RBC Global Services today announced its appointment as tri-party repo agent to the Government of Canada. The appointment follows changes to the Receiver General Cash Balances morning auction.
“RBC Global Services was selected, through an open competitive process, to act as the Government of Canada’s sole tri-party repo agent,” says Fred Francis, vice-president, Value-Added Products and Services, RBC Global Services. “The decision was made based on our ability to deliver innovative solutions, a strong record of successful risk management and our superior technology infrastructure.
RBC has been exploring the launch of a tri-party service for the last two years. “RBC Global Services is the first purveyor of tri-party services in Canada,” explains Francis. “We anticipated market demand two years ago for tri-party repo technology and has assumed leadership for launching this forward-looking investment solution. RBC Global Services is proud the Government of Canada has recognized our expertise as an administrative and risk management solutions provider, and a premiere world class securities clearer.”