Pierpoint Perspective$

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 ConnectionsYou can reach Roy Zimmerhansl at [email protected] and on LinkedIn at www.linkedin.com/in/royzimmerhanslPierpoint websiteLinkedInTwitterYouTubeFacebookSupport the show (https://www.buymeacoffee.com/pierpoint)Support the show

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 - [email protected] You can find out more about Blue fire at their websiteReach David via his LinkedIn profile hereReach Doug via his LinkedIn profile herePierpoint ConnectionsYou can reach Roy Zimmerhansl at [email protected] and on LinkedIn at www.linkedin.com/in/royzimmerhanslPierpoint websiteLinkedInTwitterYouTubeFacebookSupport the show (https://www.buymeacoffee.com/pierpoint)Support the show

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 ConnectionsYou can reach Roy Zimmerhansl at [email protected] and on LinkedIn at www.linkedin.com/in/royzimmerhanslPierpoint websiteLinkedInTwitterYouTubeFacebookSupport the show

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 websiteReach out to Ben or Michael via their LinkedIn profiles:Ben ArnoldMichael AshbyPierpoint ConnectionsYou can reach Roy Zimmerhansl at [email protected] and on LinkedIn at www.linkedin.com/in/royzimmerhanslLearn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community - DOORS CLOSE ON 13 JUNE!!!Pierpoint websiteLinkedInTwitterYouTubeFacebookSupport the show

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-a8103421Vishal Agrawal https://www.linkedin.com/in/vishalagrawal1999Pierpoint ConnectionsYou can reach Roy Zimmerhansl at [email protected] and on LinkedIn at www.linkedin.com/in/royzimmerhanslLearn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community - DOORS CLOSE ON 13 JUNE!!!Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagram8InQ5MTPpEpOUXsigXjSSupport the show

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'.Timeline00:00 Introduction2:45 New developments at Credit Benchmark6:30 Importance of Basel IV to Securities Finance9:30 Unrated entities – wider impact than Securities Finance16:00 Absorbing the cost, GC, Peer-to-Peer, and mitigants18:56 Collateral eligibility and market evolution22:30 ESG28:20 Pledge Collateral30:22 Challenge of regulatory roll-out of Basel IV?37:21 No easy labels for organisations38:52 Financial strength and indemnifications41:06 Meme stock frenzy and Being There45:15 Roy’s Episode summaryPierpoint ConnectionsYou can reach Roy Zimmerhansl at [email protected] and on LinkedIn at www.linkedin.com/in/royzimmerhanslLearn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagramSupport the show

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.Timeline00:00 Introduction3:05 What is a Trade Repository?8:30 Breadth of Regis-TR regulatory coverage9:40 A holistic view of data and evolution of standards19:01 Bringing together data from different regulatory regimes22:35 Not sexy, but definitely important23:51 Impact of Brexit32:08 The human side of working in a Covid world45:38 Nick’s closing thoughts on the future49:38 Roy’s Episode summary and Season Two wrap-upPierpoint ConnectionsYou can reach Roy Zimmerhansl at [email protected] 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 websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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.  Timeline00:00 Introduction2:42 The motto for 2021 - Data Quality and Control8:05 The focus on Lifecycle Events10:58 The problem of missing LEIs for Non-EEA issuers25:19 Responsibility without Control30:48 What are market participants focussed on for 2021?32:37 Data standardisation - an international objective38:54 No regulation is perfect - in a better place than we were40:40 Roy's wrap-upLearn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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/SFTRQPDTTimeline00:00 Introduction3:59 Interesting beginnings for SFTR journey6:31 Initial observations on first six months7:51 Key positives of the implementation10:31 Achieving a high Acceptance Rate13:42 Documentation break issues and resolution14:33 Problems with Legal Entity Identifiers (LEI)17:41 Improving counterparty exposure oversight22:25 Turning to less positive aspects of implementation30:31 Addressing the outstanding issues and priorities33:22 Integrated information rather than UK/EU split38:40 BAU or ongoing investment?45:30 Minimum viable compliance vs Target Operating Model change46:15 Outlook six-twelve months from today47:11 Harmonisation of data51:55 Learning from EMIR, Q&A process, Brexit54:28 Additional responsibilities for Que Phuong59:30 Roy's wrap-upLearn through access to experts, gain information and grow your contacts through the networking benefits of Pierpoint Alpha Community Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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-14a6403Timeline00:00 Introduction3:10 Initial observations on first six months6:35 “Extraordinary effort“ required … and delivered12:15 The positive aspects of the implementation19:47 Failure to invest in ‘fit for purpose’ technology29:51 The less-positive side of SFTR and its implementation42:10 SFTR review in April?44:30 Brexit47:10 Rating SFTR performance of SFTR stakeholders52:50 Closing thoughts from Richard58:50 Pierpoint Alpha Community59:57 Roy's wrap-upLearn about the exciting education and networking benefits at Pierpoint Alpha Community Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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 timelineTimeline00:00 Introduction8:04 Wirecard https://bit.ly/HotWirecard11:09 Grenke AG https://bit.ly/HotGrenke15:49 GSX TechEdu https://bit.ly/HotGSXTech20:50 Volkswagen/Porsche and “what is a Short Squeeze?” https://bit.ly/HotVWPorsche26:39 Citigroup https://bit.ly/HotCiti34:12 Carillion https://bit.ly/HotCarillion37:51 Nikola https://bit.ly/HotNikola44:55 DoorDash IPO – a future short?48:28 A request from Jeroen from Podcast Listeners48:52 Jeroen’s favourite blog post(s)51:50 Roy's “Thank Yous” and wrap-upPierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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 hereLearn more about Acuris products such as Mergermarket, Dealreporter and PaRR at: https://www.acuris.com/Timeline00:00 Introduction2:50 What is Acuris and why is it relevant to Securities Finance4:15 2020 - A roller coaster year7:55 Pandemic-proof or Bottom-fishing?10:33 Given COVID-19 impact, how are deals affecting structures?13:17 Corporates return to public equity markets17:50 What does a normal Q4 look like and how does 2020 compare?19:22 Impact of Brexit26:52 Preliminary outlook for 202132:00 What is a SPAC and what are they used for?35:15 Working From Home and deal-making40:40 Roy's wrap upPierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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 AIMAAIMA WebsiteMax Budra on LinkedInMax's email: [email protected] Selling and Responsible InvestmentTimeline4:50 EY Report – Investors place growing importance on ESG factors for Alternative Managers7:30 Are ESG and Responsible Investment the same thing?9:00 Differing standards and priorities on ESG and responsible investment11:25 Using hedge funds to manage ESG risks17:15 Different time horizons and the relevance of ESG factors21:45 No longer “anti-vice” funds24:25 Short selling – always a part of the “G” in ESG27:22 Greenwashing32:20 Will leading ESG companies outperform and reshape indices?38:00 Retail vs Sophisticated investors challenges of ESG index construction and regulation40:20 ESG Long Short funds41:50 Other work AIMA is focusing on46:02 Roy’s closing thoughtsFollow Pierpoint:Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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-9b0b39122Whitepaper referenced by Roy: ETF Liquidity, Securities Finance and Collateral ManagementShow timeline02:15 Manooj at the beginning of ETFs in Europe07:30 Why multiple stock exchange listings for ETFs?13:05 Merrill exits business, early days of institutional ETF use16:38 DWS enters ETF market but with a different focus on synthetics20:10 Comparison between physically backed and swap backed ETFs25:13 and then … the Global Financial Crisis28:55 The battleground between synthetic and physical ETFs35:30 Whatever happened to synthetic ETFs?37:42 Where do ETFs go from here?41:00 Manooj's experience as an investor doing securities lending48:40 ESG and ETFs53:00 Closing thoughts56:39 Roy's wrap upFollow Pierpoint:Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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-70948031Show timeline02:12 Lynden's background in Synthetic PB05:24 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 competitors22:45 Long and Short synthetic positions23:30 Access products and does Synthetic PB take business away from securities lending?29:00 Synthetic PB as a 'thing' - the structures31:35 Trade execution and trading platforms41:25 Key changes in the market over past 20 years43:10 Closing thoughts from Lynden44:25 Lynden as an educator and those who inspire us48:15 Roy's wrap upFollow Pierpoint:Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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/portablebetaPortable Beta: https://portablebeta.com.au/Betashares (where Roger is an advisor): https://www.betashares.com.au/Quantum Theory of Toilet Paperhttps://www.linkedin.com/posts/portablebeta_the-quantum-theory-of-toilet-paper-activity-6657050516067061760-r2UJShow timeline03:10 ETFs06:45 Synthetic vs Physical ETFs13:28 Involvement with BetaShares16:00 ETF themes - adding value or chasing trends?18:51 Geared, leveraged, short, bear funds22:48 ESG including short selling27:45 Bear Funds30:00 Shorting in futures and cash markets32:40 A securities lending analogy36:54 A 'tweak' to retirement finances43:30 Australia, Academia and big things from our childhood45:47 Quantum Theory of Toilet Paper and 202048:35 Resilience and adaptation in 202052:10 Roy's wrap upFollow Pierpoint:Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

Show NotesAndy 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 series7:01       SFTR Report Card16:22    Comments on market resilience during the 2020 market turmoil22:20    Capital Markets Union/CSDR32:13    Digital Transformation/Common Domain Model39:17    ISLA CDM Showcase (free to attend invitation link http://bit.ly/ISLACDM)39:26    New ISLA Working Groups45:05    ISLA Governance52:17    The changing role of Trade Associations55:38    Kudos to the ISLA team57:07    Lessons from 2020Key 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/Follow Pierpoint:Pierpoint websiteLinkedInTwitterYouTubeFacebookInstagram Support the show

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 skills5:25 Foreshadowing Grenke6:44 Dealing with long term shorts - P&L and psychology10:05 Finding Short Candidates12:40 Regulator's reactions to Zatarra/Viceroy reports, allegations and short positions19:35 Financial Terrorism22:30 ESG & the value of short sellers25:35 Surviving bad corporate news30:09 Perring's fight back against personal attacks32:00 Accessing securities for short sellers34:30 The personal impact of exposing frauds38:09 Where next for Viceroy?Items mentioned in the podcast:Wirecard blog postDividend Arbitrage blog postFollow Viceroy Research:Website: https://viceroyresearch.org/LinkedIn: Viceroy ResearchTwitter: follow Fraser - @AIMhonesty and @viceroyresearchUnder development https://www.criminalespionage.com/Follow Pierpoint:https://www.pierpoint.infoLinkedInTwitterFacebookYouTube Support the show

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 ServiceMatrixShow timeline:06:02 The role of Vendor Oversight10:00 Outsourcing services12:35 Monitoring Performance and KPIs16:58 Where do surveys fit in?25:00 The managed survey response flaw27:40 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 time45:42 Questions vetted by Investors47:38 Closing thoughts from Lawrence52:10 Closing thoughts from Andy52:42 Show review from RoyFollow FundRock Managementhttps://www.fundrock.com/Twitter: @FundrockMCFollow Pierpoint:https://www.pierpoint.infoLinkedInTwitterFacebookYouTube Support the show

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 Owner26:16 Exclusives and Cash Collateral34:50 The future for Exclusives41:35 Closing thoughts on Exclusives Follow Pierpoint:https://www.pierpoint.infoLinkedInTwitterFacebookYouTube Support the show

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 hereShow Timeline:Time Comment02:40 Flexibility - Ease of trading, automation and onboarding11:57 Breadth of automated trading - General Collateral only?15:22 Collateral flexibility24:22 Equity collateral considerations in volatile markets27:10 Triparty collateral28:22 ETFs as collateral30:45 Term transactions39:24 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 benchmarks49:33 Exclusives54:33 Synthetics01:05:29 Closing thoughts from JeroenFollow Pierpoint:https://www.pierpoint.infoLinkedInTwitterFacebookYouTube Support the show

Gary Klahr, Associate Director, EquiLend is interviewed by Roy Zimmerhansl and talks 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 PastCheck 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/EquiLendLinkedIn: https://www.linkedin.com/company/equilend/Show Timeline:2:05 Why should people listen to this episode?3:05 Problem resolution – the way we were5:38 Twenty First Century Twins – Standardisation and Automation8:25 The shift to exception management10:25 SFTR forces change12:00 Real Time in the trade lifecycle14:45 SFTR sets new levels for standardisation, but more work is required19:20 It takes two to tango20:57 Where do we go from here? Real Time22:33 Investing in Operations25:08 Gary’s closing thoughts26:57 Episode wrap-upFollow Pierpoint:https://www.pierpoint.infoLinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter https://twitter.com/pierpointfcFacebook: www.facebook.com/pierpointfinancialSubscribe to Pierpoint Blog, News and Updateshttps://www.pierpoint.info/contact-us Support the show

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 RulesCCP Network CreditworthinessSub Custodian White PaperCCP MonitorMid-July 2020 Financial Counterpart MonitorSecurities Finance Use Case MenuFollow Credit Benchmark:https://www.creditbenchmark.com/Twitter: https://twitter.com/CreditBenchmarkLinkedIn: https://www.linkedin.com/company/credit-benchmark/Show Timeline:4:13Why should people listen to this episode?6:32Why don’t so many entities already have credit ratings?9:30What do Credit Ratings really represent?12:50Bank of England/HM Treasury and Credit Benchmark19:17‘The challenges of aggregation’ and ‘Group decisions are more effective’24:13How is Credit Benchmark different / complementary to Credit Rating Agencies26:46Piping securities lending transactions from hedge funds through to beneficial owners29:27Basel IV challenges for securities finance35:13Economics drives behaviour39:25Closing thoughts from MarkFollow Pierpoint:https://www.pierpoint.infoLinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter https://twitter.com/pierpointfcFacebook: www.facebook.com/pierpointfinancialSubscribe to Pierpoint Perspectives Blog, News and Updates: https://www.pierpoint.info/contact-us Support the show

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.htmlLansdowne 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-islaShow Timeline:02:00 The Numbers07:10 What went right?09:57 Where do we go from here?15:58 Borrowers become more choosy17:55 ISF/ISLA webinar series19:21 Final ThoughtsFollow Pierpoint:https://www.pierpoint.infoLinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter @pierpointfcFacebook: www.facebook.com/pierpointfinancialSubscribe to Pierpoint Perspectives Blog, News and Updateshttps://www.pierpoint.info/subscription-page Support the show

Episode Guest: Ali Kazimi, Managing Director, Hansuke Consulting Ltd talks tax with host Roy ZimmerhanslAli 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 treatments11:11 Sen Carl Levin - US Senate Report on Dividend Tax Abuse22:30 A change in approach for Double Taxation Agreements25:36 From tax guru to felon - justified or scapegoat?29:50 The Danish Tax Authority (Skat) claim for tax abuse35:00 How some firms and tax authoriites are now approaching trading around dividend dates38:42 Reputational Risk and Beneficial Owners48:03 Cum-Ex and Cum-Cum transactions55:06 EBA report on Dividend Arbitrage and financial crime1:00:56 DAC 6 and what it means for investors1:03:10 Global challenges and the top-down approavh for tax principles1:04:46 Hansuke Consulting's diverse and inclusive series of webinars1:10:30 Closing thoughts from AliStories mentioned in the podcast:US Senate Report on Dividend Tax Abusehttps://www.hsgac.senate.gov/imo/media/doc/091108DividendTaxAbuse.pdfDanish tax authority claimhttps://www.caymancompass.com/2020/05/04/danish-tax-office-seeks-cayman-information-in-alleged-fraud-scheme/Dutch tax authority pursues Morgan Stanleyhttps://news.bloombergtax.com/daily-tax-report-international/morgan-stanley-may-owe-42-million-in-dutch-dividend-tax-caseFollow Hansuke:Hansuke Consulting Ltd: www.hansuke.co.ukLinkedIn: https://www.linkedin.com/company/hansuke-consulting/Follow Pierpoint:https://www.pierpoint.infoLinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter @pierpointfcFacebook: www.facebook.com/pierpointfinancialSubscribe to Pierpoint Perspectives Blog, News and Updateshttps://www.pierpoint.info/subscription-page Support the show

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 Management8:32   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 managers26:32 Lifecycle as opposed to pre- and post-trade32:08 Should there be penalties for ‘natural’ fail transactions?38:50 John’s closing thoughtsYou can follow John at https://www.linkedin.com/in/john-w-arnesen-3a29079You can follow Roy at https://www.linkedin.com/in/royzimmerhanslFollow Pierpoint:https://www.pierpoint.infoLinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter @pierpointfcFacebook: www.facebook.com/pierpointfinancialSubscribe to PierpointPerspectives Blog, Newsand Updateshttps://www.pierpoint.info/subscription-page Support the show

Episode Guest: Shaun Murray, Managing Partner at Margin Reform interviewed by podcast host, Roy ZimmerhanslIn 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 more3:11Why should people listen to this programme?3:43UMR update10:49Intra-group trading issues and non-netting jurisdictions14:50Collateral Guru or Collateral Czar?19:15What should firms do now given UMR Phase 5 delay?26:00The impact of legal work on UMR progress and the potential application of DLT33:31Amazing stats on volumes through market volatility in March/April 202037:50Shaun's advice to Phase 5 firms39:30Clearing optimisation47:10The expanding collateral universe50:33CSDR and collateral53:50The "Wheel of Pain"59:25Margin Reform webinar1:01:32Shaun's closing messageYou can follow Shaun and Margin Reform atMargin Reform webinar "They've extended UMR, again. What can you solve now?" 2nd July 2020 - 3:00pm (UK) - Register HereWebsite: www.marginreform.comTwitter: @marginreformLinkedIn: 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=subscriberFollow Pierpoint:https://www.pierpoint.infoLinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter @pierpointfcFacebook: www.facebook.com/pierpointfinancialSubscribe to PierpointPerspectives Blog, News and Updateshttps://www.pierpoint.info/subscription-page Support the show

Episode Guest: James Clunie - Head of Strategy, Absolute Return Jupiter Asset Management interview by Roy ZimmerhanslIn 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 selling9:35 - Discussion over the impact of short sellers on market peaks and troughs12:35 – Personal challenges of being a short seller17:45 – Is it a good time to be a short seller?21:45 – Different short selling approaches25:43 - Why were fewer short selling bans applied as compared to 2008? 33:20 – James’ thoughts on corporate bonds and short selling34:35 – Regulatory asymmetry between longs and shorts41:06 – Are long investors that don’t do securities lending at an information disadvantage?45:55 – James’ closing thoughtsReferenced during the interview: Short-selling related books authored by James Clunie:PREDATORY TRADING AND CROWDED EXITS: New thinking on market volatility https://amzn.to/30Pjgr6SHORT SELLING: An evidence-based introduction https://amzn.to/3ecpGo4Video interview: Do short-selling bans work? Boaz Yaari, Founder & CEO of Sharegain talks to Securities Finance TV https://vimeo.com/420084597Follow Pierpoint:https://www.pierpoint.infoLinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter @pierpointfcFacebook: www.facebook.com/pierpointfinancialSubscribe to Pierpoint Perspectives Blog, News and Updateshttps://www.pierpoint.info/subscription-page Support the show

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-196:30 – ISLA focus on communications11:18 – ISLA/ISF Global Investor July webinar series22:00 – the outlook for the implementation of SFTR and CSDR34:20 – The ongoing roll-out of EU Capital Markets Union40:45 – ESG and the launch of ISLA Council for Sustainable Finance51:17 – Common Domain Model59:25 – Andy’s closing thoughts Referenced during the interview:The Basics of Securities Lending video – https://youtu.be/E42XA0g_wrYAndy 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 locationsWebsite: https://www.isla.co.uk/LinkedIn: https://www.linkedin.com/company/international-securities-lending-association/ISLA on Twitter @_islaFollow Pierpoint:https://www.pierpoint.infoLinkedIn www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter@pierpointfcFacebookwww.facebook.com/pierpointfinancialSubscribe to Pierpoint Perspectives Blog, News and Updateshttps://www.pierpoint.info/subscription-page Support the show

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-attractivePierpoint website:https://www.pierpoint.infoFollow Pierpoint on:LinkedIn:https://www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter:https://www.twitter.com/pierpointfcFacebook:https://www.facebook.com/pierpointfinancial Support the show

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-toPierpoint website:https://www.pierpoint.infoFollow Pierpoint on:LinkedIn:https://www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter:https://www.twitter.com/pierpointfcFacebook:https://www.facebook.com/pierpointfinancial Support the show

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/end2019outlookPierpoint website:https://www.pierpoint.infoFollow Pierpoint on:LinkedIn:https://www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter:https://www.twitter.com/pierpointfcFacebook:https://www.facebook.com/pierpointfinancial Support the show

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.infoFollow Pierpoint on:LinkedIn:https://www.linkedin.com/company/pierpoint-financial-consulting-ltdTwitter:https://www.twitter.com/pierpointfcFacebook:https://www.facebook.com/pierpointfinancial Support the show