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Securities lending

Securities lendingAligning our group-wide securities lending services gives customers a more holistic suite of services

Securities lending via Eurex Clearing’s Lending CCP is a key offering. One form is agency lending, where lending transactions are usually carried out via banks and settled via a transparent pool of securities. Another form is principal lending where the CCP borrows lenders’ assets, passing them on to the ultimate borrower. The risk in this form of lending is on Clearstream’s balance sheet. High value collateral is pledged to hedge and thus manage the risk.

Clearstream’s ASLplus offering via an agency and/or a principal lending model offers a dynamic that increases the lender’s portfolio yield, with Clearstream being the principal and single borrower, and maximises the use of your assets.

Lending CCP

The Lending CCP enhances the security and efficiency of a market that has traditionally been defined by OTC transactions; it is important to involve a central counterparty, particularly for lending transactions to hedge against changes in the credit risk profile. This also allows positions to be netted – so-called multilateral netting, which reduces the capital employed and, therefore, the costs associated with a transaction. The Lending CCP has been designed as a full service model to increase the degree of automation, thus reducing manual intervention in the securities lending process chain.

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Clearstream/Eurex Clearing agency lending via CCP

Agency lending via CCP is an attractive means of enhancing yield through strategic lending while minimising credit and systemic risk since the CCP is the legal counterparty to all loans. Clearstream arranges the loans between the borrower and the lender as a neutral agent and distributes them via the SecLend market (offered by Eurex Repo). An experienced distribution team negotiates the best possible rates with the borrowers to ensure attractive lending conditions.

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ASLplus – principle securities lending service

ASLplus is a dynamic service that increases lenders’ portfolio yields, with Clearstream acting as principal and single borrower and thereby taking on counterparty risk. ASLplus complements Clearstream’s ASL fails lending service and provides opportunities for ASL lenders to earn additional income on their portfolios by allowing them to negotiate securities lending rates, in addition to the existing ASL fixed rates. Lenders benefit from waived custody fees on lent positions. The service offers access to the wholesale fixed-income market and is driven by demands for strategic lending rather than for lending of last resort for failing trades.

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