State Street Introduces New Peer-to-Peer Repo Financing Marketplace for the Buy-Side
March 03 2021 - 8:30AM
Business Wire
Innovative new solution improving access to liquidity, and
driving scale and flexibility for the buy-side in repo markets
State Street Corporation (NYSE:STT) today announced the release
of a new Peer-to-Peer Repo program for the buy-side. Building from
its market-leading position in sponsored repo and securities
lending, including peer-to-peer opportunities within its agency
lending program, Peer-to-Peer Repo enables competitive financing
costs across a broader range of collateral types and yield
enhancement opportunities compared to traditional repo markets.
State Street guarantees the payment obligations of cash borrowers
to cash lenders within the program following a default, thus
facilitating bilateral trading by counterparties with varying
credit and capital strength.
“We are very pleased to be launching our Peer-to-Peer repo
marketplace that will enable the buy-side seeking market liquidity
to extract incremental value by accessing this new platform,” said
Nadine Chakar, head of State Street Global Markets. “State Street
has a history of creating innovative solutions tailored to the
buy-side market, most recently a peer-to-peer securities lending
product, and the launch of this new Peer-to-Peer repo platform
further demonstrates our market expertise in fundamental financing
& collateral solutions. This platform, designed in close
collaboration with buyside clients, further complements our broader
investments in sponsored repo and collateral management. We are
excited to be at the forefront of an evolving and exciting journey
for the industry.”
This offering is available to a broad range of client types
including non-financial corporates, asset owners, pension plans,
regulated funds, insurance firms, and hedge funds, today, whether
or not current State Street custody clients. Program participants
trade with one another pursuant to a common master repurchase
agreement, negotiating trade terms with approved counterparties
within the program’s broader requirements guidelines.
“We are pleased to continue building our buy-side securities
financing tool-kit, delivering new solutions to meet evolving
client needs,” said Travis Keltner, managing director, State Street
Global Markets Funding and Collateral Transformation. “We look
forward to growing this program with new currencies, assets and
collateral flexibility for our global client base. We have valued
collaborating with clients and partners and plan to strategically
position the program with extended front-to-back capabilities,
including collateral management. Ultimately, we look to align this
market infrastructure as part of the evolving digital
landscape.”
Click here for more information on State Street’s Peer-to-Peer
Repo capabilities.
About State Street
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 $38.8 trillion in assets
under custody and/or administration and $3.5 trillion* in assets
under management as of December 31, 2020, 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 as of December 31, 2020 includes
approximately $75 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
© 2021 State Street Corporation - All Rights Reserved
3474979.1.1.GBL.RTL
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210303005546/en/
Brendan Paul BPaul2@statestreet.com +1 401 644 9182
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