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Table of Contents
Key Findings
4
Methodology
6
Introduction: Convergence & Growing Demand for Alternatives
7
Section I: Agent Lending Programs Become More Conservative Post-GFC
13
Section II: Intrinsic Lending Gains Prominence & Shifts Market Dynamics
19
Section III: Many Asset Owners Internalize Repo to Enhance Cash Management
26
Section IV: New Bank Regulations Strain Lending Environment
31
Section V: Agent Lenders Strategize Options for New Regulatory Landscape
34
Section VI: New Derivative Clearing Rules Boost Demand for HQLA
40
Section VII: Lenders Evolve Model to Optimize Use of Clients’ Assets
44
Section VIII: Some Asset Owners Insource Lending for Better ‘Liquidity Management’
50
Conclusion
58