Performance Explorer has been appointed by Bank of New York to provide performance and benchmarking for securities lending. Bank of New York is submitting its global lending program to the Performance Explorer service.
“Performance Explorer provides some real transparency to the securities lending market and given the size of BNY’s programme and our position within the industry, we believed it important to add to that transparency through our participation,” says John Arnesen, Managing Director, Bank of New York.
Performance Explorer is a secure, web-based service that allows customers to better understand their securities lending performance by comparing individual results against the aggregated data of a broad, customizable universe of industry peers. All customer data is kept confidential and anonymous. Currently, Performance Explorer collects aggregated data on more than 1.7 million securities lending transactions for over 190,000 securities and more than 20,000 portfolios. Recent figures compiled by the service indicated total lendable assets at more than $10.6 trillion and total on-loan balances at more than $2.4 trillion.
The Bank of New York’s securities lending division offers clients both custodial and third party securities lending programmes to help them maximise their portfolios ‘performance with an uncompromising focus on risk management. With a lending pool in excess of $1.7 trillion, it is one of the world’s largest securities lending agents serving more than 250 institutional clients globally.
“Bank of New York’s participation is a fantastic addition; their scale and presence alone enhances the service and in return, we expect Bank of New York to enjoy the benefits of participation,” says Julian Pittam, Managing Director, Performance Explorer.