STATE STREET COMPLETES SECURITIES LENDING AUCTION VIA EQUILEND AUCTIONPORT
Boston, January 19th, 2006 -State Street Corporation (NYSE:STT), the world's leading provider of services to institutional investors, today announced that it recently completed a securities lending auction for approximately $2.6 billion in international assets for the Ohio Public Employees Retirement System (OPERS).
Exclusive borrowing rights to the securities for a set period of time were auctioned using EquiLend AuctionPortSM, which allows lenders to host and conduct blind and open auctions of portfolios on behalf of their customers via EquiLend's global securities finance platform.
"We are pleased to have worked with State Street to bring this lender and the international borrower community together via a successful auction," said Brian P. Lamb, chief executive officer of EquiLend.
"Our goal is to maximize the value of our portfolios while retaining our conservative approach to risk," said Jerry May, securities lending officer for OPERS. "Auctioning select asset types provides us with an additional route to market within our overall securities lending program."
"We work with our customers to establish innovative securities lending programs tailored to their specific investment objectives and risk parameters," said Edward J. O'Brien, executive vice president and head of securities finance at State Street. "Offering our customers the option of an auction using the EquiLend platform can be an excellent alternative when specific market and asset criteria are met."
State Street was one of a group of 10 global financial institutions that joined together in 2000 to develop a standardized and centralized global platform for trading and operations services and to optimize efficiency in the securities finance industry. As a result of this initiative, EquiLend Holdings LLC was formed in 2001 and the platform went live in 2002. For more information about EquiLend and EquiLend's services, please visit www.equilend.com.
State Street lends securities in more than 35 markets around the world via a global network of trading locations - providing customers with around-the-clock opportunities, as well as regional expertise and experience. State Street has provided securities lending services since 1974, and has developed an industry-leading approach to risk and return management. Its securities lending program is available to all institutional investors worldwide, whether their assets are held in custody at State Street or elsewhere. For more information, visit www.statestreet.com/securitiesfinance.
State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading services. With $10.1 trillion in assets under custody and $1.4 trillion in assets under management at December 31, 2005, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street's web site at www.statestreet.com.
For further information, contact:
US/UK Press Contact:
Michelle Lindenberger
+1 212 901 2224
michelle.lindenberger@equilend.com
About EquiLend
EquiLend is a leading provider of trading services for the securities finance industry. With its robust suite of automated trading tools, EquiLend enables its clients to scale their businesses with great efficiency on a global basis in all securities finance markets. Used by borrowers and lenders throughout the world, the EquiLend platform automates formerly manual trading and post-trade processes. Using EquiLend's complete end-to-end services reduces the risk of potential errors and eliminates the need to maintain costly point-to-point connections while allowing firms to drive down unit costs. Firms can then free more resources to expand their business and grow trading volumes without increasing costs. This makes the EquiLend platform a cost-effective choice for all institutions, regardless of their size.
www.equilend.com
EquiLend LLC and EquiLend Europe Limited are subsidiaries of EquiLend Holdings LLC (collectively, "EquiLend"). EquiLend LLC is a member of the NASD and SIPC. EquiLend Europe Limited is authorized and regulated by the Financial Services Authority. All services offered by EquiLend are offered through EquiLend LLC and EquiLend Europe Limited. EquiLend and the EquiLend mark are protected in the United States and in countries throughout the world.
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