Source: Bank of New York
The Bank of New York, a global leader in securities services, announces that CAYLON Paris and IXIS Corporate & Investment Banking have become new collateral providers in its Collateral Management product.
These partnerships mark a new entry for The Bank of New York directly into the French securities lending and financing market.
The Bank of New York's Collateral Management product has seen steady growth over the past two years. The expansion into the French marketplace is a logical extension of its global reach as the markets become more sophisticated and delegation of the collateral management function to an independent specialist becomes more commonplace.
Art Certosimo, executive vice president and head of broker dealer services at The Bank of New York, said, "We are proud to have worked closely with CAYLON Paris and IXIS Corporate & Investment Banking on this pioneering transaction in the French marketplace. With the regulatory changes that Basel II will bring, we see more opportunities to extend our collateral management capabilities to the broader marketplace. In addition, we continue to use our market expertise and innovative technology to drive global capital market efficiencies."
Monique Veillerobe, Managing Director and Global Head of Equity Financing at CAYLON Capital Markets continued, "This partnership is complementary to our existing collateral management strategy and we are confident that with The Bank of New York's expertise, we will be able to provide a seamless service to our internal and external clients."
Nicolas Hamar, Head of Equity Finance Europe at IXIS Corporate & Investment Banking said, "This arrangement with The Bank of New York allows us to streamline our operational processes and improve our client servicing while simultaneously opening up new revenue generating possibilities. It's a win/win situation for both our firm and our customers."
The Bank of New York's collateral management services, including its RepoEdge products, allow Principals to outsource operational aspects of their collateralized transactions. The Bank, as their agent and intermediary, can verify collateral eligibility and mark to market the value of the collateral to ensure proper collateralization throughout the term of each transaction.