A form of short-term borrowing for dealers in government securities, where the dealer sells the government securities to investors, usually on an overnight basis, and buys them back the following day.
The companies say the successful collaboration demonstrates greater efficiency in bringing liquidity and risk reduction to US and European financial markets
The transaction took place between UBS and Swiss Re in February, where UBS borrowed cash from Swiss Re while delivering collateral through BNY's platform
Following an approval from the Financial Industry Regulatory Authority, the broker-dealer adds correspondent clearing, fixed income prime brokerage, and securities lending to its offerings
These changes were made ahead of the SEC's deadline for mandatory clearing of covered US Treasury cash activity and repo activity, set for 31 March 2025
The new platform will initially support fixed income repo and global funding services following the firm’s recent approval as an FICC clearing member
The Securities and Exchange Commission says this extension will provide additional time for further engagement on compliance, operational, and interpretive questions, and facilitate an orderly implementation of the rules
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