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Dealers turn to Asian assets for liquidity swap trades
Dealers access JGB pools for collateral upgrade trades – with Australian and Singapore dollar deals on the horizon
![liquidity ratio liquidity ratio](/sites/default/files/styles/landscape_750_463/public/import/IMG/325/102325/liquidity-ratio-580x358.jpg.webp?itok=9SC646Uk)
Last summer, BNY Mellon began facilitating a rather unusual trade flow out of Japan. The firm was using its Japanese trust bank as a vehicle to allow offshore broker-dealers to borrow Japanese government bonds from onshore lenders for terms of up to two years in exchange for a fee and lower-grade collateral. The JGBs would then be whisked away to be used as high-quality collateral in deals elsewhere. The platform has grown from one initial broker-dealer and lender to multiple broker-dealers and
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