July 20, 2022
-

Announcements

BNY Mellon and Goldman Sachs Settle First HQLAᵡ Agency Securities Lending Transactions

Source: XXX

BNY Mellon and Goldman Sachs Settle First HQLAᵡ  Agency Securities Lending Transactions

London, July 20, 2022 — BNY Mellon and Goldman Sachs International (“Goldman Sachs”) have successfully completed the industry’s first agency securities lending transactions using the HQLAᵡ Distributed Ledger Technology (DLT) platform.

As part of the combined series of 35-day term transactions with a total size in the hundreds of millions of US dollars, HQLAᵡ created ISIN-level securities trackers called Digital Collateral Records (DCRs) from loaned securities it received from BNY Mellon, giving Goldman Sachs a digital copy of those trades.  

The ISIN-level DCRs are the first of their kind, representing specific ISIN quantities held in custody. Those records will enable holders and agents to transfer ownership of any security on the HQLAᵡ distributed ledger, without the need for conventional settlement mechanisms.  

It also paves the way for eligible clients to reuse ISIN-level DCRs in onward collateral obligations at one or more Triparty Agents.

“We are delighted to be partnering with HQLAᵡ on this milestone. The potential to enhance collateral and inventory mobility is very exciting and something that has been a key industry focus for a number of years,”

said Bill Kelly, Head of Securities Finance at BNY Mellon.

“This represents another key step in our adoption of DLT to facilitate traditional financial activity in order to unlock efficiency gains across market participants. We are looking forward to growing volumes with our counterparts over the coming months,”

said Amar Amlani, Head of EMEA Digital Assets at Goldman Sachs.

“Agency securities lending activity represents the single biggest source of liquidity for the collateral upgrade market, so welcoming BNY Mellon as a liquidity provider to our platform represents a tipping point for recurring, scalable volumes on our platform,” commented Guido Stroemer, co-founder and CEO of HQLAᵡ. “We are very proud to collaborate closely with strategic partners like Goldman Sachs and BNY Mellon to develop and implement innovative industry solutions like this one.”

About BNY Mellon

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of June 30, 2022, BNY Mellon had $43.0trillion in assets under custody and/or administration, and $1.9 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of NewYork Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

About Goldman Sachs

Goldman Sachs is a leading global financial institution that delivers abroad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About HQLAᵡ

HQLAᵡ is a financial technology innovation firm that specialises in delivering liquidity management and collateral management solutions for institutional clients in the global securities lending and repo markets. www.hqla-x.com

Contacts:

BNY Mellon                                        

Nina Truman                                    

nina.truman@bnymellon.com                      

+1 212 815 2006  

Goldman Sachs        

Sebastian Howell

sebastian.howell@gs.com

+44 (20) 7552 5821                        

                 

HQLAᵡ

Elisa Poutanen

elisa.poutanen@hqla-x.com

+352621 562 920

Previous article

There is no previous post.

Next article

There is no next post.

Redefining collateral mobility: a frictionless transfer of securities

Redefining collateral mobility: a frictionless transfer of securities
Required "current page"

Impact of Distributed Ledger Technology in Global Capital Markets

Impact of Distributed Ledger Technology in Global Capital Markets
Required "current page"

Expanding HQLAᵡ’s digital registry value proposition for collateral mobilisation

Expanding HQLAᵡ’s digital registry value proposition for collateral mobilisation
Required "current page"

HQLAᵡ Commercial Legal Counsel (Luxembourg or London)

HQLAᵡ Commercial Legal Counsel (Luxembourg or London)
Required "current page"

HQLAᵡ Software Test Engineer (Luxembourg or Zug Switzerland)

HQLAᵡ Software Test Engineer (Luxembourg or Zug Switzerland)
Required "current page"

HQLAᵡ Software Engineer (Luxembourg or Zug Switzerland)

HQLAᵡ Software Engineer (Luxembourg or Zug Switzerland)
Required "current page"

HQLAᵡ Secures Series B Strategic Investment from J.P. Morgan

HQLAᵡ Secures Series B Strategic Investment from J.P. Morgan
Required "current page"

Elisa Poutanen and Guido Stroemer discuss the recent series B funding and the exciting new product development opportunities we are working towards

Elisa Poutanen and Guido Stroemer discuss the recent series B funding and the exciting new product development opportunities we are working towards
Required "current page"

Frictionless trade: collateral just the beginning

Frictionless trade: collateral just the beginning
Required "current page"

Interview with J.P. Morgan’s Executive Director, Paul Pirie

Interview with J.P. Morgan’s Executive Director, Paul Pirie
Required "current page"

Interview with Goldman Sachs’ Head of Digital Assets, Mathew McDermott

Interview with Goldman Sachs’ Head of Digital Assets, Mathew McDermott
Required "current page"

BNY Mellon and Goldman Sachs Settle First HQLAᵡ Agency Securities Lending Transactions

BNY Mellon and Goldman Sachs Settle First HQLAᵡ Agency Securities Lending Transactions
Required "current page"

HQLAᵡ and Wematch announce collaboration for common clients

HQLAᵡ and Wematch announce collaboration for common clients
Required "current page"

HQLAᵡ, J.P. Morgan, Ownera and Wematch Demonstrate a Cross-Ledger Repo

HQLAᵡ, J.P. Morgan, Ownera and Wematch Demonstrate a Cross-Ledger Repo
Required "current page"

Collaboration: Innovate, validate and implement

Collaboration: Innovate, validate and implement
Required "current page"

‍Do you want to be the only client without the internet?

‍Do you want to be the only client without the internet?
Required "current page"

Fnality and HQLAᵡ demonstrate together with Banco Santander, Goldman Sachs and UBS, the first cross-chain repo swap pilot across Corda and Enterprise Ethereum

Fnality and HQLAᵡ demonstrate together with Banco Santander, Goldman Sachs and UBS, the first cross-chain repo swap pilot across Corda and Enterprise Ethereum
Required "current page"

Could HQLAᵡ's solution have helped ease market and operational disruptions during the recent UK Gilt volatility?

Could HQLAᵡ's solution have helped ease market and operational disruptions during the recent UK Gilt volatility?
Required "current page"

Sec Lending and Repo DLT Solutions Set to Take Off in 2023

Sec Lending and Repo DLT Solutions Set to Take Off in 2023
Required "current page"