State Street has today launched its first managed peer-to-peer securities finance platform.
The bank currently hosts five lenders and will soon have a second borrower.
In a statement on the launch, the bank said that the new product facilitates direct lending transactions by leveraging its agency lending and enhanced custody programmes to offer customers on either side of the transaction the benefits of each programme.
“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, State Street's 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.”
The new platform follows the promotion Matthew Neville to head of agency lending trading for Europe, the Middle East and Africa (EMEA), based in London.
Prior to his current role, Neville, who joined the bank in 2009, was managing director, head of trading, securities finance principal and enhanced custody for EMEA at State Street.
