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James Glover's financial expertise encompasses a wide array of product types, including equities, U.S. Treasury securities, agency debentures, agency pass-through securities, mortgage-backed securities, convertible bonds, residential loans, and commercial loans. James Glover’s operational acumen is equally impressive, and it encompasses project management, repossession, and liquidity management, as well as firm funding and reporting.
Prior to joining RBS Greenwich Capital, James Glover served as the Senior Vice President of Accounting and Budgeting at Drexel Burnham Lambert, where he supported the Government, Mortgage, and International Equity Desks. A graduate of Franklin & Marshall College, where he received a B.A. in Management and Accounting and played Division III basketball, James Glover earned his M.B.A. from New York University’s Leonard N. Stern School of Business, where he specialized in Finance.
Tri-party collateral management is an approach that evolved following the collapse of American securities firm Bevill, Bresler and Schulman in the mid-1980s. This company was essentially entering into repo agreements with more than one partner at once, using the same collateral for both transactions. When the company went bankrupt, the lenders realized that they had not been collateralized to the extent they had believed, leading to significant losses.
In order to prevent this type of scenario in the future, the U.S. Securities and Exchange Commission (SEC) introduced the concept of repo custodians, or management firms in charge of supervising collateral and all other aspects of the repo transaction. In addition to preventing fraud, this arrangement led to development in the collateral management industry. Custodian institutions found themselves in the position to create a market for repos, advertising assets being offered for collateral, as well as terms for the collateral, and connecting borrowers with lenders.
Tri-party collateral management also provides a variety of other benefits for borrowers and lenders. The custodian firm will conduct research into what kinds of assets constitute acceptable collateral for a given transaction, and they may require the borrower to diversify its collateral offer in order to offset risks. The operational risks of the transaction are also reduced, as the two parties involved do not need to provide the infrastructure to maintain the collateral or ensure the terms of the agreement are adhered to.
About the author: An expert in tri-party collateral management, James Glover developed many of the tools employed by RBS/Greenwich Capital for its repo transactions. He possesses over two decades of experience in finance.
An east coast resident, James Glover spends much of his time in New York City, one of the most highly populated cities in the country. Considered one of the most iconic cities in the world, New York City has remained a destination of choice for millions of United States and international travelers alike. Its bustling streets, high-rise buildings, and cultural appeal provide a unique experience unlike any other metropolis in existence.
Home to nearly 9 million people, New York City remains one of the most linguistically diverse cities in the world. The Bronx, Queens, Manhattan, Staten Island, and Brooklyn comprise the five city boroughs of New York City, which are situated on 305 square miles of land. Possessing a highly used mass transit system and low automobile usage, New York City stands out as an extremely energy efficient city. Greenhouse gas emissions by New York City residents are, on average, lower than the emissions created by citizens of Dallas, Texas and San Francisco, and California.
New York City also boasts an abundance of parks and recreational facilities. Central Park remains the most popular of the New City Parks, while Prospect Park, Flushing Meadows Corona Park, and Conference House Park continue to be well used. The Bronx Zoo and the New York Botanical Gardens also represent popular attractions of the area.
As a hub for cultural and artistic expression, New York City also retains many museums, theaters, and galleries. The Guggenheim Museum, the Museum of Modern Art, and the New York City Opera remain must-sees for visitors and residents alike. A haven for musicians and actors as well, many recently famous bands have originated in New York City, including the Strokes, Scissor Sisters, and Interpol.
