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Central counterparties take the stage
06 January 2010
Is the the securities finance industry ready to answer the need for greater transparency by adopting a central counterparty?
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Central counterparties take the stage
Lack of transparency is a common criticism of the securities finance industry. The ultimate form of transparency – a central counterparty (CCP) – is now facing the market but the question remains whether the securities finance is ready to take the next step in its development.
Central counterparties are the hottest point of debate in the securities finance industry. Every conference has a panel devoted to the discussion and they are on the radar of most industry practitioner when looking ahead to 2010.
The frontrunner in getting a CCP to market in the US seems to be Quadriserv, which recently added 26 new members to its AQS securities lending platform. New AQS members include, among others: BofA Merrill Lynch, Calyon Securities (USA), Citigroup Global Markets, Jefferies & Company, Mitsubishi UFJ Securities (USA) and Pershing.
Gregory DePetris, co-founder of Quadriserv, comments: “This list is not exhaustive, as agent lenders and hedge funds...
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