BNY’s Global Collateral Platform is a US$7.3 trillion infrastructure serving 760+ clients globally across the Americas, Europe, the Middle East, and Asia Pacific. Built for scale, diversity, and resilience, it supports a wide range of financing activities including repo, securities lending, margin segregation, and securitised notes.
In today’s rapidly evolving financial and regulatory landscape, institutions face mounting pressure to implement funding and collateral strategies across borders and asset classes. Amid regulatory developments and technological disruption, this has become a cornerstone of financial resilience.
BNY’s multi-dimensional Global Collateral Platform helps empower clients to navigate complexity with unmatched liquidity, real-time optimisation, and seamless collateral mobility, drawing on the world’s deepest liquidity pool. Designed for innovation and operational strength, the platform helps firms to unlock capital, adapt swiftly, and stay ahead in a dynamic global environment.
Digital transformation: Unlocking trapped assets
The financial ecosystem is undergoing a profound transformation, driven by the integration of digital assets and distributed ledger technology (DLT). At BNY, our vision is to unlock assets such as natively issued digital bonds, cryptocurrencies, tokenised securities, including money market funds, and alternative assets such as commodities. BNY also looks to enhance settlement and collateral efficiency.
Tokenisation is at the core of this evolution. Among other things, it will empower traditional securities to flow in and out of BNY’s platform, even outside conventional market hours. By enabling both traditional and digital assets as collateral, BNY aims to break down historical constraints on asset mobility.
Despite our robust technical foundation, the regulatory and legal landscape is developing, and therefore, each use case requires careful review. Our commitment to innovation will allow clients to take advantage of new opportunities as the regulatory environment matures.
Positioned at the centre of finance, BNY is uniquely equipped to help clients navigate the DLT landscape. We envision a future state that seamlessly provides access across diverse liquidity pools, improves asset mobility, and activates the full potential of tokenised markets, while mitigating the constraints of platform fragmentation.
Central clearing: Expanding CCP access
Repo markets are a vital component of the financial system, offering short-term funding and collateral optimisation that supports trading desks and helps investors increase investment returns. As of 2024, the repo market is valued at approximately US$12 trillion, around two-thirds of which is linked to US Treasuries, and it continues to grow and evolve rapidly.
Technological innovation, regulatory developments, market structure shifts, and changing macroeconomic conditions are reshaping how repo markets operate.
A key catalyst in this transformation is the US Treasury central clearing mandate, which is set to move up to US$4 trillion in daily trades into central clearing by June 2027. Drawing on our deep expertise in the Treasury market, BNY is partnering with clients globally across collateral, clearing, and financing to prepare for this shift for a smooth, confident implementation.
Central clearing is foundational to resilient and efficient markets. Since the announcement of the US Íø±¬³Ô¹Ï and Exchange Commission’s (SEC’s) US Treasury central clearing mandate, we are continuing our collaboration with the Fixed Income Clearing Corporation (FICC) to roll out innovative access models.
BNY is proud to provide the triparty infrastructure to support the FICC Sponsored General Collateral (GC) Collateral-in-Lieu (CIL) service, a strategic enhancement to the existing Sponsored GC programme.
CIL enables FICC to take a targeted lien over the pledged assets held in the collateral receiver’s dedicated CIL triparty account. This structure removes the need for the collateral provider to guarantee the collateral receiver’s performance to FICC and, in most cases, eliminates margin collection from the collateral receiver. The expected result is a significant reduction in financial resource costs and operational complexity for our clients.
The FICC CIL service is expected to launch on our Global Collateral Platform in December 2025 (subject to regulatory approval). We are also actively engaged with other central counterparties (CCPs), including CME and ICE, to enable our clients to have comprehensive access to all central clearing solutions. These solutions will help market participants manage margin costs and capacity constraints as clearing driven volumes continue to grow.
Our ambition does not stop there. We are committed to providing our clients with access to a broad range of CCPs and their products. LCH Limited, a London Stock Exchange Group (LSEG) business, is soon to be onboarded as a collateral receiver in the US region of our platform, enabling members to post margin, primarily US Treasuries, via a triparty construct.
This onboarding will allow LCH members to manage both their cleared and uncleared exposures on a single platform, enhancing optimisation, efficiency, and reporting.
BNY is leveraging its global perspective to support CCPs in pioneering innovative clearing model solutions in their respective markets. In Europe, BNY was the first triparty agent to connect to Cboe Clear Europe’s SFT Clearing Service in Q2 2025. Through our Global Collateral Platform, clearing members can now manage their cleared non-cash obligations alongside uncleared trades on a single, integrated platform; streamlining workflows, optimising collateral, and unlocking capital efficiencies.
Following the successful implementation of a principal model with five live clients, we are expanding access to a broader range of lenders. Acting as both triparty agent and agent lender, we are collaborating with Cboe Clear Europe to develop clearing models that meet the specific requirements of undertakings for collective investment in transferable securities (UCITS) and non-UCITS beneficial owners.
This expansion underscores our commitment to providing clients with innovative clearing solutions and driving global liquidity growth across markets.
Expanding liquidity: New markets, currencies, and enhanced models
Liquidity is the lifeblood of global markets. At BNY, we continue to invest in enabling clients to finance a broader pool of inventory as eligible collateral on our platform. Recent milestones include the launch of the Philippines as a new market in Q1 2025.
Building on this momentum, we have defined proposed market operating models for Saudi Arabia and Turkey, which would comply with local jurisdictional requirements. We are targeting launch in early 2026, subject to requisite governance.
Equally, we are focused on unlocking opportunities in existing markets where local nuances can create client friction points. In Taiwan, we are developing an enhanced model under transfer of title that would be highly client-focused and attuned to the local market dynamics.
Our solution would aim to maximise optimisation benefits derived from our Global Collateral Platform, while at the same time, effectively tackling operational challenges faced by our clients in Taiwan.
Our commitment to supporting a broad range of currencies is reflected in our ongoing work to broaden our intraday repo solutions beyond the US dollar, to include both pounds sterling and euros. By enabling clients to finance a wider pool of inventory as eligible collateral, we are helping them to navigate evolving regulatory requirements and market dynamics with confidence.
CollateralONE: The end-to-end story for the buy side
The buy side is at the centre of our innovation agenda. CollateralONE, our comprehensive collateral and financing solution, centralises collateral, margin, securities financing, and liquidity management — offering clients a unified, real-time view of assets, liabilities, and financing capacity.
By unlocking BNY’s global network and integrating directly with prime brokers, banks, and execution venues, clients can gain broader access to liquidity and can redeploy assets into new trading and financing strategies.
Smart asset inventory and specials-screening algorithms surface hidden trading opportunities, while automated allocation and substitution workflows accelerate time-to-settle, and therefore broadening market reach for our existing client base.
CollateralONE empowers our clients to monetise their assets like never before. Through seamless integration with BNY’s Custody, Global Collateral Platform, LendingLite, LiquidityDirect, and Borrow+, clients can put idle securities or cash to work for secured borrowing, lending or instantly transforming.
With buy side demand for BNY’s Global Collateral Platform on the rise, each new participant enriches BNY’s collateral pool. Our collateral pool benefits from powerful network effects further deepening liquidity and reinforcing a virtuous cycle of demand. CollateralONE is redefining how buy side institutions manage collateral, expanding global liquidity, enhancing asset monetisation, and providing strategic control in a rapidly evolving market.
Optimisation: Empowering clients with greater flexibility
At BNY, our commitment to innovation extends to empowering clients with the tools they need to achieve optimal allocation of their assets. In our continuous effort to provide flexibility, we are introducing advanced optimisation capabilities within our Global Collateral Platform.
A common challenge for firms is the global mobilisation and optimisation of collateral across multiple venues. Crucially, our platform is built for flexibility; clients can either adopt the full optimisation suite or select individual modules that integrate with their existing systems or vendor solutions.
To complement this, we will soon be launching a new tool within RULE, our digital platform that enables clients to define, negotiate, and execute collateral schedules in real time. Once live, clients will be able to manage their collateral preference schedules (also known as cost of carry) directly and dynamically. This tool allows clients to quickly adjust their preference schedules, evaluate the impact through the next allocation cycle, and revert to previous configurations if desired. This agility enables clients to respond rapidly to changing market conditions and optimise their collateral usage in real time.
Building the ecosystem: Buy side, central clearing, and beyond
As the financial ecosystem continues to evolve, the ability to anticipate change and lead with innovation will define the next era of collateral strategy implementation. BNY remains committed to help shaping this future, empowering our clients to unlock new sources of liquidity, embrace digital transformation, align with regulatory change, and navigate complexity with confidence. Together, we are building a resilient, interconnected marketplace where opportunity knows no boundaries.
Next interview →
Standard Chartered
Margaret Harwood-Jones
Image: Gesa Johannsen 