_final.indd 1 1/10/20 10:29 AM Flexibility. Reliability. Durability. There’s No Substitute for Certainty. certainty-bnymellon.com SLT_203x267_V2_NV.indd 1 7/7/20 1:37 PM Lead Story 3 MarketAxess snaps up Deutsche Boerse’s Regulatory Reporting Hub MarketAxess is set to acquire Deutsche The Regulatory Reporting Hub, services via REGIS-TR, its separate trade Boerse’s Regulatory Reporting Hub via meanwhile, is a pan-European reporting repository, which is unaffected by the sale. Trax, its wholly-owned subsidiary in and compliance platform that enables the Netherlands. buy- and sell-side clients to meet their Within Deutsche Boerse, the long-term regulatory obligations and transparency viability of the hub is understood to have MarketAxess operates an electronic requirements across multiple regulations, been uncertain for some time, as exemplified trading platform for fixed-income such as the second Markets in Financial by the last-minute scrapping of its SFTR securities and provides market data and Instruments Directive and the European offering, and the exchange has quietly been post-trade services for the global fixed- Markets Infrastructure Regulation. seeking a way to offload the business for income markets. most of this year, SLT understands. The hub was expected to offer reporting It also hosts a joint solution with EquiLend services for SFTR, but plans to do so It is further understood that several potential for the Securities Financing Transactions were shelved last year after it was unable buyers were in discussion with Deutsche Boerse Regulation (SFTR), along with its to drum-up enough business to make during this period with the main attraction of the standalone UTI Portal, which caters to the it worthwhile. hub being access to its healthy list of clients in regulation’s unique transaction identifier Europe, and Germany specifically. (UTI) requirement. The German exchange still offers SFTR Continued on page 6 www.securitieslendingtimes.com Inside this issue News Round-Up EU short selling reporting 06 threshold to remain lower Malik’s Memo Predictions on future growth Seb Malik of Market FinReg says the opportunities for firms’ expansion are huge and will result from five current 18 trends, including digitisation and ESG Cover story Lending Newcomer Building a strategy around transparency, control, What’s next for trade repositories? and optimisation Another European TR is set to close its doors in BBH’s Marney McCabe and Tom Poppey discuss assuming responsibility October amid rising costs and business hurdles in for a business during a global pandemic, how they are engaging with clients 23 the form of Brexit and regulatory complications 20 to meet their business goals and their outlook for the lending industry Publisher: Justin Lawson Flexible Architecture [email protected] Point Nine: Driving innovation +44 (0) 208 075 0929 Theo Mallas and Alan Dzhanaev at Point Nine discuss Editor: Drew Nicol the service provider’s success and what’s next after [email protected] 27 SFTR’s go live +44 (0) 208 075 0928 Reporter: Natalie Turner Lending Newcomer [email protected] AMX breathes new life in SBL +44 (0) 208 075 0926 The Asset Management Exchange’s head of product Reporter: Maddie Saghir Kerrie Mitchener-Nissen reveals the details of the [email protected] +44 (0) 208 075 0925 30 platforms new SBL programme Office manager: Chelsea Bowles +44 (0) 208 075 0930 Data Analysis Marketing director: Steven Lafferty Safe as houses – or offices [email protected] Risk is a central theme of the year and REITs bearing Published by Black Knight Media Ltd 33 the brunt of the COVID-19 market restructuring Copyright © 2020 All rights reserved 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 A Partner You Can Trust Securities finance can be an important source of return and a key part of your portfolio and risk management strategies. With individualized service, advanced technology and a commitment to transparency, we can help you achieve your goals. For informational purposes only. Securities finance 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 affiliates. Products and services may not be available in all jurisdictions. ©2019 State Street Corporation. statestreet.com/securitiesfinance 2725655.1.1.GBL StateStreetSeendingTies.indd M News Round-Up 6 MarketAxess snaps up Deutsche Boerse’s Regulatory Reporting Hub continued from page 3 “With this acquisition, we’re strengthening both our global post-trade and data businesses in two important ways: significantly extending our European client footprint, and increasing our ability to bring new, innovative technologies and solutions to a critical and complex part EU short selling reporting threshold to remain lowered of the trade lifecycle,” says Christophe Roupie, MarketAxess’ head of Europe, The reduced threshold for reporting short brought on by the COVID-19 pandemic.This the Middle East and Africa, and positions in the EU will remain until 19 threshold was initially expected to revert to its Asia Pacific. December, the European Securities and original level in June but ESMA extended the Markets Authority (ESMA) has confirmed as period until 17 September. In a statement on the deal, MarketAxess fears of a second wave of COVID-19 and adds that purchasing the hub will help to further market disruption mount. The decision means the lower reporting bar will further expand and enhance its established now remain in place for a further three months. services particularly in Germany, France The EU’s Short Selling Regulation requires the and the Nordics. holders of net short positions in shares traded in its “The COVID-19 pandemic continues to have markets to notify the relevant national competent serious adverse effects on the real economy The transaction is expected to close in Q4, authority (NCA) if the position reaches or exceeds in the EU with any outlook for a future recovery subject to the satisfaction of customary 0.2 percent of the issued share capital. remaining uncertain,” ESMA explains. closing conditions. The terms of the deal are not publically available. However, the EU financial regulator reduced “While EU financial markets have partially this threshold to 0.1 percent as of 17 March recovered, the situation remains unpredictable The hub is being sold through Regulatory to reflect the need for greater oversight of its particularly in the context of a possible second Services GmbH, a subsidiary of Deutsche markets during the period of market turmoil wave of infections,” says ESMA A range of apps that will transform your securities finance business 26 2 es e oe Securities Lending 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 Boerse Group and does not affect any other than a decade which is thought to have within the boundaries of the tax legislative services provided by the German exchange. deprived tax authorities across Europe of and supervisory framework”. Both MarketAxess and Deutsche Boerse an estimated €55 billion. are reassuring the hub’s customers that For example, ESMA recommends legislative there will be a smooth service transition. The fundamentals of a cum-ex trade require changes the Market Abuse Regulation a complex process of borrowing and shorting to remove the legal limitations on NCAs NCAs and tax authorities must securities over a dividend period in such a way exchanging information acquired from other unite to thwart cum-ex that allows two parties to claim withholding regulators with tax authorities. tax exemptions on a single asset. Securities markets regulators should be Additionally, a common legal basis should empowered to share information with the tax In its final report following a two-year review be developed to ensure a consistent and authorities to crack down on cum-ex-related of how national competent authorities convergent approach on the exchange of tax fraud, says the European Securities and (NCA) can improve their ability to detect information directly acquired by NCAs in Markets Authority (ESMA). withholding tax reclaim schemes — known their supervisory activity with tax authorities, as cum-ex and derived from the Latin words the authority suggests. National regulators have been grappling for ‘with’ and ‘without’ — ESMA emphasises with the issue of cum-ex tax fraud for more that any response should be “mainly sought “While halting these schemes seems Boundless Ambition, Boundless Expertise. When you’re looking to extend your global reach, turn to the proven prime finance solutions and seamless execution of BMO Capital Markets. BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A.
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