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Table of Contents
Table of Contents
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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