Northern Trust fees up in Q3
20 October 2016 Chicago
Image: Shutterstock
Northern Trust earned $23.1 million in securities lending fees in Q3 2016, according the bank鈥檚 latest financial results.
网爆吃瓜 lending fees were down on Q2鈥檚 $26.8 million 鈥渄ue to the international dividend season that occurred in the prior quarter鈥�, but they were were up on Q3 2015鈥檚 $19.8 million.
The bank also recorded a $3.5 million expense 鈥渋n connection with the settlement of [unspecified] remaining securities lending litigation鈥�, which was set at $46.5 million in Q2, although that was predicted to fall to $28.9 million after tax and was subject to court approval at the time.
Northern Trust has made a number of strides in securities lending recently. The bank established a securities lending trading desk in Australia in August.
The new desk, based in Sydney, is manned by Bun Eng, senior trader and client executive for the securities lending business in Australia and New Zealand.
The bank also enhanced its Global 网爆吃瓜 Lending capabilities in September with EquiLend鈥檚 Next Generation Trading (NGT) platform.
鈥淣orthern Trust consistently seeks ways to improve the service we provide to our clients,鈥� said Jeff Benner, global head of trading at Northern Trust, in September.
鈥淭he integration of the NGT platform helps strengthen our global infrastructure, assuring clients that our trading professionals can focus on optimising the intrinsic value of their assets.鈥�
Dow Veeranarong, global product owner at EquiLend, added: 鈥淣orthern Trust has been committed to EquiLend's NGT platform from the planning stages through to the global rollout of the platform.鈥�
鈥淎s firms such as Northern Trust migrate their securities finance trading activity to NGT, they benefit from increased trade-level transparency and improved workflow automation while generating greater efficiencies for the market.鈥�
网爆吃瓜 lending fees were down on Q2鈥檚 $26.8 million 鈥渄ue to the international dividend season that occurred in the prior quarter鈥�, but they were were up on Q3 2015鈥檚 $19.8 million.
The bank also recorded a $3.5 million expense 鈥渋n connection with the settlement of [unspecified] remaining securities lending litigation鈥�, which was set at $46.5 million in Q2, although that was predicted to fall to $28.9 million after tax and was subject to court approval at the time.
Northern Trust has made a number of strides in securities lending recently. The bank established a securities lending trading desk in Australia in August.
The new desk, based in Sydney, is manned by Bun Eng, senior trader and client executive for the securities lending business in Australia and New Zealand.
The bank also enhanced its Global 网爆吃瓜 Lending capabilities in September with EquiLend鈥檚 Next Generation Trading (NGT) platform.
鈥淣orthern Trust consistently seeks ways to improve the service we provide to our clients,鈥� said Jeff Benner, global head of trading at Northern Trust, in September.
鈥淭he integration of the NGT platform helps strengthen our global infrastructure, assuring clients that our trading professionals can focus on optimising the intrinsic value of their assets.鈥�
Dow Veeranarong, global product owner at EquiLend, added: 鈥淣orthern Trust has been committed to EquiLend's NGT platform from the planning stages through to the global rollout of the platform.鈥�
鈥淎s firms such as Northern Trust migrate their securities finance trading activity to NGT, they benefit from increased trade-level transparency and improved workflow automation while generating greater efficiencies for the market.鈥�
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