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Collateral Management OPERATIONS AND PROCESSING COLLATERAL MANAGEMENT 2 FIS Apex Collateral Global regulations have fundamentally transformed collateral management. Collateral now touches every aspect of capital markets activity, pre- and post-trade, across all asset classes and whether your focus is trading, risk management or operations, this transformation creates opportunities as well as challenges. Standardized derivatives should be cleared through central counterparties (CCP) and higher capital charges and onerous FIS’ Apex Collateral solution helps us margin requirements will apply for non-cleared derivatives. increase our effectiveness by providing Apart from the massive increase in margin requirements, the a consolidated, big picture view of demand for high quality securities is further fuelled by the drying our collateral asset pool across OTC up of unsecured money markets and that the Basel III liquidity derivatives, reinsurance collateral, repo standards require banks to hold a substantial liquid assets buffer and securities lending. This transparency to meet the Liquidity Coverage Ratio (LCR). helps us mitigate counterparty risk while getting maximum value from our collateral assets. The post-crisis liquidity squeeze Rich Hochreutiner, Global Head of Collateral, Swiss Re Demand for Balance Post-crisis collateral- Sheet reform elegible Pressure assets ● Basel III liquidity standards ● Central clearing of OTC derivatives ● Margin standard for uncleared trading FIS Apex Collateral 3 THE COLLATERAL MANAGEMENT INDUSTRY CHALLENGE Financial institutions must optimize the use of assets across The status quo at many financial institutions is still a siloed business lines and transform their collateral management architecture with segregated collateral pools for the various infrastructure to handle the increased volume and complexity of business lines. This leads to an inability to optimize the allocation collateralized trading business. High quality collateral has become of collateral assets centrally and makes collateral operations a scarce commodity and collateral management has transformed inefficient and hard to scale. from a back-office operational function to a proactive, business Key challenges for financial institutions: critical discipline. Financial institutions on the sell and buy-side are challenged to establish sound collateralization operations and ● Compliance - How do I become compliant with all of these optimization processes in order to make most efficient use of regulations and deal with the volume increases? collateral. ● Connectivity - How do I connect my infrastructure to collateral A tier one bank recently announced an expected 63% increase in utilities for gains in efficiency and control? the number of collateral calls, an 83% increase in collateral ● Cost - How do I optimise my inventory to minimise balance movements and a 1000% increase in the number of collateral sheet impact and cost of collateral? substitutions as firms adapt to the new regulations and market conditions and move to proactive collateral asset management and optimization of the collateral portfolios. VARIOUS COLLATERAL REQUIREMENTS Regulatory Repo/liquidity Derivatives Lending Effcient asset collateral arrangements collateral program allocations requirements CENTRAL COLLATERAL MANAGEMENT AND TRADING UNIT Sec fin/ Collateral collateral Management trading ● Cross-product collateralization ● Repo / reverse repo ● Optimized inventory allocation ● Securities lending ● Collateral transfer pricing ● Collateral trading ● Client clearing Enterprise collateral inventory ● Cross-asset, real-time Key steering function that is tightly coupled with trading, treasury, risk 4 FIS Apex Collateral THE SOLUTION: APEX COLLATERAL To address these time critical collateral management challenges, we offer Apex Collateral, a unique and innovative solution that Adopting sophisticated tools to efficiently offers enterprise-wide collateral management, optimization and manage the collateral process on an trading on a single platform which can be deployed on site or as enterprise-wide basis is an absolutely key cloud based. Apex Collateral helps financial institutions to make requirement in today’s highly competitive the best use of their inventory and to handle the fast increasing environment. Being able to manage volume and complexity of collateralized collateral in a more efficient and timely trading activities. manner and within the Apex Collateral is structured in a modular way as we recognize trading process provides a significant that not all institutions will want to replace their collateral competitive advantage. management infrastructure wholesale. This allows our customers Andy Nybo, Principal and Head of Derivatives Research, Tabb Group to pick and choose the elements of the platform that best fit their specific requirements. Apex Collateral is built around five key modules: ● A global, real-time, cross-asset inventory ● Securities finance and collateral trading ● Lean operations platform that automates the collateral management across processes (cleared, non-cleared, triparty, third party…) ● Collateral optimization to maximise return on inventory ● Connectivity server providing real-time, out of the box connectivity to all the major collateral market utilities, CCPs, exchanges and triparty agents. FIS Apex Collateral 5 Cross-asset collateral requirements Regulatory Repo/liquidity Derivaties Lending Efficient asset collateral arrangements collateral program allocations requirments Collateral Margin optimization Trading analytics and risk Manage, trade and optimize collateral assets on a single platform Optimized collateral SBL and repo IM SIMM calculation allocation and re-use COLLATERALAPEX MANAGEMENT ENTERPRISE Collateral transfer pricing Collateral transformation Margin optimization Trade lifecycle mgmt What-if analysis SFTR Risk management Real time Treasury inventory Global Multi-entity Trading inventory collateral inventory Captive/non-captive Cross-asset lending supply Forward projected balances Settlement, fees and interest Cross-product margin management Complete automation with intituive Agreement management Collateral dashoards and workflows operations Priority driven task management Calls,disputes and reconciliation Corporate Actions Cleared and ETD margining Out ot the Box Market Up/downstream systems Reporting Connectivity interfaces SBL and repo exchange Settlements and payments Business Intelligence Layer Tri-party agents Accounting, GL 70 + Canned reports Central counterparties Risk, treasury User defined reports CSDs/ICSDs Custody AcadiaSoft / Tri Resolve /MTU Trading SWIFT 6 FIS Apex Collateral Global collateral inventory ● Automated short covering To make the most efficient use of collateral assets and to manage ● Corporate actions processing risk effectively, you need a consolidated view of your inventory. In ● Global processing and multi-entity support the new collateral landscape traditional, business-level silos are a hindrance to an institution’s performance and collateral ● Trading (settlement, risk) and portfolio limits optimization works best when you consider the broadest inventory. ● SFTR: UTI import/export and ISO20022 report generation Key features: ● A single, global, cross-product and cross-asset view to optimize Collateral optimization the use of collateral across business lines The key to truly efficient collateral management lies in how to determine the optimal way to allocate your inventory to trading, ● Current positions with drill downs to slice and dice by legal liquidity, capital and collateral requirements. Working across the entity, beneficial owner, etc firm’s global set of requirements, our collateral optimization ● Forward projected balances over any time period module uses linear programming techniques to find the cheapest overall combination of assets allocated to the collateral ● Real-time updates based on trading activity inside or outside requirements. In so doing, it minimizes the overall funding and the system allocation costs of collateral assets, or in other words, maximizes ● Real-time settlement updates to show contractual versus the revenue from the overall collateral asset pool. actual balances Key features: Securities finance and collateral trading ● Optimize inventory across all collateral requirements with out of the box and customizable cost models The shortage of high quality collateral will push market participants to source collateral in the repo and securities lending ● Uses linear programming to identify the overall optimal allocation market. This may create significant potential to increase trading ● Propose substitutions and upgrade trades to optimize the revenues from collateral trading. Apex Enterprise Collateral collateral portfolio features front-to-back trading and trade management for Repo, Securities Borrowing and Lending, and Synthetics. This includes ● Automated collateral trade generation based on optimization results trade capture and full trade lifecycle management. ● Internal collateral transfer pricing that create the right incentive Key features: for optimal collateral use ● Securities Borrowing and Lending: principal and agency, ● What-if scenarios to model the impacts of changing non-cash and cash, pool management ● dynamics in the collateral asset pool and requirements ● Repo: bilateral and tri-party, Specials and GC, open and term, fixed and floating rate ● Synthetics: outrights, OTC call/put options, Swaps TRS, etc ● Full front-to-back support and trade lifecycle management:
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