Quadriserv Expands Cinnober Relationship with Equity Repo
The move comes in anticipation of a greater regulatory push for more liquid and transparent trading platforms serving tri-party repo markets, and will be built on Cinnober's TradExpress multi-asset platform. It will be the first of its kind to offer central counterparty clearing (CCP) for repo, and will go live in the latter part of 2014.
“This will be the first centrally-cleared equity repo system in the US. Quadriserv’s AQS repo system is being designed to avoid the extension of intraday credit and improve funding stability, while creating a process to handle dealer default and minimize fire sale risk. We have encouraged a great deal of industry input from money market funds, dealers and regulators alike to design a fair and transparent market and are excited to partner with Cinnober to build this solution," says Pat Cesaro III, Quadriserv's CEO.
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