The Center for International Financial Services and Markets is pleased to announce that Frank G. Zarb School of Business alumnus Brian Ruane, CEO, Broker Dealer and Tri-Party Services, Bank of New York Mellon will present a lecture titled “The Future of Wholesale Funding and Tri-Party Repurchase Agreements” on Wednesday, September 30.
Ruane will discuss the conclusion of a multi-year cooperative effort by BNY Mellon, its clients and other market participants to restructure the U.S. tri-party repo market as part of the recommendations of the Task Force for U.S. Tri-Party Repo Infrastructure Reform. The event will be held from 6-8:30 PM in Room 246, Axinn Library, South Campus. It is free and open to the campus community.
“As the market leader for tri-party collateral management, we embraced the Task Force recommendations and proactively addressed the necessary changes without disrupting the market,” said Brian Ruane, chief executive officer of Broker-Dealer and Tri-Party Services at BNY Mellon.
The tri-party repo market is one where securities dealers fund their portfolio of securities through repurchase agreements, or repos. A repo is a financial transaction in which one party sells an asset to another party with a promise to repurchase the asset at a pre-specified later date. In the tri-party repo market, a third party called a clearing bank acts as an intermediary and alleviates the administrative burden between two parties engaging in a repo.
Broker Dealer Services is the market leader in U.S. government securities clearance and tri-party collateral management services to financial institutions and investors facilitating 1.8 trillion financing transactions between investors and investment banks. Ruane is a member of the Executive Committee of Pershing LLC and BNY Mellon’s Sovereign Wealth Advisory Group. In 2003, he was co-opted onto The Federal Reserve Bank of New York’s Working Committee on The Future of The U.S. Government Securities Markets. He is also a member of The Advisory Board of The UCD Michael Smurfit Graduate School of Business in Dublin, Ireland and the Dean’s Advisory Board at the Frank G. Zarb School of Business, New York. Brian is a graduate of The Chartered Association of Certified Accountants in the UK and Ireland and earned his MBA in International Banking and Finance from the Zarb School in 1995.
“We look forward to hearing Brian speak on strengthening the tri-party repo market. Tri-party repos play an important role in global finance and it is heartening to see measures are being taken to ensure the 2007-09 crisis is not repeated,” said Dr. Anoop Rai, a professor of finance and former director of the Center.
The mission of The Center for International Financial Services and Markets is to promote faculty and student study and research in the field of international financial services and markets, through interdisciplinary forums and conferences, Learn and Lunch meetings and speaker series events.