BNY expands breadth of intraday repo offering
18 March 2026 US
Image: Looker_Studio/stock.adobe.com
BNY has successfully completed the market’s first intraday triparty repo trade in pound sterling.
This milestone demonstrates the expansion of BNY’s intraday repo capabilities beyond the US dollar, enabling new opportunities for liquidity optimisation.
Simon Squire, global head of Global Collateral Product at BNY, says: “Delivering the first intraday triparty repo trade in GBP demonstrates our commitment to extending intraday liquidity solutions.
“As clients look to manage funding more dynamically across currencies, this expansion into sterling provides greater flexibility and choice, supported by a platform already proven for USD.”
The pilot involved HSBC borrowing cash from lender Banco Santander, while delivering collateral via BNY’s Global Collateral platform.
The platform supports a range of financing activities including repo, securities lending, margin segregation, and securitised notes.
According to the New York bank, the sterling pilot — a two-hour, same day trade — settled successfully, demonstrating the platform’s readiness to support intraday liquidity management across multiple currencies.
Jamie Anderson, global head of collateral Treasury at HSBC, adds: “This landmark sterling triparty repo transaction, involving BNY and Santander, highlights HSBC’s focus on optimising intraday liquidity as well as the potential of a more efficient, flexible repo market.”
The solution allows participants to source or deploy liquidity for specific periods intraday, rather than a full 24-hour cycle, providing more flexible liquidity management.
BNY’s intraday repo offering has been live for the US dollar for more than a year, providing a proven platform from which to expand into additional currencies, beginning with this first pound sterling trade.
This milestone represents a major step forward for intraday financing, expanding liquidity options and supporting the industry’s move toward more dynamic funding solutions, says BNY.
Enrique Verdu, managing director, securities finance at Banco Santander, comments: “This represents meaningful progress in how we can manage and optimise intraday liquidity and is a great tool to have for the immediate mobilisation of collateral.”
This milestone demonstrates the expansion of BNY’s intraday repo capabilities beyond the US dollar, enabling new opportunities for liquidity optimisation.
Simon Squire, global head of Global Collateral Product at BNY, says: “Delivering the first intraday triparty repo trade in GBP demonstrates our commitment to extending intraday liquidity solutions.
“As clients look to manage funding more dynamically across currencies, this expansion into sterling provides greater flexibility and choice, supported by a platform already proven for USD.”
The pilot involved HSBC borrowing cash from lender Banco Santander, while delivering collateral via BNY’s Global Collateral platform.
The platform supports a range of financing activities including repo, securities lending, margin segregation, and securitised notes.
According to the New York bank, the sterling pilot — a two-hour, same day trade — settled successfully, demonstrating the platform’s readiness to support intraday liquidity management across multiple currencies.
Jamie Anderson, global head of collateral Treasury at HSBC, adds: “This landmark sterling triparty repo transaction, involving BNY and Santander, highlights HSBC’s focus on optimising intraday liquidity as well as the potential of a more efficient, flexible repo market.”
The solution allows participants to source or deploy liquidity for specific periods intraday, rather than a full 24-hour cycle, providing more flexible liquidity management.
BNY’s intraday repo offering has been live for the US dollar for more than a year, providing a proven platform from which to expand into additional currencies, beginning with this first pound sterling trade.
This milestone represents a major step forward for intraday financing, expanding liquidity options and supporting the industry’s move toward more dynamic funding solutions, says BNY.
Enrique Verdu, managing director, securities finance at Banco Santander, comments: “This represents meaningful progress in how we can manage and optimise intraday liquidity and is a great tool to have for the immediate mobilisation of collateral.”
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