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Deposit Broking

Our Money Market service provides you with easy access to financial institutions looking for wholesale funding and so paying the most competitive money market deposit rates for periods from overnight to five years. These Banks and Building Societies accept that they are competing for our clients funds and are compelled to pay the highest rates of interest to remain competitive

Whether your company needs to make the most of short-term cash balances or longer-term reserves this straightforward and secure service ensures that you will enjoy:

Increased interest income from higher deposit rates.
Time saved looking for the best rates available.
Time saved from a simplified mandate and administration.
Reduced risk profile from a wider spread of deposits
You are always in control of where funds are placed.

This service is totally free to you. There are no set-up, management or transfer fees from either our counterparty banks or ourselves and you achieve maximum benefit from higher deposit rates. Our remuneration comes from the banks and is based on the total amount of funds they receive through us.

SECURITY

The security of our clients’ funds is of paramount importance and falls into two categories:

Counterparty –
We will only place funds with those banks that you expressly approve from our range of financial institutions. This usually depends on their Credit Rating ie single A or AA, you decide. Our role is to provide you with alternatives but the final choice of counterparty remains entirely yours.
Transfer – At no time do we have access to your funds. Once we have negotiated a deal on your behalf you transfer the funds via the CHAPS/SWIFT system directly your chosen bank. Return of funds is made directly to your specified bank account via the CHAPS/SWIFT system. Our banks will only return funds to the same account details you initially provide and will never make third party transfers. Right at the start all banks will ask for your Standard Settlement Instructions (SSI’s)

You will receive confirmations of each transaction from us and from the selected bank, enabling you to keep a full record of every deal. We will also provide you with an interim email/fax confirmation.

DEALING PROCEDURE

We will initially ask you to complete a dealing mandate, which should cover you for ALL of our counterparties. Since the banks accept that there can be no third-party payments, all transfers are between the clients’ bank and the selected counterpart institution, there is no need for directors’ passports, utility bills, board resolutions etc. Then:-

Telephone us with your requirements in terms of deposit amount and period.
Select the bank and time period from the range of rates we provide.
Exchange Standard Settlement Instructions with the bank you have dealt with (SSI’s)
Instruct your own bank to transfer the funds direct to that institution.

We will contact the client at maturity of the deposit to ascertain if the deposit is to be “rolled” and if there are additions or subtractions from the deposit amount, or it is to be repaid in full.

NB. All payments from counterparty institutions to our clients are also free of charge.

Please call our dealing team on 01565 755400 for a live quote.

MPC Treasury

Deposit Broking