July 10, 2025 • 18 mins
In this episode of TonicBoom!, host Emma Watson Tonic’s Securities Finance Lead is joined by industry experts Andrew Turvey (GLMX) and Steve Lethaby (Clearstream Banking) to unpack one of the most critical themes in today’s capital markets: driving efficiency in Securities Financing.
From the evolution of repo markets post-GFC, to the ongoing digitization and regulatory pressures shaping today’s landscape, this episode explores what cost optimization truly means in securities lending and repo—and why it’s about much more than just cutting costs.
You’ll hear:
- Why the shift from legacy systems to scalable, tech-enabled solutions is accelerating
-How buy-side and sell-side collaboration is unlocking new opportunities
-The role of regulation, margin, and operational risk in shaping future strategy
-The growing impact of central clearing and the road to T+1 in the UK and Europe
- The shift in market risk from banks to shadow banking and NBFIs
Whether you're a seasoned industry veteran or newcomer, this is your front-row seat to the strategies and structural shifts defining the next phase of Securities Financing.
Stay tuned for Part 2, where we’ll dive deeper into technology, collateral optimization, and emerging challenges and solutions.
00:00 Episode Intro
02:17 Two Lies, One Truth Challenge
05:37 Market's Focus on Cost Optimisation
06:50 Impact of the Global Financial Crisis
10:10 Where the Market Stands Today
15:02 Future Directions in Securities Financing
17:52 Episode Conclusion and Outro
From the evolution of repo markets post-GFC, to the ongoing digitization and regulatory pressures shaping today’s landscape, this episode explores what cost optimization truly means in securities lending and repo—and why it’s about much more than just cutting costs.
You’ll hear:
- Why the shift from legacy systems to scalable, tech-enabled solutions is accelerating
-How buy-side and sell-side collaboration is unlocking new opportunities
-The role of regulation, margin, and operational risk in shaping future strategy
-The growing impact of central clearing and the road to T+1 in the UK and Europe
- The shift in market risk from banks to shadow banking and NBFIs
Whether you're a seasoned industry veteran or newcomer, this is your front-row seat to the strategies and structural shifts defining the next phase of Securities Financing.
Stay tuned for Part 2, where we’ll dive deeper into technology, collateral optimization, and emerging challenges and solutions.
00:00 Episode Intro
02:17 Two Lies, One Truth Challenge
05:37 Market's Focus on Cost Optimisation
06:50 Impact of the Global Financial Crisis
10:10 Where the Market Stands Today
15:02 Future Directions in Securities Financing
17:52 Episode Conclusion and Outro
Mark as Played
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