Manulife, CIBC Mellon and Scotiabank complete buy side triparty repo trade
17 February 2025 Canada
Image: Aya_Micro/stock.adobe.com
International financial services group Manulife, alongside CIBC Mellon and Scotiabank, have completed the first domestic buy side triparty repo trade in Canada.
The trade was executed through the Canadian Collateral Management Service (CCMS), which was launched in partnership with TMX Group and Clearstream.
CCMS is the first domestic triparty collateral management service in Canada and aims to increase liquidity and minimise exposure risk for Canada’s secured finance industry.
Commenting on the milestone, David J. McKinnon, senior managing director, treasury trading at Manulife Financial, says: “This groundbreaking adoption not only boosts our operational efficiency but also fulfils a crucial need for alternative short-term investments following the recent withdrawal of banker acceptance from the Canadian market.”
Richard Anton, chief client officer at CIBC Mellon, adds: “This is a transformative step in enhancing liquidity, efficiency, and collateral optimisation for Canadian institutional investors.
“This development reinforces the importance of robust post-trade infrastructure in adapting to market shifts and delivering greater flexibility for institutional investors.”
Ciaran Dayal, head of CMF Canada at Scotiabank, comments: “This first Canadian triparty trade between sell side and buy side is a significant milestone.
“By providing Canadian triparty repo capabilities, we’re adding attractive investment options in an operationally efficient manner to clients and also helping push forward repo liquidity across asset classes to the broader market.”
The trade was executed through the Canadian Collateral Management Service (CCMS), which was launched in partnership with TMX Group and Clearstream.
CCMS is the first domestic triparty collateral management service in Canada and aims to increase liquidity and minimise exposure risk for Canada’s secured finance industry.
Commenting on the milestone, David J. McKinnon, senior managing director, treasury trading at Manulife Financial, says: “This groundbreaking adoption not only boosts our operational efficiency but also fulfils a crucial need for alternative short-term investments following the recent withdrawal of banker acceptance from the Canadian market.”
Richard Anton, chief client officer at CIBC Mellon, adds: “This is a transformative step in enhancing liquidity, efficiency, and collateral optimisation for Canadian institutional investors.
“This development reinforces the importance of robust post-trade infrastructure in adapting to market shifts and delivering greater flexibility for institutional investors.”
Ciaran Dayal, head of CMF Canada at Scotiabank, comments: “This first Canadian triparty trade between sell side and buy side is a significant milestone.
“By providing Canadian triparty repo capabilities, we’re adding attractive investment options in an operationally efficient manner to clients and also helping push forward repo liquidity across asset classes to the broader market.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
