Banks battle for share of burgeoning Asia repo market
Basel III is changing the shape of the global repo markets but in Asia banks are sensing an opportunity. Why are Asia’s markets such an attractive proposition for repo?
The US Basel III rules were finalised in July last year and two months later Goldman Sachs had relocated its New York-based head of financing to Hong Kong. In late February Deutsche Bank announced it would cut $100 million of assets from its US arm including the repo businesses to be reassigned to non-US locations such as Asia.
And it's not just the global firms that are ramping up their Asia repo offering: Japanese lenders, regional banks such as Singapore's DBS, and regionally focused firms
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