Pierpoint Perspective$: Recent Episodes
Roy Zimmerhansl
Roy Zimmerhansl and his partners at Pierpoint Financial Consulting bring you Pierpoint Perspective$, focusing on the world of securities finance including securities lending, repo, collateral management and related areas. In addition to the insiders from Pierpoint, listeners will hear from leading industry figures as well as influential market leaders from related areas. It’s a $10 billion dollar business so learn how to grab a bigger share of that wallet, reduce risk while doing it, stay within your ESG guidelines and identify the trends that are influencing the future. Not lending yet? Even better - learn from the experts as to what you are missing out on!
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Join Roy Zimmerhansl with guest John Arnesen to go through a wide ranging review of securities finance over 2021 from GameStop at the beginning of the year, through IPOs and SPACs that had a major impact on revenues, on to Korean short selling bans expiring and much much more. The episode includes a special announcement from John.
Pierpoint Connections
You can reach Roy Zimmerhansl at roy@pierpoint.info and on LinkedIn at www.linkedin.com/in/royzimmerhansl
Pierpoint website
YouTube
Support the show (https://www.buymeacoffee.com/pierpoint)
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David McIntosh and Doug Reay, both Managing Directors of Blue Fire AI provide listeners with fascinating insights into the use of Artificial Intelligence in portfolio risk management and investment decision-making. They provide real-life examples (such as Wirecard) of the strengths and limitations of AI in the investment process, identifying how it can be used effectively to augment human decision making, providing information that just can't be comprehensively compiled any other way.
Between recording and making this programme live, Blue Fire AI won the WatersTechnology Best AI-Based Solution Asia award. Congrats to the team at BlueFire!
Join host Roy Zimmerhansl as he gets a glimpse of the future of risk management.Roy also invites listeners to get in touch with feedback, comments and suggestions on the topic - roy@pierpoint.info
You can find out more about Blue fire at their website
Reach David via his LinkedIn profile here
Reach Doug via his LinkedIn profile here
Pierpoint Connections
You can reach Roy Zimmerhansl at roy@pierpoint.info and on LinkedIn at www.linkedin.com/in/royzimmerhansl
Pierpoint website
YouTube
Support the show (https://www.buymeacoffee.com/pierpoint)
Support the show (https://www.buymeacoffee.com/pierpoint)
Chris Hagstrom CEO, Kayenta, identifies the challenges in the hedge fund treasury space and takes host Roy Zimmerhansl through how Kayenta is addressing those issues. Some themes consistent with the wider securities finance ecosystem arise, such as lack of standardisation.
The problems Kayenta is looking to solve go straight to the bottom line for their clients, but what does it mean for service providers? Explore these and other topics with Chris and Roy.
You can find out more about Kayenta at their website
Reach out to Chris via his LinkedIn profile here
Pierpoint Connections
You can reach Roy Zimmerhansl at roy@pierpoint.info and on LinkedIn at www.linkedin.com/in/royzimmerhansl
Pierpoint website
YouTube
Support the show (https://www.buymeacoffee.com/pierpoint)
Ben Arnold and Michael Ashby of Meraki Global Advisors meet with Pierpoint Perspectives host Roy Zimmerhansl and speak with him on outsourced trading, the different models and the reasons why asset managers of all types may want to consider outsourced trading.
There are lessons to be learned and applied to a range of businesses, including securities finance.
You can find out more about Meraki at their website
Reach out to Ben or Michael via their LinkedIn profiles:
Ben Arnold
Michael Ashby
Pierpoint Connections
You can reach Roy Zimmerhansl at roy@pierpoint.info and on LinkedIn at www.linkedin.com/in/royzimmerhansl
Learn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community - DOORS CLOSE ON 13 JUNE!!!
Pierpoint website
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Support the show (https://www.buymeacoffee.com/pierpoint)
Darren Crowther and Vishal Agrawal of Broadridge join host Roy Zimmerhansl to discuss technology - the current state; the existing and potential applications for robotics and artificial intelligence; and the disruptors that are already influencing the thinking of financial market participants.
Broadridge
LinkedIn connections:
Darren Crowther https://www.linkedin.com/in/darren-crowther-a8103421
Vishal Agrawal https://www.linkedin.com/in/vishalagrawal1999
Pierpoint Connections
You can reach Roy Zimmerhansl at roy@pierpoint.info and on LinkedIn at www.linkedin.com/in/royzimmerhansl
Learn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community - DOORS CLOSE ON 13 JUNE!!!
Pierpoint website
YouTube
Instagram8InQ5MTPpEpOUXsigXjS
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Mark Faulkner, Co-Founder Credit Benchmark engages in a wide-ranging discussion with host Roy Zimmerhansl covering Basel IV, Peer-to-Peer, Pledge Collateral, Indemnifications, and even 'meme stocks'.
Timeline
00:00 Introduction
2:45 New developments at Credit Benchmark
6:30 Importance of Basel IV to Securities Finance
9:30 Unrated entities – wider impact than Securities Finance
16:00 Absorbing the cost, GC, Peer-to-Peer, and mitigants
18:56 Collateral eligibility and market evolution
22:30 ESG
28:20 Pledge Collateral
30:22 Challenge of regulatory roll-out of Basel IV?
37:21 No easy labels for organisations
38:52 Financial strength and indemnifications
41:06 Meme stock frenzy and Being There
45:15 Roy’s Episode summary
Pierpoint Connections
You can reach Roy Zimmerhansl at roy@pierpoint.info and on LinkedIn at www.linkedin.com/in/royzimmerhansl
Learn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community
Pierpoint website
YouTube
Support the show (https://www.buymeacoffee.com/pierpoint)
This episode features Nick Bruce, who is Head of Business Development at Regis-TR; one of Europe's leading Trade Repositories. Speaking with host Roy Zimmerhansl, Nick gives listeners his perspective on the role of trade repositories, the rollout of SFTR, the challenge and opportunities of data evolution, and more.
Timeline
00:00 Introduction
3:05 What is a Trade Repository?
8:30 Breadth of Regis-TR regulatory coverage
9:40 A holistic view of data and evolution of standards
19:01 Bringing together data from different regulatory regimes
22:35 Not sexy, but definitely important
23:51 Impact of Brexit
32:08 The human side of working in a Covid world
45:38 Nick’s closing thoughts on the future
49:38 Roy’s Episode summary and Season Two wrap-up
Pierpoint Connections
You can reach Roy Zimmerhansl at roy@pierpoint.info and on LinkedIn at www.linkedin.com/in/royzimmerhansl
Learn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community
Pierpoint website
YouTube
Support the show (https://www.buymeacoffee.com/pierpoint)
Que Phuong Dufournet-Tran, Trading Services & Analytics Regulatory Affairs, IHS Markit, continues with her SFTR Review, this time looking forward - what is the focus for the firms and industry participants for 2021?
In January 2021, her scope was widened beyond SFTR due to the IHS Markit has acquired Cappitech, a technology provider of regulatory reporting, best execution analysis and business intelligence solutions.
Timeline
00:00 Introduction
2:42 The motto for 2021 - Data Quality and Control
8:05 The focus on Lifecycle Events
10:58 The problem of missing LEIs for Non-EEA issuers
25:19 Responsibility without Control
30:48 What are market participants focussed on for 2021?
32:37 Data standardisation - an international objective
38:54 No regulation is perfect - in a better place than we were
40:40 Roy's wrap-up
Learn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community
Pierpoint website
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Que Phuong Dufournet-Tran, IHS Markit, takes listeners and host Roy Zimmerhansl through a review of the progress at the six-month stage after initial SFTR implementation.
Que Phuong works at IHS Markit in Trading and Services regulatory affairs, leading relations with industry associations and regulators for more than a year. In January her scope was widened beyond SFTR due to the IHS Markit has acquired Cappitech, a technology provider of regulatory reporting, best execution analysis and business intelligence solutions.
You can read Que Phuong's article that grabbed my attention at: http://bit.ly/SFTRQPDT
Timeline
00:00 Introduction
3:59 Interesting beginnings for SFTR journey
6:31 Initial observations on first six months
7:51 Key positives of the implementation
10:31 Achieving a high Acceptance Rate
13:42 Documentation break issues and resolution
14:33 Problems with Legal Entity Identifiers (LEI)
17:41 Improving counterparty exposure oversight
22:25 Turning to less positive aspects of implementation
30:31 Addressing the outstanding issues and priorities
33:22 Integrated information rather than UK/EU split
38:40 BAU or ongoing investment?
45:30 Minimum viable compliance vs Target Operating Model change
46:15 Outlook six-twelve months from today
47:11 Harmonisation of data
51:55 Learning from EMIR, Q&A process, Brexit
54:28 Additional responsibilities for Que Phuong
59:30 Roy's wrap-up
Learn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community
Pierpoint website
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Richard Comotto, expert securities finance consultant with a deep and rich history in repo markets gives his assessment of the first six months of the implementation of SFTR. He shares his views with host Roy Zimmerhansl, Practice Lead at Pierpoint.
Richard's LinkedIn profile: https://www.linkedin.com/in/richard-comotto-14a6403
Timeline
00:00 Introduction
3:10 Initial observations on first six months
6:35 “Extraordinary effort“ required … and delivered
12:15 The positive aspects of the implementation
19:47 Failure to invest in ‘fit for purpose’ technology
29:51 The less-positive side of SFTR and its implementation
42:10 SFTR review in April?
44:30 Brexit
47:10 Rating SFTR performance of SFTR stakeholders
52:50 Closing thoughts from Richard
58:50 Pierpoint Alpha Community
59:57 Roy's wrap-up
Learn about the exciting education and networking benefits at Pierpoint Alpha Community
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Jeroen Bakker and Roy Zimmerhansl review Jeroen's blog post series of (In)Famous Hot Trades that involve securities lending.
The blog posts mentioned in the episode are listed as part of the timeline
Timeline
00:00 Introduction
8:04 Wirecard https://bit.ly/HotWirecard
11:09 Grenke AG https://bit.ly/HotGrenke
15:49 GSX TechEdu https://bit.ly/HotGSXTech
20:50 Volkswagen/Porsche and “what is a Short Squeeze?” https://bit.ly/HotVWPorsche
26:39 Citigroup https://bit.ly/HotCiti
34:12 Carillion https://bit.ly/HotCarillion
37:51 Nikola https://bit.ly/HotNikola
44:55 DoorDash IPO – a future short?
48:28 A request from Jeroen from Podcast Listeners
48:52 Jeroen’s favourite blog post(s)
51:50 Roy's “Thank Yous” and wrap-up
Pierpoint website
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Lucinda Guthrie, Executive Editor, Acuris, has been covering financial markets as a journalist for the past 15 years. She has been at the heart of deals and deal-making and she takes listeners through a review of 2020 and looks forward to 2021.
You can find Lucinda on LinkedIn here
Learn more about Acuris products such as Mergermarket, Dealreporter and PaRR at: https://www.acuris.com/
Timeline
00:00 Introduction
2:50 What is Acuris and why is it relevant to Securities Finance
4:15 2020 - A roller coaster year
7:55 Pandemic-proof or Bottom-fishing?
10:33 Given COVID-19 impact, how are deals affecting structures?
13:17 Corporates return to public equity markets
17:50 What does a normal Q4 look like and how does 2020 compare?
19:22 Impact of Brexit
26:52 Preliminary outlook for 2021
32:00 What is a SPAC and what are they used for?
35:15 Working From Home and deal-making
40:40 Roy's wrap up
Pierpoint website
YouTube
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Max Budra of the Alternative Investment Management Association (AIMA) speaks with Roy Zimmerhansl about "Short Selling and Responsible Investment" a report released by AIMA in conjunction with Simmons and Simmons.
Follow Max and AIMA
AIMA Website
Max Budra on LinkedIn
Max's email: mbudra@aima.org
Short Selling and Responsible Investment
Timeline
4:50 EY Report – Investors place growing importance on ESG factors for Alternative Managers
7:30 Are ESG and Responsible Investment the same thing?
9:00 Differing standards and priorities on ESG and responsible investment
11:25 Using hedge funds to manage ESG risks
17:15 Different time horizons and the relevance of ESG factors
21:45 No longer “anti-vice” funds
24:25 Short selling – always a part of the “G” in ESG
27:22 Greenwashing
32:20 Will leading ESG companies outperform and reshape indices?
38:00 Retail vs Sophisticated investors challenges of ESG index construction and regulation
40:20 ESG Long Short funds
41:50 Other work AIMA is focusing on
46:02 Roy’s closing thoughts
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This week’s guest is Manooj Mistry who has been at the heart of the growth of the ETF market in Europe. Manooj shares his personal journey with Roy Zimmerhansl - the tremendous growth of ETFs in Europe over the past 20 plus years.
Manooj was formerly the head of ETFs and Index Investing at DWS (the asset management division of Deutsche Bank), where he was part of the team that established the Xtrackers ETF business in 2007, Europe's number two provider by assets under management. He also served as Chief Executive of DWS Investments UK Limited with responsibility for traditional investments and UK distribution. Prior to DWS, Manooj worked at Merrill Lynch International where he launched the first ETFs (LDRS ETFs) in Europe in April 2000.
Manooj on LinkedIn: https://www.linkedin.com/in/manooj-mistry-9b0b39122
Whitepaper referenced by Roy: ETF Liquidity, Securities Finance and Collateral Management
Show timeline
02:15 Manooj at the beginning of ETFs in Europe
07:30 Why multiple stock exchange listings for ETFs?
13:05 Merrill exits business, early days of institutional ETF use
16:38 DWS enters ETF market but with a different focus on synthetics
20:10 Comparison between physically backed and swap backed ETFs
25:13 and then … the Global Financial Crisis
28:55 The battleground between synthetic and physical ETFs
35:30 Whatever happened to synthetic ETFs?
37:42 Where do ETFs go from here?
41:00 Manooj's experience as an investor doing securities lending
48:40 ESG and ETFs
53:00 Closing thoughts
56:39 Roy's wrap up
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Lynden Howie, European Head of Equity Finance speaks in-depth with host Roy Zimmerhansl about Synthetic Prime Brokerage.
You can follow Lynden and Cantor Fitzgerald as follows:
Cantor Fitzgerald Europe (including a section on Prime Services): https://www.cantor.com/global/europe/
Lynden on LinkedIn: https://www.linkedin.com/in/lynden-howie-70948031
Show timeline
02:12 Lynden's background in Synthetic PB
05:24 What is Synthetic Prime Brokerage?
07:48 Why do investors use it?
10:56 Why do Prime Brokers offer a synthetic alternative to cash markets?
14:21 Trading with competitors
22:45 Long and Short synthetic positions
23:30 Access products and does Synthetic PB take business away from securities lending?
29:00 Synthetic PB as a 'thing' - the structures
31:35 Trade execution and trading platforms
41:25 Key changes in the market over past 20 years
43:10 Closing thoughts from Lynden
44:25 Lynden as an educator and those who inspire us
48:15 Roy's wrap up
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Roger Cohen, founder of Portable Beta is an investor, derivatives specialist and academic, and joins host Roy Zimmerhansl to discuss ETFs; geared, leveraged and bear funds; ESG and quantum theory.
You can follow Roger's work as follows:
Roger Cohen on LinkedIn: https://www.linkedin.com/in/portablebeta
Portable Beta: https://portablebeta.com.au/
Betashares (where Roger is an advisor): https://www.betashares.com.au/
Quantum Theory of Toilet Paper
https://www.linkedin.com/posts/portablebeta_the-quantum-theory-of-toilet-paper-activity-6657050516067061760-r2UJ
Show timeline
03:10 ETFs
06:45 Synthetic vs Physical ETFs
13:28 Involvement with BetaShares
16:00 ETF themes - adding value or chasing trends?
18:51 Geared, leveraged, short, bear funds
22:48 ESG including short selling
27:45 Bear Funds
30:00 Shorting in futures and cash markets
32:40 A securities lending analogy
36:54 A 'tweak' to retirement finances
43:30 Australia, Academia and big things from our childhood
45:47 Quantum Theory of Toilet Paper and 2020
48:35 Resilience and adaptation in 2020
52:10 Roy's wrap up
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Show Notes
Andy Dyson, CEO, International Securities Lending Association addresses a huge range of topical and challenging issues in a sweeping and fast paced one-hour interview with host Roy Zimmerhansl, Practice Lead, Pierpoint Financial Consulting.
Timeline:
2:27 Reflections on ISLA/ISF Virtual Conference series
7:01 SFTR Report Card
16:22 Comments on market resilience during the 2020 market turmoil
22:20 Capital Markets Union/CSDR
32:13 Digital Transformation/Common Domain Model
39:17 ISLA CDM Showcase (free to attend invitation link http://bit.ly/ISLACDM)
39:26 New ISLA Working Groups
45:05 ISLA Governance
52:17 The changing role of Trade Associations
55:38 Kudos to the ISLA team
57:07 Lessons from 2020
Key items of note:
· The ISLA CDM Showcase webinar 1 December 2020 http://bit.ly/ISLACDM
· Regarding the ISLA governance discussion (45:05), our podcast researchers uncovered that part of the ISLA Council for Sustainable Finance governance policy provides for the ICSF Chair - Radek Stech, to attend ISLA Board Meetings as and when ICSF activities or interests form part of the agenda. Well done to ISLA and ICSF for having this enshrined. Also, we understand anecdotally that this has been the practice since ICSF launch and Radek has attended accordingly. You can see the ICSF Governance document at https://www.isla.co.uk/wp-content/uploads/2020/09/ICSF_Governance.pdf
· Andy Dyson’s blog: Reflections of the CEO, latest edition: https://www.isla.co.uk/blog/reflections-of-the-ceo-2/
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This episode features renowned short seller Fraser Perring of Viceroy Research. Perring called out Wirecard publicly and suffered the consequences of challenging a darling stock. Other major frauds followed including Steinhoff, which was a $7.4 billion fiasco.
Roy Zimmerhansl asks Perring to discuss a range of matters from the psychology of short selling through to what's next for Viceroy.
Show Timeline:
3:20 A background in life skills
5:25 Foreshadowing Grenke
6:44 Dealing with long term shorts - P&L and psychology
10:05 Finding Short Candidates
12:40 Regulator's reactions to Zatarra/Viceroy reports, allegations and short positions
19:35 Financial Terrorism
22:30 ESG & the value of short sellers
25:35 Surviving bad corporate news
30:09 Perring's fight back against personal attacks
32:00 Accessing securities for short sellers
34:30 The personal impact of exposing frauds
38:09 Where next for Viceroy?
Items mentioned in the podcast:
Wirecard blog post
Dividend Arbitrage blog post
Follow Viceroy Research:
Website: https://viceroyresearch.org/
LinkedIn: Viceroy Research
Twitter: follow Fraser - @AIMhonesty and @viceroyresearch
Under development https://www.criminalespionage.com/
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Today's episode covers the topic of Managing Service Provider Relationships and includes a discussion on ServiceMatrix, a ground-breaking alternative to traditional vendor benchmarking. Host Roy Zimmerhansl is joined by Lawrence Inman, Senior Supplier Oversight and Relationship Manager, FundRock Partners Ltd and Andy Stephenson, Founder ServiceMatrix
Show timeline:
06:02 The role of Vendor Oversight
10:00 Outsourcing services
12:35 Monitoring Performance and KPIs
16:58 Where do surveys fit in?
25:00 The managed survey response flaw
27:40 Service providers DO want feedback!
30:12 Is ServiceMatrix a survey wrapped in an App?
31:37 Why is Pierpoint involved?
32:30 Timely feedback, but at what price?
43:57 So many surveys, so little time
45:42 Questions vetted by Investors
47:38 Closing thoughts from Lawrence
52:10 Closing thoughts from Andy
52:42 Show review from Roy
Follow FundRock Management
https://www.fundrock.com/
Twitter: @FundrockMC
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The Pierpoint team, Jeroen Bakker, John Arnesen and Roy Zimmerhansl discuss and debate the value of Exclusive lending arrangements.
Show timeline:
03:06 What is an Exclusive?
06:50 Exclusives - just another securities lending transaction?
10:00 What value does an Agent Lender add?
13:19 Direct to a Beneficial Owner or via an Agent?
20:02 The value proposition for a Beneficial Owner
26:16 Exclusives and Cash Collateral
34:50 The future for Exclusives
41:35 Closing thoughts on Exclusives
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Jeroen Bakker, Pierpoint Benelux Consulting Lead, delves further into the issues that are important for borrowers when they are determining where to source assets from.
Check out Jeroen's latest blog post on the short squeeze that drove Volkswagen into briefly reaching the position of the largest company in the world as measured by stock market capitalisation. Read the blog here
Show Timeline:
Time Comment
02:40 Flexibility - Ease of trading, automation and onboarding
11:57 Breadth of automated trading - General Collateral only?
15:22 Collateral flexibility
24:22 Equity collateral considerations in volatile markets
27:10 Triparty collateral
28:22 ETFs as collateral
30:45 Term transactions
39:24 Supply - What is the single biggest issue?
40:25 How do mid-sized or smaller lenders compete?
44:25 Where do domestic lenders fit in?
46:45 Problem of portfolios using the same benchmarks
49:33 Exclusives
54:33 Synthetics
01:05:29 Closing thoughts from Jeroen
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Gary Klahr, Associate Director, EquiLend is interviewed by Roy Zimmerhansl andtalks about standardisation, operational efficiency, EquiLend’s mission and their support for the Pierpoint white paper series “A Journey Through Time: Paper 1 – Building on the Past”
White paper available here: A Journey Through Time: Paper 1 – Building on the Past
Check out Roy’s MUST READ articles at the EquiLend Insight page: https://www.equilend.com/news/insight/
Follow EquiLend:
https://www.equilend.com/
Twitter: https://twitter.com/EquiLend
LinkedIn: https://www.linkedin.com/company/equilend/
Show Timeline:
2:05 Why should people listen to this episode?
3:05 Problem resolution – the way we were
5:38 Twenty First Century Twins – Standardisation and Automation
8:25 The shift to exception management
10:25 SFTR forces change
12:00 Real Time in the trade lifecycle
14:45 SFTR sets new levels for standardisation, but more work is required
19:20 It takes two to tango
20:57 Where do we go from here? Real Time
22:33 Investing in Operations
25:08 Gary’s closing thoughts
26:57 Episode wrap-up
Follow Pierpoint:
https://www.pierpoint.info
LinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltd
Twitter https://twitter.com/pierpointfc
Facebook: www.facebook.com/pierpointfinancial
Subscribe to Pierpoint Blog, News and Updates
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Mark Faulkner Co-Founder Credit Benchmark addresses Basel IV issues for Securities Finance with podcast host Roy Zimmerhansl, Practice Lead at Pierpoint Financial Consulting Ltd.
Stories mentioned in the podcast/other relevant material:
Basel IV Rules
CCP Network Creditworthiness
Sub Custodian White Paper
CCP Monitor
Mid-July 2020 Financial Counterpart Monitor
Securities Finance Use Case Menu
Follow Credit Benchmark:
https://www.creditbenchmark.com/
Twitter: https://twitter.com/CreditBenchmark
LinkedIn: https://www.linkedin.com/company/credit-benchmark/
Show Timeline:
4:13
Why should people listen to this episode?
6:32
Why don’t so many entities already have credit ratings?
9:30
What do Credit Ratings really represent?
12:50
Bank of England/HM Treasury and Credit Benchmark
19:17
‘The challenges of aggregation’ and ‘Group decisions are more effective’
24:13
How is Credit Benchmark different / complementary to Credit Rating Agencies
26:46
Piping securities lending transactions from hedge funds through to beneficial owners
29:27
Basel IV challenges for securities finance
35:13
Economics drives behaviour
39:25
Closing thoughts from Mark
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Podcast Host Roy Zimmerhansl, Practice Lead at Pierpoint Financial Consulting Ltd reviews securities lending revenues for the first six months of 2020 using IHS Markit data as the source for his comments.
Stories mentioned in the podcast:
IHS Markit firs half 2020 snapshot: https://ihsmarkit.com/research-analysis/securities-finance-snapshot.html
Lansdowne retreats from shorting: https://www.bloomberg.com/news/articles/2020-07-07/lansdowne-to-shut-main-hedge-fund-in-shift-away-from-shorting(subs may be required)
Sloane Robinson to close hedge fund: https://www.bloomberg.com/news/articles/2020-07-06/hedge-fund-sloane-robinson-to-shut-after-more-than-two-decades(subs may be required)
Andy Dyson interview: https://www.pierpoint.info/podcast/episode/4407c2ec/interview-with-andy-dyson-ceo-isla
Show Timeline:
02:00 The Numbers
07:10 What went right?
09:57 Where do we go from here?
15:58 Borrowers become more choosy
17:55 ISF/ISLA webinar series
19:21 Final Thoughts
Follow Pierpoint:
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LinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltd
Twitter @pierpointfc
Facebook: www.facebook.com/pierpointfinancial
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https://www.pierpoint.info/subscription-page
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Episode Guest: Ali Kazimi, Managing Director, Hansuke Consulting Ltd talks tax with host Roy Zimmerhansl
Ali provides listeners with a tour de force on key current issues for tax in securities finance as well as the past, present and future outlook.
3:01 Why should people listen to this podcast?
4:37 Securities lending and tax - uneasy bedfellows?
8:02 Taxation - marrying accounting and legal treatments
11:11 Sen Carl Levin - US Senate Report on Dividend Tax Abuse
22:30 A change in approach for Double Taxation Agreements
25:36 From tax guru to felon - justified or scapegoat?
29:50 The Danish Tax Authority (Skat) claim for tax abuse
35:00 How some firms and tax authoriites are now approaching trading around dividend dates
38:42 Reputational Risk and Beneficial Owners
48:03 Cum-Ex and Cum-Cum transactions
55:06 EBA report on Dividend Arbitrage and financial crime
1:00:56 DAC 6 and what it means for investors
1:03:10 Global challenges and the top-down approavh for tax principles
1:04:46 Hansuke Consulting's diverse and inclusive series of webinars
1:10:30 Closing thoughts from Ali
Stories mentioned in the podcast:
US Senate Report on Dividend Tax Abuse
https://www.hsgac.senate.gov/imo/media/doc/091108DividendTaxAbuse.pdf
Danish tax authority claim
https://www.caymancompass.com/2020/05/04/danish-tax-office-seeks-cayman-information-in-alleged-fraud-scheme/
Dutch tax authority pursues Morgan Stanley
https://news.bloombergtax.com/daily-tax-report-international/morgan-stanley-may-owe-42-million-in-dutch-dividend-tax-case
Follow Hansuke:
Hansuke Consulting Ltd: www.hansuke.co.uk
LinkedIn: https://www.linkedin.com/company/hansuke-consulting/
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In this podcast, Pierpoint partners John Arnesen and Roy Zimmerhansl discuss the operational framework that is integral to the securities lending business both today and looking forward.
1:05 Why should people listen to this programme?
1:49 Are the terms “Front Office” and “Back Office”
still relevant?
4:37 Trade Execution vs Trade Management
8:32 Has Coronavirus changed the appetite for Outsourcing?
12:45 CSDR and the potential for new buy-in activity for Beneficial Owners and third-party fund managers
26:32 Lifecycle as opposed to pre- and post-trade
32:08 Should there be penalties for ‘natural’ fail transactions?
38:50 John’s closing thoughts
You can follow John at https://www.linkedin.com/in/john-w-arnesen-3a29079
You can follow Roy at https://www.linkedin.com/in/royzimmerhansl
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LinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltd
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Perspectives Blog, News
and Updates
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Episode Guest: Shaun Murray, Managing Partner at Margin Reform interviewed by podcast host, Roy Zimmerhansl
In this podcast Shaun provides commentary on UMR and how firms can make the most of the deferred implementation of Phase 5, the application of DLT to address documentation delays. The “Wheel of Pain” and more
3:11
Why should people listen to this programme?
3:43
UMR update
10:49
Intra-group trading issues and non-netting jurisdictions
14:50
Collateral Guru or Collateral Czar?
19:15
What should firms do now given UMR Phase 5 delay?
26:00
The impact of legal work on UMR progress and the potential application of DLT
33:31
Amazing stats on volumes through market volatility in March/April 2020
37:50
Shaun's advice to Phase 5 firms
39:30
Clearing optimisation
47:10
The expanding collateral universe
50:33
CSDR and collateral
53:50
The "Wheel of Pain"
59:25
Margin Reform webinar
1:01:32
Shaun's closing message
You can follow Shaun and Margin Reform at
Margin Reform webinar "They've extended UMR, again. What can you solve now?" 2nd July 2020 - 3:00pm (UK) - Register Here
Website: www.marginreform.com
Twitter: @marginreform
LinkedIn: https://www.linkedin.com/company/margin-reform/
Shaun Murray on LinkedIn: www.linkedin.com/in/shaunmmurray/
Interview with Chetan Joshi, founder, Margin Reform https://www.youtube.com/channel/UC7H1deJO6Ef-iOSpi14xefA?view_as=subscriber
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Episode Guest: James Clunie - Head of Strategy, Absolute Return Jupiter Asset Management interview by Roy Zimmerhansl
In this episode James shares his views and insights into the concept and practice of short selling.
James joined Jupiter in 2013. He is currently Head of Strategy, Absolute Return and manages the Jupiter Absolute Return Fund (Unit Trust) as well as the Jupiter Global Absolute Return fund (SICAV).
Before joining Jupiter, James worked at Scottish Widows Investment Partnership as an Investment Director of equities, and managed a long/short equity fund and UK long-only funds.
James was a senior lecturer in finance at the University of Edinburgh between 2003 and 2007, prior to which he worked as Head of Global Equities at Aberdeen Asset Management and Director and Head of Asset Allocation at Murray Johnstone International.
James gained a degree and PhD from Edinburgh University and is a CFA® charterholder.
Timeline of interview:
3:50 - The psychology of short selling and why some people are so strongly anti-short selling
9:35 - Discussion over the impact of short sellers on market peaks and troughs
12:35 – Personal challenges of being a short seller
17:45 – Is it a good time to be a short seller?
21:45 – Different short selling approaches
25:43 - Why were fewer short selling bans applied as compared to 2008?
33:20 – James’ thoughts on corporate bonds and short selling
34:35 – Regulatory asymmetry between longs and shorts
41:06 – Are long investors that don’t do securities lending at an information disadvantage?
45:55 – James’ closing thoughts
Referenced during the interview:
Short-selling related books authored by James Clunie:
PREDATORY TRADING AND CROWDED EXITS: New thinking on market volatility https://amzn.to/30Pjgr6
SHORT SELLING: An evidence-based introduction https://amzn.to/3ecpGo4
Video interview: Do short-selling bans work? Boaz Yaari, Founder & CEO of Sharegain talks to Securities Finance TV https://vimeo.com/420084597
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Andy Dyson has been leading the International Securities Lending Association as CEO for the past four years during a time of historic regulatory finalisation and roll-out. In today's episode, Andy shares his thoughts and views on industry priorities, the need for improved communications and various impending regulations.
3:40 - Review of ISLA priorities in light of COVID-19
6:30 – ISLA focus on communications
11:18 – ISLA/ISF Global Investor July webinar series
22:00 – the outlook for the implementation of SFTR and CSDR
34:20 – The ongoing roll-out of EU Capital Markets Union
40:45 – ESG and the launch of ISLA Council for Sustainable Finance
51:17 – Common Domain Model
59:25 – Andy’s closing thoughts
Referenced during the interview:
The Basics of Securities Lending video – https://youtu.be/E42XA0g_wrY
Andy Dyson blog - Reflections of the CEO: https://www.isla.co.uk/news/reflections-of-the-ceo-10/
ICSF Principles: https://www.isla.co.uk/isla-council-for-sustainable-finance/
Common Domain Model paper: https://www.isla.co.uk/thought-leadership/the-future-of-the-securities-lending-market-an-agenda-for-change/
Follow ISLA at the following locations
Website: https://www.isla.co.uk/
LinkedIn: https://www.linkedin.com/company/international-securities-lending-association/
ISLA on Twitter @_isla
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Jeroen Bakker and John Arnesen provide the answers to the question: What do Borrowers want from Lenders?
Blog post identifying key factors for lenders in making their portfolios more attractive to borrowers:
https://www.pierpoint.info/post/key-factors-in-making-securities-lending-portfolios-attractive
Pierpoint website:
https://www.pierpoint.info
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There are dozens of banks and broker-dealers that borrow stock. So what do institutional investors and their agents look for from those borrowers? Is there one size fits all and if not, what are the key factors and differentiators? John Arnesen and Jeroen Bakker join host Roy Zimmerhansl to examine the issues.
Blog post looking at how lenders choose borrowers: https://www.pierpoint.info/post/securities-lending-who-to-lend-to
Pierpoint website:
https://www.pierpoint.info
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In the inaugural episode, host Roy Zimmerhansl explains why Pierpoint is launching a podcast and sets the scene for future content. He also reviews whether his 2019 year-end expectations for securities lending have been met given the tumultuous events at the start of 2020.
LinkedIn article referenced in the podcast: https://bit.ly/end2019outlook
Pierpoint website:
https://www.pierpoint.info
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Introducing Pierpoint Perspectives – where we talk about the world of securities finance – including securities lending, repo, collateral management and related areas.
Each week the Pierpoint partners share their insider’s views and experiences gained over many years in the business. But it’s more than that - PP brings interviews with market leaders and influential people including related such as portfolio management and trending topics including ESG.
Pierpoint Perspectives – the podcast for people that think about securities finance, and don’t just do it.
Follow us on:
Pierpoint website:
https://www.pierpoint.info
Follow Pierpoint on:
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https://www.twitter.com/pierpointfc
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