Financial Services Industry
Industry: Email Alert RSS FeedPrebon to spearhead European tri-party repos.
Financial News, September, 2003
Byline: Natasha de Teran
Prebon Yamane, the London-based interdealer broker, is to launch the first European tri-party repo broking business. The firm has hired Andy Wise, a veteran in the sector, from WestLB to head the new division, which will be known as Questex.Before working at WestLB, Wise set up the European tri-party repo desk at Morgan Stanley.
Tri-party repo, which is well established in the US, is similar to regular bilateral repo or repurchase agreements, in which there are two counterparties: the collateral lender and the cash provider. Trades are settled delivery versus payment (DVP), and the bonds and cash are deposited directly into the counterparties' accounts at their respective depository.
In a tri-party trade, however, all...
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