The new capability is the next step in State Street’s goal to encourage buy-side clients sto participate in peer-to-peer trading activities in the securities finance market.
The deal will integrate EDS decision support tools with Northern Trust’s core technology platform, providing it with new data science capabilities.
For asset managers that seek to use a third-party vendor to manage their CSDR compliance, time is running out to finalise those relationships.
The launch of the tool comes as regulators are preparing to increase scrutiny on asset managers to oversee their third-party providers.
The greenfield solution will utilise the cloud-based data technology and security to transform middle- and back-office operating processes of buy-side firms.
Asset managers and asset owners with over $100 billion in assets under management (AuM) said they plan to reduce their number of service providers.
The study from State Street of 300 buy-side firms showed less than a fifth were fully ready to comply from September 2021 or September 2022.
JP Morgan's Collateral Transport tool will act as the 'brain' for buy-side firms to manage assets used for securities lending or to meet margin calls.
Providing real-time data services for its buy-side clients has been a core focus area for JP Morgan's securities services business.
UK institutional investors have become a key target for BNP Paribas, as it aims to drive new sales opportunities with asset managers and asset owners.