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A Clear Case for ChangeReprinted with the permission of Financial-i The move to central clearing for OTC derivatives is causing consternation, especially amongst fund managers, and many foresee changes in investor behaviour to avoid charges when the new regulations come into force. This article was first published in Financial-i Q2 2011. www.financial-i.com. Authors: Jonathan Bowler, Christopher Coleman
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Regulatory Change in Securities Lending: An Update for ClientsAn array of proposed legislation and recommendations including Basel III, Dodd-Frank and European Commission rules on short selling will ultimately provide new mandates for securities lending market participants at all stages of the transaction. In the meanwhile however, beneficial asset holders and securities lending agents are working to assess the new environment as regulatory concepts become formalized and specific rules are adopted.
In collaboration with: Finadium LLC |
VIDEO: Regulation's Reach - A New Day for Borrower Default IndemnificationJames Slater, Global Head of Securities Lending and Finance at BNY Mellon, explores how new and proposed regulation seems likely to change customary securities lending practices related to borrower default indemnification. Author: James Slater
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Securities Lending -- Impact of Regulatory Initiatives on Borrower Default IndemnificationIndemnified agency securities lending still serves a vital role by generating income for beneficial owners and supporting financial market liquidity. Nevertheless, although the outcome of many of the regulatory regime changes discussed in this article remains uncertain, the overarching theme to the proposals is a tightening of restrictions affecting agent banks' indemnified securities lending programs. Business: Asset Servicing
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Securities Lending, Crisis Management and the Orderly Liquidation AuthorityIn the aftermath of the financial crisis, regulators are working to prevent another disaster similar to Bear Stearns or Lehman Brothers. In the U.S. and Europe, one answer has been to begin to create orderly unwind processes that allow both regulators and the markets to understand what will happen in the event a major institution is near default. International organizations are looking at cross-border resolution capabilities given the interconnectedness of the global financial system. This report evaluates recent government efforts and their potential impacts on beneficial owners in the securities lending market.
In collaboration with: Finadium LLC |
Regulatory Reform: The Shape of Things To ComeReprinted with the permission of Incisive Media Services Limited Transparency, reporting and ongoing regulatory reform are key issues in the derivatives marketplace. While many are aware of the Dodd-Frank Act, the full impact of the law remains unclear. Patrick Tadie, Global Head of Derivatives360, discusses the major challenges facing financial institutions in this new regulatory environment and outlines ways to prepare for these challenges. Author: Patrick Tadie
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Mitigating Collateral Damage: Current Themes in Managing and Mitigating Counterparty Credit Risk for OTC DerivativesThe financial crisis re-emphasized the importance of counterparty credit risk, and the subsequent industry-led program of reform has addressed many of the shortcomings of the OTC market. BNY Mellon and independent consulting firm InteDelta investigated current counterparty credit risk management policies and processes across a representative sample of asset management, insurance and pension fund institutions. Findings from this research reveal an evolving OTC derivatives market that is wary of risk, open to change, and surprisingly robust. Authors: Jonathan Bowler, Mark Higgins, Stephen Ingle, David Brown, Michael Schroeder, Chris Coleman, Patrick Tadie, John Templeton
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Global ViewReprinted with the permission of Euromoney Institutional Investor PLC In a recent interview with Global Investor, Nadine Chakar, global head of BNY Mellon's Derivatives360 business, explained how the business -- which spans the entire life of a derivatives transaction -- is developing and offered her reaction to regulatory reform. Author: Nadine Chakar
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Mitigating Collateral Damage: Current Themes in Managing and Mitigating Counterparty Credit Risk for OTC Derivatives (UK English)The financial crisis re-emphasised the importance of counterparty credit risk, and the subsequent industry-led program of reform has addressed many of the shortcomings of the OTC market. BNY Mellon and independent consulting firm InteDelta investigated current counterparty credit risk management policies and processes across a representative sample of asset management, insurance and pension fund institutions. Findings from this research reveal an evolving OTC derivatives market that is wary of risk, open to change, and surprisingly robust. Authors: Jonathan Bowler, Mark Higgins, Stephen Ingle, David Brown, Michael Schroeder, Chris Coleman, Patrick Tadie, John Templeton
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Unlocking the Power of the Turnkey Mutual Fund PlatformReprinted with the permission of SourceMedia, Inc. The current economic and regulatory environment has proven to be challenging for asset managers. Post Sarbanes-Oxley, the industry has seen an increased demand by asset managers for solutions to help them alleviate the rising costs and increasing time to market that these new regulations bring. Many asset managers are discovering that using a turnkey platform to launch and maintain funds can be a time-saving and cost-effective solution. Author: Jay Nusblatt
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