This site calls the institution that sources describe as a tri-party agent, or as a "tri-party collateral management service provider", a collateral agent. In a tri-party repo, a custodian bank, an international CSD, or a national CSD can act as the collateral agent1. The National Bank of Belgium report states that Euroclear group entities act as collateral agents, taking over collateral selection, valuation, and substitution from participants2.

Under the rules of Japan Securities Clearing Corporation (JSCC), the provider through which a clearing participant can deposit substitute securities using a tri-party collateral management service is a company that JSCC designates by public notice3.

Notes

  1. International Capital Market Association, "Frequently Asked Questions on Repo", 24 "What is tri-party repo?", paragraph 1. ↩

  2. National Bank of Belgium, "Securities clearing, settlement and custody" (Financial Market Infrastructures and Payment Services Report 2026), section 2.2, page 22. ↩

  3. Japan Securities Clearing Corporation, "金利スワップ取引清算業務に関する業務方法書の取扱いの一部改正新旧対照表" (in Japanese), Article 13, paragraph 2, item (2)-2. ↩