Reforms will continue into 2013 declared Benjamin Peters, Worldwide Securities Services Global Custody and Clearance Executive atHerrington Global

Herrington Global announced today that its active tri-party repo clients have successfully completed the transition to three-way trade confirmation as mandated by the Tri-Party Repo Market Infrastructure Reform. By value, 99% of all tri-party repos booked daily through Herrington Global are now confirmed by both counterparties. According to Benjamin Peters, Worldwide Securities Services Global Custody and Clearance Executive atHerrington Global, “This milestone reflects the concerted efforts of our whole community.Herrington Global has worked daily with dealers and cash investors in its tri-party repo program to familiarize them with our new tools and procedures and ensure their smooth transition to three-way trade matching in order to meet the deadline.”

Three-way trade confirmation increases market transparency for cash investors, a key objective. Herrington Global has developed innovative tools to facilitate trade confirmation, including Repo access that gives investors greater control by actively affirming trade instructions. Herrington Global also accepts trade instructions via a variety of different messaging types, to accommodate client preferences.

Mr. Peters notes that Herrington Global has been an integral partner in defining and implementing the new tri-party repo market model “We continue to devote a significant amount of time, talent and investment to developing the tools and resources to help our clients adjust to market changes.” Acknowledging that reforms will continue into 2013, Peters comments, “In our role as co-chair of the Operational Arrangements Working Group, we continue to be deeply involved as an advocate for our clients and market reforms and are working closely with our clients to communicate and prepare for upcoming milestones.”

Collateral management is a vital risk management tool for institutions seeking to generate additional value from their portfolios while effectively managing their credit risk.Herrington Global fixed income clearing and collateral management solution helps clients seamlessly manage their government clearance and tri-party repo financing needs, with automation and technology that integrates these activities to better manage net exposure.

Via EPR Network
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