Newedge, a UK-based company which offer global
multi-asset brokerage services, has launched an agency cash
management (ACM) platform for the tri-party repurchase market.

Newedge’s new service will enable investors to
enter into secured money market investments using the tri-party
repo or repurchase mechanism.

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The service was launched in response to
increasing demand from institutions for a solution to the cash
management challenges faced by companies both on the buy- and
sell-side.

The ACM platform allows investors to select
acceptable counterparties, rating of collateral, currencies and
trade duration. Collateral is held in a segregated account in the
investor’s name at an established tri-party agent, typically a
highly-rated custodian bank, and is subject to transfer of
ownership that can be sold on demand if the counterparty
defaults.

Oliver Clark, money market product manager at
MTS, said:

“The platform addresses the demand for an
innovative cash management solution for both banks and buy-side
investors. [The platform is targeted] at a new group of
participants in the form of corporates, hedge funds and securities
lenders in a competitive, electronic auction platform. The cash
providers benefit from the security of tri-party repo in place of
unsecured money market products and their counterparty banks with
an alternative source of funding.”

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Newedge said the platform launched in
association with MTS – Europe’s facilitator for the European fixed
income trading market – has already registered its first trades