Breaking News
Ipreo launches loan trade settlement system
Ipreo, a leading global provider of market intelligence and productivity solutions to corporate and financial services professionals, has launched a comprehensive system designed to reduce loan trade settlement times to just three days.
Ipreo’s system combines settlement services and software with a pioneering advance that, for the first time, makes the practice of securities lending available for syndicated loans, enabling sellers to borrow syndicated loans to deliver on time to their buyers.
Ipreo delivers its syndicated-loan lending program under a license to US patent #8,781,941, “Method and Apparatus for Conducting Loan Repurchase Transactions,” which was issued to Goldman, Sachs & Co. on July 15, 2014.
“We are proud to offer an innovative new mechanism to improve settlement in this important capital market,” stated Scott Ganeles, CEO of Ipreo. “When we entered the syndicated loans market a few years ago through the acquisition of Debtdomain, we were surprised to see that loan trades still took weeks to settle. So we set an aggressive goal of T+3, and our team delivered.”
The Ipreo system includes online tools and support services for administrative agent banks that accelerate what has been a weeks-long settlement process. Senior Managing Director at Blackstone, Martin Brand, added, “We are excited by Ipreo’s groundbreaking systems to improve secondary liquidity for the loan industry, which has endured unnecessarily slow settlement times for many years.”
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