LONDON, Oct. 10, 2017 /PRNewswire/ -- Collateral
Exchange platform ColleX announced today that it has executed its
first T+0 triparty collateral loan, bringing improved efficiency to
securities finance trading.
The trade was conducted between Bank of America Merrill Lynch
and ING Bank N.V., with J.P. Morgan as collateral custodian; it was
executed using one of ColleX's 10 standardised baskets, which have
been implemented across the major triparty agents. The transaction
enabled the 'ColleX Trader' to borrow a triparty basket of
collateral and achieve 100% re-use establishing the first true loan
of triparty collateral. This transaction type reduces collateral
cost and settlement risk as the trade executed and settled within 2
hours on trade date
Grant Davies, ColleX Head
of Business Development said: "The success of ColleX is
being driven by a growing collateral market. More than USD2.7 trillion of collateral is now managed by
EMEA triparty custodians with Seg IM, CCP (Centrally Cleared
Counterparty) margin and collateralisation of credit lines
increasing demand for efficient collateral solutions. ColleX
enables market participants to leverage triparty infrastructure,
mobilize firm inventory and convert it into eligible collateral to
meet these needs."
"Given ING's established reputation in securities financing and
experience in tri-party transactions for our clients, we see the
benefits of electronic trading in terms of transparency and
efficiency. We are pleased to be a part of this
innovation," said ING's Co-Head of Global Securities
Finance Richard Pryce.
ColleX uses time-focused auctions and screen-based trade
negotiation, allowing clients to cover collateral needs (or
monetise long inventory) reducing cost, time and settlement risks.
ColleX was launched in Q3 2016 as part of the widening portfolio of
electronic services developed by BGC Brokers L.P.'s FENICS
business. BGC Brokers is an affiliate of BGC Partners,
Inc.
About BGC Partners, Inc.
BGC Partners is a
leading global brokerage company servicing the financial and real
estate markets. BGC owns GFI Group Inc., a leading
intermediary and provider of trading technologies and support
services to the global OTC and listed markets. The Company's
Financial Services offerings include fixed income securities,
interest rate swaps, foreign exchange, equities, equity
derivatives, credit derivatives, commodities, futures, insurance
brokerage, and structured products. BGC provides a wide range of
services, including trade execution, broker-dealer services,
clearing, trade compression, post trade, information, and other
services to a broad range of financial and non-financial
institutions. Through brands including FENICS, BGC Trader,
Capitalab, Lucera, and FENICS Market Data, BGC offers financial
technology solutions, market data, and analytics related to
numerous financial instruments and markets.
Real Estate Services are offered through brands
including Newmark Knight Frank, Newmark
Cornish & Carey, Berkeley Point, ARA, Computerized
Facility Integration, Newmark Knight Frank Valuation &
Advisory, and Excess Space. Under these names and others, the
Company provides a wide range of commercial real estate services,
including leasing and corporate advisory, investment sales and
financial services, consulting, project and development management,
property and facilities management, the origination and sale of
multifamily loans through government-sponsored and
government-funded loan programs, as well as the servicing of
commercial real estate loans, including those it originates.
BGC's customers include many of the world's largest banks,
broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, property owners, real estate developers,
and investment firms. BGC's common stock trades on the NASDAQ
Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC
also has an outstanding bond issuance of Senior Notes due June
15, 2042, which trade on the New York Stock
Exchange under the symbol (NYSE: BGCA). BGC
Partners is led by Chairman and Chief Executive
Officer Howard W. Lutnick. For more information, please
visit http://www.bgcpartners.com. You can also follow
the Company
at https://twitter.com/bgcpartners and/or https://www.linkedin.com/company/bgc-partners.
BGC, BGC Trader, GFI, FENICS, FENICS.COM, Besso, Sunrise,
Capitalab, Swaptioniser, ColleX, Newmark, Grubb & Ellis,
Berkeley Point, ARA, Computerized Facility
Integration, Landauer, Lucera, Excess Space, Excess Space
Retail Services, Inc., and Grubb are trademarks/service marks,
and/or registered trademarks/service marks and/or service marks
of BGC Partners, Inc. and/or its affiliates. Knight Frank
is a service mark of Knight Frank (Nominees) Limited.
Discussion of Forward-Looking Statements by BGC
Partners
Statements on this website regarding BGC Partners'
business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. Except as
required by law, BGC undertakes no obligation to release any
revisions to any forward-looking statements. For a discussion of
additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see BGC's Securities and Exchange Commission filings,
including, but not limited to, the risk factors set forth in our
public filings, including our most recent Form 10-K and any updates
to such risk factors contained in subsequent Form 10-Q or Form 8-K
filings.
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