State Street Announces Collateral Tracking Service
March 07 2011 - 9:00AM
Business Wire
State Street Corporation (NYSE: STT), one of the world's leading
providers of financial services to institutional investors,
announced today the launch of a new Collateral Tracking service
that helps asset managers and owners accurately assess and manage
counterparty risk. Clients can now receive up-to-date reporting on
the location and status of all collateral movements regardless of
where the assets are held.
The Collateral Tracking service expands the traditional core
custody function of acting on direction from the asset manager to
move collateral, including cash or securities, in and out of an
account. The enhanced service automates a previously manual
process, which required asset owners to contact each broker or
investment manager individually to determine the outstanding
collateral at any point in time. With the new service, clients can
send their collateral instructions to State Street’s proprietary
collateral tracking hub, which automatically initiates the process
of tracking the status and location of all outstanding collateral.
Additionally, the service’s fully customizable reporting allows
clients to schedule reports to run systematically or upon request,
using any combination of date range, advisor, client, counterparty,
fund, or product type.
“At State Street, we are constantly developing new products to
help monitor and manage risk for our clients,” said Patrick
Centanni, executive vice president and head of Global Product
Management at State Street. “The Collateral Tracking service
provides clients with settlement status updates and event
monitoring information to increase transparency and mitigate
counterparty risk exposure.”
“State Street’s new collateral tracking capabilities are a core
component of our derivatives strategy, which is designed to address
the unique challenges our clients face in the derivatives market
today,” said Jeff Conway, executive vice president and head of
Investment Manager Operations Servicing at State Street. “State
Street’s derivative servicing suite now includes end-to-end OTC and
exchange traded derivatives processing, collateral management, and
independent valuations.”
About State Street
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment management, investment research and trading
and investment servicing. With $21.5 trillion in assets under
custody and administration and $2 trillion¹ in assets under
management at December 31, 2010, State Street operates in 26
countries and more than 100 geographic markets worldwide. For more
information, visit State Street’s website at
www.statestreet.com.
1 Includes assets of SPDR Gold Shares for which SSgA does not
act as investment manager, but is the distribution agent.
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