We are pleased to announce that we have successfully completed the launch of our netting protocol for dealers in the broadly syndicated loan market. Six major banks participated in our first sessions by submitting long and short positions they were interested in reducing. We anonymously matched offsetting interest and facilitated the intermediation between the banks. The trades were all struck at the official end of day price determined by S&P Global Market Intelligence.
This process not only reduces balance sheet costs for the banks but also enables open trades to settle more quickly, benefiting both our dealer participants and their buyside clients.
We would like to thank the banks who have supported this initiative as well as S&P Global Market Intelligence for providing the independent mid market price at which the trades were executed. We look forward to increasing both the breadth and depth of this service in the months ahead.
No Comments