1 / 23

What aspect of the market do you represent?

What aspect of the market do you represent?. Borrower/Prime Broker Lending Agent Beneficial Owner Other (regulator, vendor, etc.). How much do CCP's reduce counterparty risk?. Totally A lot A little Not at all. How much do CCP's reduce counterparty risk?. Lending Agent. Borrower / PB.

marin
Download Presentation

What aspect of the market do you represent?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. What aspect of the market do you represent? • Borrower/Prime Broker • Lending Agent • Beneficial Owner • Other (regulator, vendor, etc.)

  2. How much do CCP's reduce counterparty risk? • Totally • A lot • A little • Not at all

  3. How much do CCP's reduce counterparty risk? Lending Agent Borrower / PB • Totally • A lot • A little • Not at all • Beneficial Owner Other

  4. How much sec. lending should be run through CCPs? • All • Most • Some • None

  5. How much sec. lending should be run through CCPs? Lending Agent Borrower / PB • All • Most • Some • None • Beneficial Owner Other

  6. Should lenders gain Regulatory Capital relief for using CCPs? • Yes, should be zero weighted • Yes, should be lower weighted • No, it is just as risky

  7. Should lenders gain Regulatory Capital relief for using CCPs? Lending Agent Borrower / PB • Yes, should be zero weighted • Yes, should be lower weighted • No, it is just as risky • Beneficial Owner Other

  8. How much do CCP's reduce counterparty risk? • Totally • A lot • A little • Not at all

  9. How much do CCP's reduce counterparty risk? • Totally • A lot • A little • Not at all Before Panel After Panel

  10. How much sec. lending should be run through CCPs? • All • Most • Some • None

  11. How much sec. lending should be run through CCPs? • All • Most • Some • None Before Panel After Panel

  12. Should lenders gain Regulatory Capital relief for using CCPs? • Yes, should be zero weighted • Yes, should be lower weighted • No, it is just as risky

  13. Should lenders gain Regulatory Capital relief for using CCPs? • Yes, should be zero weighted • Yes, should be lower weighted • No, it is just as risky Before Panel After Panel

  14. How will the unwind of the European Bank Crisis compare to the financial crisis of 2008? • Yawn. European Banks will be fine. • The impact will be just as significant • What financial Crisis of 2008?

  15. Given the preference of dealers to secure longer term funding of repo and cash managers risk preference to shorten maturities, where do we expect repo balances to go over the next few years? • Higher Repo Balances • Lower Repo Balances • No significant change

  16. How would client's use of securities lending change if a floating NAV was required for cash collateral reinvestment? • No Change • Minor Changes (i.e. Clients will require less risk in their cash collateral funds to ensure positive contributions from securities lending) • Major Changes (i.e. Cash collateral will be significantly impacted and Non-Cash lending will take a much larger part of the US Market) • A nail in the coffin for securities lending for many beneficial owners

  17. How would client's use of securities lending change if a floating NAV was required for cash collateral reinvestment? • No Change • Minor Changes • Major Changes • A nail in the coffin

  18. Based on the market volatility and regulatory uncertainty (short sale bans), have you considered not lending/exiting certain markets from your program? • No  • Yes, only Emerging Markets • Yes, only markets that have experienced short sale bans

  19. Because of reduced b/d balance sheets, would you consider lending directly to a significant/credit-worthy Hedge Fund that demonstrated a solid infrastructure? • No • Yes

  20. For those of you (securities lenders) that treat reinvestment separately from lending, would you consider reinvesting your cash directly to a significant/credit-worthy Hedge Fund or other Asset Manager (REIT) that demonstrated a solid infrastructure? • No • Yes

  21. How do you feel about the accuracy or fairness of the large print press in securities lending, short selling or securities finance since 2003? • Topics or articles were accurate and fairly depicted • An attempt was made to figure out the facts, but significant education was needed • The author was poorly informed and still continued to stress their points as they saw fit • I don’t read the paper

  22. Given what you learned today from the Academic studies in some small part, do you feel that • Current papers are on target for analyzing key topics affecting beneficial owners and participants in this industry • Short selling and the activities surrounding it are no longer as much an interest to researchers or the public as 3-5 years ago • More work should be done to differential securities lending from derivative and other ancillary activities that aren’t as related to the business • All of the above (1, 2 and 3)

  23. Given what you learned today from the Academic studies in some small part, do you feel that • Current papers are on target… • Short selling and the activities surrounding it are no longer as much an interest… • More work should be done… • All of the above (1, 2 and 3)

More Related