State Street Corp. struck a deal with Data Explorers Ltd. to provide State Street's securities lending clients with an online performance measurement service that will include data from other lending programs, according to Edward J. O'Brien, executive vice president and head of securities finance for State Street.
"Now clients can see performance against a very broad industry universe," Mr. O'Brien said in an interview. "It's the only true representative universe that has actual securities lending performance data."
State Street currently offers clients two securities lending reporting and measurement services, but they only provide information about the client's own securities lending portfolio, he said.
Data Explorers collects aggregated data weekly on more than 64,000 securities lending transactions for about 55,000 securities and more than 4,000 portfolios.
"Clients have been asking for the last eight, nine, 10 years, 'How am I doing and what means do I have to compare myself?' " Mr. O'Brien said. "Now you have a very important technology application that allows clients to compare their performance to others in their universe."