CIBC Mellon Global Securities Services has appointed JPMorgan Worldwide Securities Services to provide a tri-party collateral management service that will enable clients that borrow securities to pledge sovereign debt holdings as collateral.
Clients of CIBC Mellon’s global securities lending service will provide sovereign debt bonds of various foreign governments as collateral for their global securities lending arrangements, which JP Morgan will move and mark to market.
“We are continually working to develop and deliver products and services that are flexible and can be customized to support our clients’ objectives,” says Robert Chiuch, executive director, head of GSL trading, at CIBC Mellon. “Our ability to accept sovereign debt as collateral through JPMorgan WorldwideSecurities Services, a well recognized and experienced third party service provider, will offer more collateral flexibility for securities borrowers and facilitate expanded lending of client assets.”