Three heads are better than one
29 January 2015 Frankfurt
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Eurex is to collaborate with BNY Mellon and State Street to further enhance the Eurex Clearing service.
The collaboration has been facilitated to meet the specific needs of beneficial owners, while allowing BNY Mellon and State Street clients access to the Eurex Clearing Lending central counterparty (CCP) service.
“BNY Mellon’s commitment to the securities financing business is long-running and widely recognised. We are continually monitoring the regulatory and structural changes taking place in this market and view central clearing as a key additional distribution method that will help to support market demand for our clients’ securities,” said James Slater, executive vice president and BNY Mellon’s global head of securities finance.
Eurex Clearing’s Securities Lending CCP was launched in November 2012. The existing product scope includes equities from Belgium, France, Germany, the Netherlands and Switzerland as well as a wide range of international fixed-income instruments and exchange-traded funds.
Six clearing members have already been admitted to the service and have cleared first transactions. Further market participants are in the admission and on-boarding process.
“The unique model of Eurex Clearing, by allowing beneficial owners direct CCP access via its Specific Lender License, provides significant benefits to market participants. State Street looks forward to this collaboration with BNY Mellon and Eurex Clearing and other industry participants, with the joint objective to further enhance this service,” added Lou Maiuri, executive vice president and head of securities finance at State Street.
Securities lending transactions from Eurex Repo’s SecLend Market or via Pirum’s CCP Gateway can be cleared by Eurex Clearing. The service is integrated currently with two tri-party collateral agents, Clearstream Banking Luxembourg and Euroclear Bank.
Matthias Graulich, chief client officer and member of the Eurex Clearing executive board, said: “We are very proud to collaborate with these two industry leaders in the further development and enhancement of our Lending CCP.”
The collaboration has been facilitated to meet the specific needs of beneficial owners, while allowing BNY Mellon and State Street clients access to the Eurex Clearing Lending central counterparty (CCP) service.
“BNY Mellon’s commitment to the securities financing business is long-running and widely recognised. We are continually monitoring the regulatory and structural changes taking place in this market and view central clearing as a key additional distribution method that will help to support market demand for our clients’ securities,” said James Slater, executive vice president and BNY Mellon’s global head of securities finance.
Eurex Clearing’s Securities Lending CCP was launched in November 2012. The existing product scope includes equities from Belgium, France, Germany, the Netherlands and Switzerland as well as a wide range of international fixed-income instruments and exchange-traded funds.
Six clearing members have already been admitted to the service and have cleared first transactions. Further market participants are in the admission and on-boarding process.
“The unique model of Eurex Clearing, by allowing beneficial owners direct CCP access via its Specific Lender License, provides significant benefits to market participants. State Street looks forward to this collaboration with BNY Mellon and Eurex Clearing and other industry participants, with the joint objective to further enhance this service,” added Lou Maiuri, executive vice president and head of securities finance at State Street.
Securities lending transactions from Eurex Repo’s SecLend Market or via Pirum’s CCP Gateway can be cleared by Eurex Clearing. The service is integrated currently with two tri-party collateral agents, Clearstream Banking Luxembourg and Euroclear Bank.
Matthias Graulich, chief client officer and member of the Eurex Clearing executive board, said: “We are very proud to collaborate with these two industry leaders in the further development and enhancement of our Lending CCP.”
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