State Street Announces First Transaction Under Peer-to-Peer Repo Program
20 Ottobre 2021 - 3:30PM
Business Wire
State Street Corporation (NYSE:STT) today announced the first
transaction within its Peer-to-Peer Repo program following its
launch earlier this year. The trade was executed between a large
asset owner and a non-traditional investment manager. The Peer to
Peer repo program seeks to facilitate overnight and term repo
trading between buy-side counterparties, including traditional and
non-traditional asset managers, asset owners, insurers, corporates,
REITS, and sovereign wealth funds. State Street supports peer repo
buyers by providing a guaranty against each peer repo seller’s
default for all transactions that meet program requirements.
“The buyside continues to seek greater control and optimization
of their trading opportunities and we are strategically committed
to supporting the buyside community,” said Gino Timperio, head of
State Street Global Markets Funding and Collateral. “The market
volatility we witnessed during the spring of 2020 and the greater
than $1 trillion dollars enrolled in the Federal Reserve’s Reverse
Repo Program only confirm the critical need for more sources of
liquidity, and secured investment opportunities remain in high
demand. We continue to prioritize our clients’ access to a broader
range of trading counterparties, with peer-to-peer repo
complementing our longstanding sponsored repo offering via the
Fixed Income Clearing Corporation.”
The Peer-to-Peer Repo Program seeks to drive scale and
flexibility in peer repo markets and beyond, by broadening buy-side
access to liquidity and secured investment opportunities. It is
underpinned by a legal framework that enables each program
participant to act either as repo buyer and/or seller under a
program Master Repurchase Agreement that sets out the terms under
which participants trade bilaterally with one another.
“A key factor to structuring the product offering is the
constructive input we received from a diverse group of clients on
our program agreements as well as from S&P Global Ratings,
which affirmed that the agreements are consistent with State
Street’s guaranty meets its principles for credit substitution such
that the credit quality of an agreement with of an unrated
counterparty would be based on the credit rating of State Street as
guarantor,” said Leslie Womack, head of product development for
Global Markets Funding and Collateral. “This is an exciting
milestone for the Global Markets Funding and Collateral team, and
we look forward to continuing to partner with our clients to
advance the tools they need to more seamlessly manage their
financing, collateral management, securities lending, and digital
opportunities.”
Click here for more information on State Street’s Peer-to-Peer
Repo capabilities as well as to join a community of buyside
participants interested in shaping program guidelines and
operational efficiency. All buyside firms, globally, are welcome to
join. We look forward to working with this group to guide our
strategic efforts, alongside a leading fintech company, to develop
a scalable, end-to-end solution for peer financing.
About State Street Corporation
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 $43.3 trillion in assets
under custody and/or administration and $3.9 trillion* in assets
under management as of September 30, 2021, 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 September 30, 2021 includes
approximately $60 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
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Media: Brendan Paul Bpaul2@statestreet.com +1
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