State Street Launches Direct Access Lending, a Managed Peer-to-Peer Securities Finance Product
October 10 2019 - 8:45AM
Business Wire
State Street Corporation (NYSE: STT) today announced the launch
of Direct Access Lending, a securities finance product that enables
direct, principal loans between its lending clients and its
borrowing clients. The new managed peer-to-peer product will
leverage the size and strength of State Street’s Agency Lending and
Enhanced Custody programs, and underscores a continued focus on
aligning solutions and technology across State Street to help
clients achieve their objectives.
To facilitate the direct lending transactions, State Street will
leverage both its Agency Lending and Enhanced Custody programs to
offer both sets of customers the benefits of each program required
to operate in a peer-to-peer transaction while also enjoying an
economic benefit associated with Direct Access loans. The product
offers a seamless peer-to-peer model, supported by the operational
efficiency and expertise of a managed securities lending
program.
“Over the last decade, we have worked hard to manage balance
sheet constraints across banks and broker/dealers participating in
securities lending,” said Martin Tell, global head of Securities
Finance. “State Street has created a number of innovative solutions
to support our clients, expanding our program to add new markets
and collateral types and diversifying methods for borrowers to post
noncash collateral by pledging securities instead of a title
transfer. With this prior innovation and development, we are
uniquely positioned to create a peer-to-peer securities finance
platform given the scale and sophistication of the Agency Lending
and Enhanced Custody businesses that we run today.”
State Street’s Global Markets team provides specialized
research, trading, securities finance and innovative portfolio
strategies to owners and managers of institutional assets. Its goal
is to enhance and preserve portfolio values for clients through
original flow-based research, proprietary portfolio and risk
management technologies that optimize trading.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $32,754 billion in assets
under custody and administration and $2,918 billion* in assets
under management as of June 30, 2019, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
* Assets under management include the assets of the SPDR® Gold
ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $36
billion as of June 30, 2019), for which State Street Global
Advisors Funds Distributors, LLC (SSGA FD) serves as marketing
agent; SSGA FD and State Street Global Advisors are affiliated.
State Street Corporation One Lincoln Street, Boston, MA
02111-2900.
© 2019 State Street Corporation - All Rights Reserved
2708303.1.1.AM.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191010005468/en/
Brendan Paul +1 617-943-5368 Bpaul2@statestreet.com
@StateStreet
State Street (NYSE:STT)
Historical Stock Chart
From May 2024 to Jun 2024
State Street (NYSE:STT)
Historical Stock Chart
From Jun 2023 to Jun 2024