Methodology

RAW DATA TABLES
To calculate raw data tables, a simple average of all relevant responses for each tri-party agent is generated to create a score. Historically, these tables were labelled as unweighted.

WEIGHTED TABLES
Respondents are required to rank 17 service categories in order of importance. The rankings of all respondents are then combined to create weightings for each service category.

The more important a category is considered, on average, by all respondents, the greater the weighting. Therefore, tri-party agents that score highly in the service categories considered most important by respondents will obtain a higher weighted score.

These weightings are normalised around 1 (between 0 and 2) to preserve comparability with raw data scores. A firm’s raw data score for a particular category is multiplied by the weighting for that category to create its weighted score.

TABLES
The following tables will be calculated:

Global overall table
Tri-party agents must receive minimum of 15 responses globally and must qualify in two regions to qualify. Weighted and raw data tables are generated.

Regional overall tables
To qualify in each of the three regions tri-party agents need a minimum number of responses (across repo, securities lending and other collateral management respondents). The respondent’s location (not the tri-party agent’s) defines where the response is allocated. Weighted and raw data tables are generated. The minimum number of responses for each region are as follows:
• Emea: 10 responses
• Americas: 10 responses
• Asia Pacific: 5 responses

Global repo table
Repo respondent’s scores are averaged to give a score for each qualifying agent. A minimum of five responses is required to qualify globally. Weighted and raw data tables are generated.

Global securities lending table
Securities lending respondent’s scores are averaged for each qualifying agent. A minimum of five responses is required to qualify. Weighted and raw data tables are generated.

Global other collateral management table
Other collateral management refers to all activities that are not covered by securities lending or repo. This includes but is not limited to: CSA activities (e.g. OTC derivatives); bespoke credit agreements; central bank access; and CCP access. Scores are averaged for each qualifying agent. A minimum of five responses is required to qualify. Weighted and raw data tables are generated.

Global service categories
Tables are generated for each of the 17 service categories. These tables include all respondents’ scores, globally, and for repo, securities lending and other. Tri-party agents must receive a minimum of 15 responses globally and must qualify in two regional overall tables to qualify. Only raw data tables are generated.

SERVICE CATEGORIES
Respondents are asked to rate their tri-party agents across the following 17 service categories:

• Ability to create bespoke schedules
• Ability to manage equities as collateral
• Access to counterparties
• Accuracy of margin calls
• Breadth of market coverage
• Breadth of supported eligibility criteria
• Collateral re-use/re-hypothecation
• Dividend collection
• Handling of fails
• Implementation of collateral sets/schedules
• Level of STP offered
• Quality of client service
• Quality of reporting/client Interface
• Quality of static data
• Substitution capability
• Timeliness of margin calls
• Timeliness of settlement

QUALIFICATION

If a tri-party agent is rated multiple times by the same respondent in the same country the ratings will be averaged and will only count as a single response for the purposes of qualification.