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  "documentTitle": "The Bank of New York Mellon (BK)",
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  "authorName": "Marcato Capital Management",
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  "notes": "Includes a CEO quote from 2010 to support the thesis on TED spreads.",
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      "kind": "callout",
      "text": "Higher interest rates may also potentially drive improvements in securities lending and FX trading revenues",
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      "text": "Indexed Ted Spread (3 Mo. LIBOR – T. Bills)",
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      "text": "FX volatility now at all-time lows over the past 20 years\nAs interest rates rise and rate differentials increase, customers increase their use of carry trade strategies -> higher FX volumes",
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      "text": "TED Spread",
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      "kind": "quote",
      "text": "The Fed Funds Rate has a big impact on the TED spread, which has a big impact on our securities lending activity...when rates eventually go up and you get back to the more normalized TED spread, this will be a much more attractive business financially",
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      "text": "\"The Fed Funds Rate has a big impact on the TED spread, which has a big impact on our securities lending activity...when rates eventually go up and you get back to the more normalized TED spread, this will be a much more attractive business financially\" — Bob Kelly, CEO, 3/2/10 CLSA Analyst Day",
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      "text": "Source: Bloomberg, Company transcripts",
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      "text": "Securities Lending and FX Volatility",
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