Eric Badger
BNY
15 October 2025
Eric Badger, global head of sales and relationship management — Global Clearing, Global Collateral; head of Southeast Asia and Singapore chief executive at BNY, reviews key movements in the market and how the firm’s collateral platform is positioning to support clients
Image: Eric Badger
BNY Global Collateral is a US$7 trillion platform serving clients across the Americas, EMEA, and APAC, and is positioned for growth. It is a resilient, diverse, and scalable infrastructure supporting repo, securities lending, margin segregation, securitised notes, and other financing activity.
The collateral management and securities financing landscape continues to transform rapidly. Three trends are reshaping industry dynamics: the mandate for US Treasury central clearing, demand for flexible funding and liquidity management, and the rapid convergence of traditional and digital finance. BNY’s goal is to equip clients with seamless, integrated solutions that address their evolving needs whether optimising collateral flows, unlocking liquidity and connecting to new pools of capital, or supporting digital assets.
Investing in innovation
We continue to invest in our platform to meet the evolving needs of the market and to elevate the client experience. By embracing shorter technology release cycles, we are delivering product enhancements and more new solutions that directly address market needs at a much faster pace. Everything from intraday repo and early morning maturity windows, to US Treasury clearing readiness and support of new markets and trade types. Our cadence of innovation underpins our ability to provide clients with the tools to seize market opportunities and manage the evolving regulatory environment.
Intraday repo is a standout example. Clients now increasingly demand the ability to mobilise liquidity within a single trading day while leveraging existing systems, legal agreements, and workflows. Pairing intraday financing with early-morning maturities delivers the agility today’s markets require.
Buy side institutions are also embracing post-trade efficiencies, executing secured financing transactions and derivatives margin requirements on a single platform.
CollateralONE integrates repo, securities lending, liquidity management, and margin requirements into a unified ecosystem. Clients can allocate collateral across financing and derivatives mandates, reducing funding costs and operational complexity.
Leading through regulatory change
The US Íø±¬³Ô¹Ï and Exchange Commission’s (SEC’s) central clearing mandate for US Treasuries underscores the need for scalable infrastructure. We have supported the rise in FICC Sponsored GC volumes since the rule announcement and continue to work with the Fixed Income Clearing Corporation (FICC) to introduce new access models such as Sponsored GC Collateral-in-Lieu and Done-Away clearing models.
We are also collaborating with CME and ICE to provide collateral services for their new US Treasury central clearing offerings. These solutions will help market participants manage margin costs and capacity constraints as clearing driven volumes continue to grow.
Expanding global reach
BNY was the first triparty agent in Europe to connect to Cboe Clear Europe Íø±¬³Ô¹Ï Lending CCP, which launched in Q2 2025. We now enable clearing members to manage non-cash obligations on the same platform used for uncleared trades streamlining workflows and delivering capital efficiencies through centralised collateral administration and optimisation.
Asia Pacific remains a crucial growth market. We have added new market connectivity including Philippines, Indonesia, Malaysia, and Taiwan, and have enhanced services for Stock Connect and Bond Connect, Korea and Japan. Further, we are also investing in our leadership team within the region, including my move to Singapore, and Nehal Mehra joining as head of Asia Pacific Íø±¬³Ô¹Ï Financing and Global Collateral in Hong Kong.
Flexible, client-centric optimisation
One of the most common challenges firms face is optimising and mobilising collateral globally across various venues. Our Global Collateral platform provides a variety of optimisation solutions that offer clients efficient, flexible, and automated methods for allocating collateral.
Our approach is not one-size-fits-all; instead, clients have the choice of a complete suite of optimisation services or opting for specific modules that can be used alongside their own tools or vendor solutions. We are continuing to see increased adoption of various collateral optimisation solutions and it remains a key area of collaboration with clients.
Bridging traditional and digital finance
Recent developments have shown significant momentum in the convergence between digital and traditional finance platforms; however, broad adoption will take time as global regulatory frameworks evolve.
Our strategy is to bridge the traditional and digital worlds. BNY’s Collateral platform already connects to a number of digital platforms with a roadmap to support tokenised securities, stablecoins, and other digital assets. Through LiquidityDirect, we are pioneering the tokenisation of money market funds (MMFs), unlocking 24/7 settlement, enhanced transparency, and new sources of liquidity and have the intent that tokenised MMFs can be used as a form of collateral in the future.Â
We are also at the forefront providing core infrastructure services for the rapidly growing stablecoin industry. We have a commitment to the growth of digital assets by enabling institutional adoption. By integrating digital assets into the Global Collateral network, we believe clients will achieve efficiency, resiliency, and optimisation.
BNY Global Collateral brings together scale, resiliency, and innovation to help clients navigate today’s evolving market dynamics and prepare for tomorrow’s opportunities. As our US$7 trillion platform continues to expand across regions and asset classes, clients can rely on BNY for integrated, high-performance solutions that optimise collateral, unlock liquidity, and connects to the future of finance.
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