Bankinter Broker becomes the first broker offering 'zero' fees in the national market with remuneration from securities lending
- Broker customers who assign their shares to Bankinter will receive some of the returns from the lending of those securities.
- They can trade at any time with no limitations, and retrieve their shares at any time.
- This new benefit has been made possible by an agreement with Citi, which offers a securities lending agent service (Citi's Securities Lending Access™ platform), enabling Bankinter to offer this solution to its retail customers.
Bankinter innovates in its Broker again. Since March, the “Broker 0” service has enabled investors to operate free of charge using the securities lending service in the Spanish market. And Bankinter Broker will now share the returns generated by operations involving the securities its customers assign to it.
This means that not only do customers not have to pay fees to buy securities on the Spanish stock market, but they will now also receive part of the returns Bankinter generates by lending those securities.
This is a pioneering service that Bankinter has launched through its agreement with Citi, which gives the bank access to its Securities Lending Access™ platform. This enables Bankinter customers to make additional returns on their securities portfolios.
To take advantage of “Broker 0, which uses this Citi platform, customers must subscribe to the securities lending service with the bank. By signing up to this service, customers make the securities in their securities accounts available to Bankinter for its use for these purposes at any time. Subscribing to this service does not affect the customer's own operations. They can still trade normally, irrespective of whether the securities have been lent, and they can retrieve their securities at any time.
Cesar Calvo, Head of Business and Corporate Development at Bankinter, said that “The Citi Platform enables us to automate credit transactions and collateral and risk management, while being clear, transparent and efficient for our customers. This is opening up a service that institutional customers have enjoyed for years to Private and Retail Banking customers. This means customers can earn additional income from their securities portfolio, improving the returns on their investments. This innovation reinforces Bankinter's competitive position in the market, within the general requirements of the ESMA framework”.
Pedro López-Quesada, chairman of Citi in Spain, said “we are very pleased to be able to contribute to Bankinter's business strategy with the opening of the securities lending platform to its Private and Retail Banking customers”. He added that“this innovative solution will enable Bankinter to generate new opportunities for income in a controlled, secure and scalable way”.
The introduction of this solution improves the conditions of our “Broker 0” service for existing and new customers, not only in a commercial sense through 'zero' fees and additional income if there are returns from lending the securities, but also in terms of risk management, as it separates the security from the balance sheet and keeps them in the name of the customers on a disaggregated basis.
This means that not only do customers not have to pay fees to buy securities on the Spanish stock market, but they will now also receive part of the returns Bankinter generates by lending those securities.
This is a pioneering service that Bankinter has launched through its agreement with Citi, which gives the bank access to its Securities Lending Access™ platform. This enables Bankinter customers to make additional returns on their securities portfolios.
To take advantage of “Broker 0, which uses this Citi platform, customers must subscribe to the securities lending service with the bank. By signing up to this service, customers make the securities in their securities accounts available to Bankinter for its use for these purposes at any time. Subscribing to this service does not affect the customer's own operations. They can still trade normally, irrespective of whether the securities have been lent, and they can retrieve their securities at any time.
Cesar Calvo, Head of Business and Corporate Development at Bankinter, said that “The Citi Platform enables us to automate credit transactions and collateral and risk management, while being clear, transparent and efficient for our customers. This is opening up a service that institutional customers have enjoyed for years to Private and Retail Banking customers. This means customers can earn additional income from their securities portfolio, improving the returns on their investments. This innovation reinforces Bankinter's competitive position in the market, within the general requirements of the ESMA framework”.
Pedro López-Quesada, chairman of Citi in Spain, said “we are very pleased to be able to contribute to Bankinter's business strategy with the opening of the securities lending platform to its Private and Retail Banking customers”. He added that“this innovative solution will enable Bankinter to generate new opportunities for income in a controlled, secure and scalable way”.
The introduction of this solution improves the conditions of our “Broker 0” service for existing and new customers, not only in a commercial sense through 'zero' fees and additional income if there are returns from lending the securities, but also in terms of risk management, as it separates the security from the balance sheet and keeps them in the name of the customers on a disaggregated basis.