David Timpany, regional manager of securities lending at Northern Trust in Hong Kong, has been named chairman of the local securities lending body PASLA. The announcement follows votes cast at the association's annual general meeting in Hong Kong at the end of last month.
Timpany will head the organization that was founded in 1995 with the purpose of creating an industry association for securities lenders and Repo traders. PASLA has spent the ensuing years educating regulators, stock exchanges and monetary authorities about the benefits of a liquid securities lending market -- a business which is often misunderstood.
"Dave's appointment signifies noteworthy recognition by both the industry and his peers of his leadership in the market," comments Mike Vardas, head of Northern Trust's global securities lending business. Another Northern Trust executive, Andy Clayton, currently holds the chairmanship of the International Stock Lenders' Association.
PASLA has 33 member firms, 16 of which are represented by their companies' Hong Kong offices, with 17 other members domiciled across five countries -- Singpaore, Japan, Korea, Australia, the UK and the US.