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Summary
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Agenda
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Speakers
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Venue
The S&P Global Market Intelligence Securities Finance Forum was held on 16 May 2024.
Over the past two years, securities finance markets have thrived as a result of the change in the interest rate environment and heightened economic uncertainty. A vibrant specials market has continued to drive market revenues higher as both corporate activity and directional pressure have increased lending fees across a number of different asset classes and sectors. Heading into 2024, the market landscape is starting to change. Increased geopolitical risk, uncertainty in regard to future interest rate moves and ever increasing equity market valuations have started to dampen market revenues.
We look forward to an afternoon of lively debate and expert analysis from a range of leading market practitioners who will be discussing recent market developments and the potential opportunities for the securities financing markets in 2024 and beyond.
Register now to be part of the discussion, to have the opportunity to network with your peers and to foster new industry relationships during our upcoming semi-annual London Securities Finance forum.
- Update on securities finance trends – borrowing activities and securities in high demand
- Discover the key drivers of securities finance revenues
- Understand how external factors and market events may affect the securities finance market
- Gain an understanding of the latest buyside trading strategies and patterns
- Learn how to leverage leading securities finance datasets and indicators to optimize decision making
Securities Finance Forum Content
Unlocking Value: Exploring The Current Dynamics Of The Securities Lending Market
How will AI transform the securities lending market?
Capital convergence: exploring funding, financing, and securities lending demand drivers.
Event Support
S&P Global Market Intelligence
Nick Patience
S&P Global Market Intelligence
Research Director
Nick Patience is a Managing Analyst with S&P Global Market Intelligence, with responsibility for 451 Research’s coverage of Data, AI, Analytics, Information Security and Risk.
Nick Patience is lead analyst for AI and machine learning for 451 Research, a part of S&P Global Market Intelligence. He is part of the company's Data, AI & Analytics research channel but also works across the entire research team to uncover and understand use cases for machine learning, an area he has been researching since 2001. Nick also oversees 451's Workforce Productivity & Collaboration research and is a member of 451 Research's Center of Excellence for Quantum Technologies.
Nick is a frequent speaker on the industry use cases for AI and the infrastructure that underpins its development and deployment.
Nick has a long background in research into how applications can take advantage of data – in particular unstructured data – using AI and machine learning. He is a cofounder of 451 Research and rejoined the team in 2015 after almost three years running product marketing at machine learning-driven eDiscovery software company Recommind (now part of OpenText). He has held various senior management roles at 451 Research in both in New York and London since 1999.
Prior to starting 451 Research, Nick was a financial and technology journalist with ComputerWire (now part of Datamonitor) in London and New York. Nick has a master's degree in computing science from the University of London, and a BA in Philosophy and Music from Middlesex University.
S&P Global Market Intelligence
Sarah Cottle
S&P Global Market Intelligence
Global Head of Research
Sarah Cottle is Head of Research, Advisory and Specialty Solutions for S&P Global Market Intelligence.
Sarah joined S&P Global in 2012 and served in leadership roles in Platts and Market Intelligence as a member of the Operating Committees in London, Singapore and Toronto. She has led numerous global teams creating pricing benchmarks, data, news and research in the energy, commodities and financial markets. Most recently she led the MI Insight organization and the corporates product management team.
In a career spanning twenty-five years, Sarah has held leadership positions at financial services providers in Europe, Asia and North America, including Reed Elsevier, Bloomberg, Dow Jones/Wall Street Journal and produced award-winning programming for CNBC.
Sarah also works in a number of capacities to help women leaders advance in their careers, serving on the board of the “Women’s Initiative for Networking & Success,” speaking at external networking events and actively contributing to the diversity, equity and inclusion initiatives of S&P Global.
Through her experience of working in Paris and Milan, Sarah speaks French and Italian. She holds a degree in French Language and Literature from the University of Sheffield, UK.
Thomas Maskrey, CFA
Vanguard
Securities Lending Trader
Tom Maskrey is a Securities Lending Trader in Vanguard’s Equity Index Group.
Tom Maskrey is a Securities Lending Trader in Vanguard’s Equity Index Group. Tom joined Vanguard in 2018 and previously served as Chief of Staff to Vanguard Europe’s Head of IMG (Investment Management Group). Prior to Vanguard, he held a variety of roles in equities and operations at BMO Global Asset Management. He earned a BA Hons in Development Studies and Economics from the University of Manchester and is a CFA® charterholder.
Curtis Dutton
Director, Global Head of Trading, Securities Lending and Liquidity Services
Curtis Dutton is Global Head of Trading for HSBC’s Securities Lending & Liquidity Services business.
Curtis Dutton is Global Head of Trading for HSBC’s Securities Lending & Liquidity Services business. Curtis joined HSBC in 2013 and has worked in the securities financing market since 2015, trading SBL across all active asset classes and regions including middle east and APAC. Prior to joining HSBC, Curtis attained a Masters (MSc) with Merit from the London School of Economics in the subject of Finance and Economics, with specialism in statistical techniques and financial mathematics, and targeted application towards complex asset pricing. Curtis is a fully accredited Chartered Financial Analyst (CFA), holding this professional qualification since 2017. He holds global oversight and day-to-day management of HSBC’s agency discretionary client mandates to perform execution across securities lending, financing, and short-term cash (re-) investments.
Johanne Armita
Managing Director
Johanne Armita is head of the EMEA Institutional Sales Trading team within European Prime Brokerage.
Johanne Armita is head of the EMEA Institutional Sales Trading team within European Prime Brokerage. She joined Goldman Sachs in 2010 as an associate and was named managing director in 2021.
Zac Stone
Senior Vice President, Portfolio Finance & Treasury
Zac Stone is Senior Vice President in the London Portfolio Finance & Treasury team at Capstone.
Zac Stone is Senior Vice President in the London Portfolio Finance & Treasury team at Capstone. Prior to joining Capstone, Zac was a Director on the Equity Financing desk at Scotiabank where he worked for 8 years. He had responsibilities across both Sales and Trading dealing with Lenders, Hedge Funds and other Prime Brokers across Securities Lending and Synthetic products. Zac also worked at Nomura International Plc as a Securities Lending trader. This was an internal move where he had previously worked in the Legal department negotiating financing documents such as GMSLA, GMRA, Triparty and ISDAs. He held similar roles at Societe Generale and Barclays Capital prior to Nomura. Zac has a LLB in Law with European Studies from the University of Surrey, which also included six months studying Law at the University of Gent, Belgium.
Tom Spinner
S&P Global Market Intelligence
Associate Director - Securities Finance
Tom Spinner currently serves as an Associate Director in Securities Finance at S&P Global Market Intelligence.
Tom Spinner currently serves as an Associate Director in Securities Finance at S&P Global Market Intelligence.
With a decade at Horizon Asset LLP, Tom honed his skills as an Equity Finance trader, managing multi-billion-dollar stock loan portfolios. During this tenure, Tom was part of the Treasury team, focusing on financial strategy, cost analysis, and risk hedging. Prior to that, Tom held a role at Goldman Sachs within the Asset Servicing team, specialising in Dividends and Corporate Actions. He holds a BSc (Hons) in Money, Banking, and Finance.
Dan Skinner
Goldman Sachs
Managing Director
Dan Skinner is head of EMEA Securities Lending Trading within Prime Brokerage in Global Banking & Markets.
Dan Skinner is head of EMEA Securities Lending Trading within Prime Brokerage in Global Banking & Markets.
Clearstream Banking
Alexandre Roques
Clearstream Banking
Head of Securities Lending
Alexandre Roques has over 20 years of experience in the securities finance industry, currently leading the securities lending distribution desk at Clearstream Banking, part of Deutsche Boerse Group. Since 2016, he has managed a global sales-trader team, handling transactions in over 30 jurisdictions for clients including investment banks, prime brokers, asset managers, and central banks. His expertise spans REPO, securities lending, collateral management, and treasury business lines. Alexandre has held various roles in the industry, notably at BNP Paribas in London and Paris, and has received multiple Global Investor ISF Awards, including a Lifetime Achievement Award.
Raj Karan Singh
Mirae Asset Securities (UK) Ltd
Managing Director, Co-Head of Securities Finance & Delta One
Raj Karan Singh has over 15 years experience in financing sector with a comprehensive knowledge and understanding of the market, from Securities Financing, REPO, Delta One to Structured products.
Raj Karan Singh has over 15 years experience in financing sector with a comprehensive knowledge and understanding of the market, from Securities Financing, REPO, Delta One to Structured products. He started his career at the Lehman Brothers/Nomura on their Equity Finance and Delta One desk, with a specialty in emerging markets. He then grew from VP to Global head of Securities Finance and D1 at BCS Prime, building their Prime offering to a global client base.
Having tried to assist Clear street with their UK entry, Raj now is co-heading the SecFin and D1 desk at Mirae Asset Investments UK ltd, with a view to maximize Marae's global reach and market making expertise to provide clients with a holistic Prime product.
Chris Brown
J.P. Morgan
Vice President, Trading, EMEA Agency Securities Finance Cash Reinvestment
Chris Brown is a cross-asset trader on the EMEA Agency Securities Finance desk based in London.
Chris Brown is a cross-asset trader on the EMEA Agency Securities Finance desk based in London. Chris has 11 years’ experience, first trading Equities at JP Morgan Agency Securities Financing in the Securities Services division. He more recently moved to the Cash Reinvestment desk, investing cash collateral on behalf of beneficial owners in the short term money markets. Chris has a BSc in Financial and Business Economics from Royal Holloway, University of London.
Iain Colquhoun
Toronto Dominion Bank
Managing Director, Head of Repo Trading & Sales (UK, Europe & Asia)
Iain Colquhoun is the 20 years experience in financing sector with a comprehensive knowledge and understanding of the market, from Securities Lending to Structured Transactions.
Iain Colquhoun is the 20 years experience in financing sector with a comprehensive knowledge and understanding of the market, from Securities Lending to Structured Transactions.
Iain started his career at the Bank of New York on their Fixed Income Securities lending desk. Having been responsible for building the client financing platform at Mitsubishi UFJ Securities he was recruited by ICBC Standard Bank to run the Flow Sales unit. He is currently responsible for developing the Fixed Income Repo platform at Toronto Dominion outside North America.
Neerav Aggarwal
S&P Global Market Intelligence
Executive Director, Data Analytics, Securities Finance
Neerav Aggarwal leads the Research and Analytics division for the Securities Finance business at S&P Global Market Intelligence and is part of the Securities Finance leadership team contributing to the execution of overall product strategy.
Neerav Aggarwal leads the Research and Analytics division for the Securities Finance business at S&P Global Market Intelligence and is part of the Securities Finance leadership team contributing to the execution of overall product strategy.
Neerav owns and drives the research agenda globally for the business and highlights the value proposition of the product with the help of research papers, training materials and thought leadership reports. He is actively involved in enhancing and creating new features in our dataset with his deep product and market knowledge that he has gained in his 15+ years with the product.
Neerav has a masters degree in Finance and Investment from the University of Edinburgh and has a keen interest in Wildlife Photography.
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