12 September 2017
Frankfurt
Reporter: Drew Nicol

Eurex secures PGGM as first buy-side Lending CCP direct member


Dutch cooperative pension fund PGGM is set to be the first buy-side client to become a direct participant of Eurex Clearing’s Securities Lending central counterparty (CCP).

Eurex Clearing’s Lending CCP covers loans in equities and exchange-traded funds in Europe as well as fixed-income securities, and has some of the largest providers of financial services to institutional investors and securities lending agents as strategic partners.

According to Eurex, the direct CCP access for beneficial owners via its Specific Lender License, preserves the relationship-driven business structure and at the same time delivers the capital efficiency and safety associated with central clearing.

Roelof van der Struik, investment manager for treasury trading and commodities at PGGM, said: “At PGGM, we believe by connecting to Eurex Clearing, using the full capabilities of EquiLend, the CCP model enables new stock lending structures and business opportunities for beneficial owners as well as helping to manage the rising burden of balance sheet regulation and costs for the securities lending market.”

As part of Deutsche Börse, Eurex Clearing provides an integrated clearing offering across derivatives, equities, securities lending and repo transactions.

Marcel Naas, global head of funding and financing at Deutsche Börse Group, said: “We are very pleased to welcome PGGM in our effort to further broaden the reach of our offering for the securities lending market to buy-side clients.”

“The usage by its members will further enhance the attractiveness of our Lending CCP and be mutually beneficial to our clients and other connected markets across asset classes.”

Brian Lamb, CEO of EquiLend, said: “We are pleased that PGGM has selected EquiLend to provide full connectivity services to Eurex Clearing’s Lending CCP and welcome them as a client.”

“The focus on CCP solutions continues to increase, driven by the need for cost and operational efficiencies. We anticipate greater utilisation of our link to Eurex as the securities finance industry looks to realise the benefits of a CCP model.”

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