Mellon Global Securities Lending (Mellon GSL) today announced the creation of a four-person operations team dedicated exclusively to Mellon's third-party agent lending program.
Part of the Mellon GSL's Operations group headed by Janet Cholewinski, Mellon first vice president and director of securities lending operations, the team will manage Mellon's third-party lending infrastructure, making it easier for client custodians to interface with a recently upgraded version of Third-Party Manager (TPM), Mellon's proprietary third-party lending system, and Mellon I- Bid, Mellon's on-line securities auctioning platform.
"The growth of our third-party lending program reflects our success in adding value to our clients' lending portfolios," said Tom Daniels, Mellon first vice president and director of new business development. "Putting this specialized team in place for third-party lending and adding important enhancements to our operating and securities auctioning platforms reflect Mellon's commitment to continue growing its securities lending business through a combination of outstanding performance and service excellence."
The new version of Mellon's TPM system features an enriched user interface and a series of exception-based processing enhancements designed to facilitate straight through processing of non-custody lending transactions. Mellon I- Bid, Mellon's proprietary on-line auctioning platform, is also contributing to the growth of Mellon's third-party lending program. Uniquely well suited because of its flexibility to third-party lending, Mellon I-Bid has facilitated more than $15 billion in securities auctions to date in 2007.