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Supply returns to securities lending market
31 May 2012
Despite regulatory complexity, and some negative perception around short-selling, supply has come back into the market and beneficial owners are increasingly looking at programmes in a favourable light, participants at the European lending roundtable heard
• Chair: Simon Murray
• Jeannine Lehman, securities lending business executive, EMEA, BNY Mellon
• David Lewis, senior vice president, Astec Analytics, SunGard’s capital markets business
• Sunil Daswani, senior vice president, Northern Trust
• Andy Dyson, director specialist sales and head of account management, EMEA, Data Explorers
• Mike Taylor, chief executive, London Pensions Fund Authority
• Stuart Catt, associate, Mercer
Chair: What’s important in the European market right now?
Stuart Catt: Wider collateral because we’re running out of good quality G7 debt and more people are talking about equity as an option. Collateral upgrade trades are also coming more into our conversations – will upgrade trades come to pass in any great amount or value? Will beneficial owners be comfortable with the risk they take doing upgrade trades?
Jeannine Lehman: Collateral transformation will become a big opportunity for lending. Securities lending has a mechanism for which you swap ‘bad’ for ‘good’, and...
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