Find out more about the unique EurexOTC Clear service for Interest Rate Swap clearing.
► Visit our website: http://www.eurexclearing.com
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This document provides an overview of firewalls, including what they are, how they work, types of firewalls, and their history. A firewall is a program or device that filters network traffic between the internet and an internal network based on a set of rules. There are different types, including packet filtering routers, application-level gateways, and circuit-level gateways. Firewalls aim to only allow authorized traffic according to a security policy while protecting internal systems. They provide advantages such as restricting access and hiding internal network information but can also limit some network connectivity.
This document provides an overview of migrating MuleSoft applications from an on-premises deployment to a CloudHub deployment. It discusses the different deployment models, reasons for migrating to the cloud, key steps in the migration process, and considerations for application code changes, networking configuration, continuous integration/deployment processes, monitoring, and scaling in CloudHub. The presenter is a MuleSoft customer success engineer with experience helping customers migrate their applications from on-premises environments to CloudHub.
Обеспечение безопасности сети оператора связи с помощью BGP FlowSpecCisco Russia
The document discusses using BGP FlowSpec to provide network security for an internet service provider. It begins with an introduction to BGP FlowSpec, describing its components and how rules are distributed using BGP. It then covers using BGP FlowSpec for different DDoS mitigation scenarios, including stateless amplification attacks, stateless L3/L4 attacks, and stateful attacks targeting application resources. Configuration and other use cases are also briefly mentioned.
Virtualization Forum 2015, Praha, 7.10.2015
sál VMware
Jestliže SlideShare nezobrazí prezentaci korektně, můžete si ji stáhnout ve formátu .ppsx nebo .pdf.
This document provides an overview of the Palo Alto Networks next generation firewall solution. It describes the key technologies of App-ID, User-ID and Content-ID that provide increased visibility and control of applications, users and content. It then summarizes the product range, deployment options, management, usability, functionality and security profiles. The firewall uses a single-pass parallel processing architecture to perform multiple functions simultaneously without significant performance impacts.
This Chapter will teach you what is virtualization and the concept of virtualization, Virtual machine its benefit and real time use, understanding Hypervisors (virtual machine monitor)
This document provides an overview of firewalls, including what they are, how they work, types of firewalls, and their history. A firewall is a program or device that filters network traffic between the internet and an internal network based on a set of rules. There are different types, including packet filtering routers, application-level gateways, and circuit-level gateways. Firewalls aim to only allow authorized traffic according to a security policy while protecting internal systems. They provide advantages such as restricting access and hiding internal network information but can also limit some network connectivity.
This document provides an overview of migrating MuleSoft applications from an on-premises deployment to a CloudHub deployment. It discusses the different deployment models, reasons for migrating to the cloud, key steps in the migration process, and considerations for application code changes, networking configuration, continuous integration/deployment processes, monitoring, and scaling in CloudHub. The presenter is a MuleSoft customer success engineer with experience helping customers migrate their applications from on-premises environments to CloudHub.
Обеспечение безопасности сети оператора связи с помощью BGP FlowSpecCisco Russia
The document discusses using BGP FlowSpec to provide network security for an internet service provider. It begins with an introduction to BGP FlowSpec, describing its components and how rules are distributed using BGP. It then covers using BGP FlowSpec for different DDoS mitigation scenarios, including stateless amplification attacks, stateless L3/L4 attacks, and stateful attacks targeting application resources. Configuration and other use cases are also briefly mentioned.
Virtualization Forum 2015, Praha, 7.10.2015
sál VMware
Jestliže SlideShare nezobrazí prezentaci korektně, můžete si ji stáhnout ve formátu .ppsx nebo .pdf.
This document provides an overview of the Palo Alto Networks next generation firewall solution. It describes the key technologies of App-ID, User-ID and Content-ID that provide increased visibility and control of applications, users and content. It then summarizes the product range, deployment options, management, usability, functionality and security profiles. The firewall uses a single-pass parallel processing architecture to perform multiple functions simultaneously without significant performance impacts.
This Chapter will teach you what is virtualization and the concept of virtualization, Virtual machine its benefit and real time use, understanding Hypervisors (virtual machine monitor)
PLNOG 13: Emil Gągała: EVPN – rozwiązanie nie tylko dla Data CenterPROIDEA
Ethernet VPN (EVPN) is a new standards-based protocol that interconnects Layer 2 domains over a shared IP/MPLS network. It improves on previous protocols like VPLS by supporting features like all-active multi-homing and control plane learning of MAC addresses. EVPN is ideally suited for datacenter interconnectivity but can also be used in other cases beyond just data centers. Major networking vendors support EVPN as shown by their participation in the relevant IETF working group.
The document provides an overview of software-defined networking (SDN) fundamentals, including:
- In traditional networks, the control plane and data plane are logically coupled within each network device, whereas SDN separates these planes and centralizes the control plane in an SDN controller.
- The SDN controller holds the entire network description as a graph and can perform optimization calculations. It programs flow entries into forwarding devices using the OpenFlow protocol.
- OpenFlow defines a standard interface that gives access to the forwarding plane of network switches or routers. It separates the data and control planes and allows the control logic to be implemented separately in the SDN controller.
IBM MQ - better application performanceMarkTaylorIBM
Presented in Feb 2015 at Interconnect
This presentation is aimed at helping application developers understand how to best use MQ features for higher performance.
This document discusses implementing MPLS services using Openflow. It proposes using an SDN architecture with a centralized Openflow controller to logically separate the control plane from network devices. This allows for standardization, programmability, and agility to introduce new services faster. It provides examples of using Openflow flows to push, pop and match MPLS labels to implement MPLS services without altering the Ethernet type. It also addresses challenges around fast reroute, integrating with existing MPLS networks, non-stop routing, and using Openflow for Ethernet and MPLS OAM.
The document defines key AWS networking terms like regions, availability zones, VPCs, internet gateways, load balancers, and subnets. It explains that regions contain availability zones and resources aren't replicated across regions by default. VPCs are virtual private networks that can contain public and private subnets. Internet gateways, load balancers, and NAT/bastion instances are used to control ingress and egress network traffic between subnets, availability zones, and the public internet. Diagrams show example single region and multi-region network topologies using these services.
The document discusses web application security and the F5 BIG-IP Application Security Manager (ASM). It notes that most attacks are now targeted at web applications rather than networks. It then provides an overview of common web application attacks that ASM can protect against. The document discusses how ASM uses a positive security model to provide implicit protection against both known and unknown attacks. It also outlines the various deployment options and protections that ASM provides, such as bot detection, DDoS mitigation, and web application firewall capabilities.
This document discusses service meshes and provides examples of popular service meshes like Linkerd and Istio. It defines a service mesh as a dedicated infrastructure layer that handles service-to-service communication and provides traffic management, observability, and policy enforcement. Benefits of a service mesh include discovery, load balancing, failure recovery, metrics, monitoring, and access control. Popular service meshes like Linkerd and Istio are then described in more detail.
Shell is a protocol that provides authentication, encryption and data integrity to secure network communications. Implementations of Secure Shell offer the following capabilities: a secure command-shell, secure file transfer, and remote access to a variety of TCP/IP applications via a secure tunnel. Secure Shell client and server applications are widely available for most popular operating systems.
This document summarizes John Kindervag's report "No More Chewy Centers: The Zero Trust Model Of Information Security". The report argues that traditional perimeter-based network security models are ineffective against modern threats like targeted attacks and malicious insiders. It introduces the "Zero Trust" model, which considers all network traffic untrusted and requires strict access controls and monitoring. The report recommends security professionals adopt this new model to better protect their organizations from sophisticated adversaries inside and outside the network.
This presentation will show you how to optimize IAP’s traffic prioritization features for Voice and Video deployments and relative best practice solutions widely practiced across multiple verticals. Check out the webinar recording where this presentation was used. https://attendee.gotowebinar.com/recording/3338982991176626689
Register for the upcoming webinars: https://community.arubanetworks.com/t5/Training-Certification-Career/EMEA-Airheads-Webinars-Jul-Dec-2017/td-p/271908
VRRP (Virtual Router Redundancy Protocol) is a computer networking protocol that provides for
automatic assignment of available Internet Protocol (IP) routers to participating hosts. This increases the
availability and reliability of routing paths via automatic default gateway selections on an IP subnetwork.
The Virtual Router Redundancy Protocol (VRRP) eliminates the single point of failure inherent in the
static default routed environment. VRRP specifies an election protocol that dynamically assigns
responsibility for a virtual router (a VPN 3000 Series Concentrator cluster) to one of the VPN
Concentrators on a LAN. The VRRP VPN Concentrator that controls the IP address(es) associated with a
virtual router is called the Master, and forwards packets sent to those IP addresses.
531: Controlling access to your IBM MQ systemRobert Parker
This presentation was originally presented at IBM TechCon 2021. In it we go through the various options in IBM MQ to secure your queue manager and control applications and users from accessing your vital configuration and data.
Session Description:
An early overview of the upcoming new and exciting features and improvements in the next major LTS release of CloudStack, 4.19. Abhishek Kumar, who will be acting as the release manager for the CloudStack 4.19, gives a quick recap of the major additions in the previous LTS release - 4.18.0, discusses the timeline for the 4.19.0 release and talks about the planned and expected new features in the upcoming release.
Speaker Bio:
Abhishek is a committer of the Apache CloudStack project and has worked on the notable features such as VM ingestion, CloudStack Kubernetes Service, IPv6 support, etc. He works as a Software Engineer at ShapeBlue.
---------------------------------------------
On Friday 18th August, the Apache CloudStack India User Group 2023 took place in Bangalore, seeing CloudStack enthusiasts, experts, and industry leaders from across the country, discuss the open-source project. The meetup served as a vibrant platform to delve into the depths of Apache CloudStack, share insights, and forge new connections.
1) The document provides tips for optimizing performance on WebSphere DataPower devices by adjusting caching, enabling persistent connections, using processing rules efficiently, optimizing MQ and XSLT configurations, and leveraging synchronous and asynchronous actions appropriately.
2) It recommends creating a "facade service" to monitor and shape requests to external services like logging servers to prevent slow responses from impacting core transactions. This facade service would use monitors and service level management policies to control latencies.
3) Using separate delegate services with monitoring is suggested to avoid direct connections to external services that could become slow and bottleneck transactions if they degrade in performance.
Cracking of wireless networks is the defeating of security devices in Wireless local-area networks. Wireless local-area networks(WLANs) – also called Wi-Fi networks are inherently vulnerable to security lapses that wired networks Cracking is a kind of information network attack that is akin to a direct intrusion. There are two basic types of vulnerabilities associated with WLANs: those caused by poor configuration and those caused by weak encryption.
Software Defined Datacenter with ProxmoxGLC Networks
Webinar topic: Software Defined Datacenter with Proxmox
Presenter: Achmad Mardiansyah
In this webinar series, We are discussing Software Defined Datacenter with Proxmox
Please share your feedback or webinar ideas here: http://bit.ly/glcfeedback
Check our schedule for future events: https://www.glcnetworks.com/en/schedule/
Follow our social media for updates: Facebook, Instagram, YouTube Channel, and telegram
Recording available on Youtube
https://youtu.be/X9MZDSDdYMI
DPI BOX: deep packet inspection for ISP traffic managementIlya Mikov
DPI BOX enables ISPs to cut their backbone costs by up to 25%. This is achieved by suppressing non-priority BitTorrent traffic during peak hours. Overall, this dramatically improves customer experience.
Beside that, with DPI BOX an ISP can blacklist arbitrary sets of IPs and/or URLs in order to comply with local Internet regulations.
DPI BOX is zero-administration, ready-to-use traffic management solution, works right from the box.
Central counterparty clearing involves:
1) Accepting and clearing trades of interest rates, credit derivatives, and foreign exchanges.
2) Monitoring trades, calculating initial and variation margin requirements, and managing collateral and limits.
3) Handling exceptions such as breached limits through actions like margin calls, reducing positions, revoking limits, or closing out trades.
Dave is a high school teacher responsible for advising 190 senior students on careers and life after school. However, he feels ill-equipped for this role due to a lack of clear guidelines on his responsibilities versus the careers advisor, no budget, and being overwhelmed by the large volume of information from various sources. The students also feel scared and confused by the transition process. The problem is that both teachers and students find it difficult to navigate the overwhelming amount of information needed to assist with the school to work transition.
PLNOG 13: Emil Gągała: EVPN – rozwiązanie nie tylko dla Data CenterPROIDEA
Ethernet VPN (EVPN) is a new standards-based protocol that interconnects Layer 2 domains over a shared IP/MPLS network. It improves on previous protocols like VPLS by supporting features like all-active multi-homing and control plane learning of MAC addresses. EVPN is ideally suited for datacenter interconnectivity but can also be used in other cases beyond just data centers. Major networking vendors support EVPN as shown by their participation in the relevant IETF working group.
The document provides an overview of software-defined networking (SDN) fundamentals, including:
- In traditional networks, the control plane and data plane are logically coupled within each network device, whereas SDN separates these planes and centralizes the control plane in an SDN controller.
- The SDN controller holds the entire network description as a graph and can perform optimization calculations. It programs flow entries into forwarding devices using the OpenFlow protocol.
- OpenFlow defines a standard interface that gives access to the forwarding plane of network switches or routers. It separates the data and control planes and allows the control logic to be implemented separately in the SDN controller.
IBM MQ - better application performanceMarkTaylorIBM
Presented in Feb 2015 at Interconnect
This presentation is aimed at helping application developers understand how to best use MQ features for higher performance.
This document discusses implementing MPLS services using Openflow. It proposes using an SDN architecture with a centralized Openflow controller to logically separate the control plane from network devices. This allows for standardization, programmability, and agility to introduce new services faster. It provides examples of using Openflow flows to push, pop and match MPLS labels to implement MPLS services without altering the Ethernet type. It also addresses challenges around fast reroute, integrating with existing MPLS networks, non-stop routing, and using Openflow for Ethernet and MPLS OAM.
The document defines key AWS networking terms like regions, availability zones, VPCs, internet gateways, load balancers, and subnets. It explains that regions contain availability zones and resources aren't replicated across regions by default. VPCs are virtual private networks that can contain public and private subnets. Internet gateways, load balancers, and NAT/bastion instances are used to control ingress and egress network traffic between subnets, availability zones, and the public internet. Diagrams show example single region and multi-region network topologies using these services.
The document discusses web application security and the F5 BIG-IP Application Security Manager (ASM). It notes that most attacks are now targeted at web applications rather than networks. It then provides an overview of common web application attacks that ASM can protect against. The document discusses how ASM uses a positive security model to provide implicit protection against both known and unknown attacks. It also outlines the various deployment options and protections that ASM provides, such as bot detection, DDoS mitigation, and web application firewall capabilities.
This document discusses service meshes and provides examples of popular service meshes like Linkerd and Istio. It defines a service mesh as a dedicated infrastructure layer that handles service-to-service communication and provides traffic management, observability, and policy enforcement. Benefits of a service mesh include discovery, load balancing, failure recovery, metrics, monitoring, and access control. Popular service meshes like Linkerd and Istio are then described in more detail.
Shell is a protocol that provides authentication, encryption and data integrity to secure network communications. Implementations of Secure Shell offer the following capabilities: a secure command-shell, secure file transfer, and remote access to a variety of TCP/IP applications via a secure tunnel. Secure Shell client and server applications are widely available for most popular operating systems.
This document summarizes John Kindervag's report "No More Chewy Centers: The Zero Trust Model Of Information Security". The report argues that traditional perimeter-based network security models are ineffective against modern threats like targeted attacks and malicious insiders. It introduces the "Zero Trust" model, which considers all network traffic untrusted and requires strict access controls and monitoring. The report recommends security professionals adopt this new model to better protect their organizations from sophisticated adversaries inside and outside the network.
This presentation will show you how to optimize IAP’s traffic prioritization features for Voice and Video deployments and relative best practice solutions widely practiced across multiple verticals. Check out the webinar recording where this presentation was used. https://attendee.gotowebinar.com/recording/3338982991176626689
Register for the upcoming webinars: https://community.arubanetworks.com/t5/Training-Certification-Career/EMEA-Airheads-Webinars-Jul-Dec-2017/td-p/271908
VRRP (Virtual Router Redundancy Protocol) is a computer networking protocol that provides for
automatic assignment of available Internet Protocol (IP) routers to participating hosts. This increases the
availability and reliability of routing paths via automatic default gateway selections on an IP subnetwork.
The Virtual Router Redundancy Protocol (VRRP) eliminates the single point of failure inherent in the
static default routed environment. VRRP specifies an election protocol that dynamically assigns
responsibility for a virtual router (a VPN 3000 Series Concentrator cluster) to one of the VPN
Concentrators on a LAN. The VRRP VPN Concentrator that controls the IP address(es) associated with a
virtual router is called the Master, and forwards packets sent to those IP addresses.
531: Controlling access to your IBM MQ systemRobert Parker
This presentation was originally presented at IBM TechCon 2021. In it we go through the various options in IBM MQ to secure your queue manager and control applications and users from accessing your vital configuration and data.
Session Description:
An early overview of the upcoming new and exciting features and improvements in the next major LTS release of CloudStack, 4.19. Abhishek Kumar, who will be acting as the release manager for the CloudStack 4.19, gives a quick recap of the major additions in the previous LTS release - 4.18.0, discusses the timeline for the 4.19.0 release and talks about the planned and expected new features in the upcoming release.
Speaker Bio:
Abhishek is a committer of the Apache CloudStack project and has worked on the notable features such as VM ingestion, CloudStack Kubernetes Service, IPv6 support, etc. He works as a Software Engineer at ShapeBlue.
---------------------------------------------
On Friday 18th August, the Apache CloudStack India User Group 2023 took place in Bangalore, seeing CloudStack enthusiasts, experts, and industry leaders from across the country, discuss the open-source project. The meetup served as a vibrant platform to delve into the depths of Apache CloudStack, share insights, and forge new connections.
1) The document provides tips for optimizing performance on WebSphere DataPower devices by adjusting caching, enabling persistent connections, using processing rules efficiently, optimizing MQ and XSLT configurations, and leveraging synchronous and asynchronous actions appropriately.
2) It recommends creating a "facade service" to monitor and shape requests to external services like logging servers to prevent slow responses from impacting core transactions. This facade service would use monitors and service level management policies to control latencies.
3) Using separate delegate services with monitoring is suggested to avoid direct connections to external services that could become slow and bottleneck transactions if they degrade in performance.
Cracking of wireless networks is the defeating of security devices in Wireless local-area networks. Wireless local-area networks(WLANs) – also called Wi-Fi networks are inherently vulnerable to security lapses that wired networks Cracking is a kind of information network attack that is akin to a direct intrusion. There are two basic types of vulnerabilities associated with WLANs: those caused by poor configuration and those caused by weak encryption.
Software Defined Datacenter with ProxmoxGLC Networks
Webinar topic: Software Defined Datacenter with Proxmox
Presenter: Achmad Mardiansyah
In this webinar series, We are discussing Software Defined Datacenter with Proxmox
Please share your feedback or webinar ideas here: http://bit.ly/glcfeedback
Check our schedule for future events: https://www.glcnetworks.com/en/schedule/
Follow our social media for updates: Facebook, Instagram, YouTube Channel, and telegram
Recording available on Youtube
https://youtu.be/X9MZDSDdYMI
DPI BOX: deep packet inspection for ISP traffic managementIlya Mikov
DPI BOX enables ISPs to cut their backbone costs by up to 25%. This is achieved by suppressing non-priority BitTorrent traffic during peak hours. Overall, this dramatically improves customer experience.
Beside that, with DPI BOX an ISP can blacklist arbitrary sets of IPs and/or URLs in order to comply with local Internet regulations.
DPI BOX is zero-administration, ready-to-use traffic management solution, works right from the box.
Central counterparty clearing involves:
1) Accepting and clearing trades of interest rates, credit derivatives, and foreign exchanges.
2) Monitoring trades, calculating initial and variation margin requirements, and managing collateral and limits.
3) Handling exceptions such as breached limits through actions like margin calls, reducing positions, revoking limits, or closing out trades.
Dave is a high school teacher responsible for advising 190 senior students on careers and life after school. However, he feels ill-equipped for this role due to a lack of clear guidelines on his responsibilities versus the careers advisor, no budget, and being overwhelmed by the large volume of information from various sources. The students also feel scared and confused by the transition process. The problem is that both teachers and students find it difficult to navigate the overwhelming amount of information needed to assist with the school to work transition.
This document discusses exponential functions and their applications to modeling compound interest, population growth, radioactive decay, and dating artifacts. It provides definitions of compound interest, continuous compounding, and exponential decay models. Examples are given to illustrate using these models to calculate amounts with compound interest over time, population sizes over generations, radioactive material half-life decay, and estimating the ages of artifacts based on their remaining radioactive carbon.
Films from the Southern Mediterranean Brochure 2013Irene38
This document provides information about three films being screened as part of the Films from the Southern Mediterranean film tour across Ireland from October 6-21, 2013. The films being shown are The Attack, directed by Ziad Doueiri and based on a novel about a Palestinian surgeon whose wife is suspected of involvement in a suicide bombing; Zero, a crime thriller set in Casablanca and directed by Nour-Eddine Lakhmari; and Coming Forth by Day, Hala Lotfy's debut film about a woman caring for her sick father in Cairo. The screenings will take place at the Mermaid Arts Centre in Bray, the Galway Film Society at the Town Hall Theatre, and the Triskel Arts
Internet setting for tata docomo in edubossSim Bapora
To configure internet access in EduBOSS via a Netsetter device, you first need an internet connection through your Netsetter. Plug the Netsetter into your computer, then select the network connection icon in the bottom right corner to choose a new mobile broadband connection. Select your country, internet provider, and plan to apply the connection settings. Once applied, a pop-up screen will confirm the internet connection is active, allowing you to browse the web using the Iceweasel browser.
The document discusses various aspects of using Visual Basic 2008 and Microsoft Access 2007 for GUI and database development. It covers topics like Visual Basic basics, the Visual Basic 2008 interface and tools, using forms and controls in Access 2007, creating tables and relationships in a Access 2007 database, and includes examples of Visual Basic and VBA code for forms interacting with an Access 2007 backend database.
The document appears to be a list of artwork by Michael Pivola including oil paintings using different techniques like wet on wet and palette knife. It also includes acrylic, watercolor, mixed media, and charcoal sketches with subjects like roses, forests, and landscapes. Many of the pieces are noted as being works in progress, details, or practice pieces.
Dokumen tersebut membahas tentang teknik quantum sukses yang menggabungkan prinsip fisika kuantum dengan teknik klasik untuk mengakses potensi tak terbatas dalam diri manusia. Teknik ini melibatkan aktivasi gelombang otak untuk mencapai 'zero mind' dan meningkatkan berbagai fungsi otak seperti konsentrasi, kreativitas, dan daya ingat."
This document provides instructions for uploading a presentation to the website www.slideshare.net. It outlines logging in with a username or email, uploading PowerPoint, PDF or other file formats, and then being able to view and share the uploaded presentation online where others can see it as well. The presentation will be publicly visible once processing is complete.
Prototype and test assignment prototype 2Paul Kneipp
This document presents a prototype for building a strong undergraduate/postgraduate/employer support network that focuses on helping new graduates transition into employment. The prototype involves an animated simulation showing how the network could work, allowing the user to click through different scenarios. In the scenarios, a new graduate gets advice from various network members - including their school, potential employers, and past graduates - on issues like whether a job is a good fit, what to wear on the first day, and how to prioritize work and know what is expected of them. At the end, the user provides feedback on the prototype, noting both what works and could be improved, like differing opinions and lack of reputation measures for advice-givers. Suggestions
White Paper: "How central counterparties strengthen the safety and integrity ...Eurex
The new White Paper “How CCPs strengthen the safety and integrity of financial markets” - provides an overview on how CCPs reduce systemic risk in over-the-counter (OTC) derivatives markets.
► Visit our website: http://www.eurexclearing.com
► Twitter: http://twitter.com/eurexgroup
► LinkedIn: http://www.linkedin.com/company/eurex
► YouTube: http://www.youtube.com/eurexgroup
This document describes a business called TeRentoMX that rents out textbooks to university students in Mexico. It aims to save students money by allowing them to rent textbooks each semester rather than having to purchase expensive books new for each class. The summary outlines TeRentoMX's business model of splitting the savings between owners who earn a 21.06% profit and the company that earns a 5.94% commission, along with a 3% insurance fee. It provides statistics on the potential market size in Guadalajara of 200,000 students spending $700 million per semester on books, and the overall Mexican market of 5.5 million students spending $19.3 billion each school year.
The document discusses Eurex Clearing's services related to segregation, collateral, and capital and margin efficiencies. It provides an overview of Eurex Clearing and its operations, including average daily volumes and outstanding notional amounts. It then discusses Eurex Clearing's segregation models, eligible collateral, capital cost differentiators, lines of defense, and collateral management services. The key messages are that Eurex Clearing provides legal certainty and protection of client assets through various segregation options, accepts a wide range of eligible collateral to lower funding costs, and offers capital and margin efficiencies through netting and other services.
Bloomberg and the Union of Arab Securities Authorities Roundtable Dubai Septe...Byron Baldwin
This document summarizes a roundtable discussion on central counterparty clearing. It discusses the timeline for mandatory central clearing of over-the-counter derivatives under European regulations. It also outlines the role and risk management of central counterparties, including how they operate, mitigate systemic risk, and handle member defaults. The document also discusses the benefits of cross-margining across different product types to improve capital efficiency.
The document provides an overview of membership types and requirements for joining the Eurex derivatives exchange. It describes the different categories of members - Non-Clearing Members, General Clearing Members, Direct Clearing Members - and associated rights and obligations. Requirements include minimum capital, contribution to the clearing fund, technical connectivity, and more. Incentive programs are outlined to encourage new memberships.
Global Custody Forum The Evolution of Segregation Models 29 November 2016 BBByron Baldwin
1) The document discusses various models for segregating client assets at central counterparties (CCPs), including omnibus segregated accounts, individual segregated accounts, and a new "ISA Direct" model that allows buy-side clients direct access to the CCP.
2) Before 2008, most CCPs used an omnibus segregated account model where clients shared collateral pools, but clients faced risks around uncertainty of porting assets in a member default. New regulation now requires options like individual segregation to protect each client.
3) The new "ISA Direct" model combines elements of direct clearing membership and traditional client clearing, allowing buy-side clients to directly clear trades while an agent handles operations, reducing
ECC provides clearing services for European energy exchanges. It has a proven track record, with over a decade of experience clearing markets across multiple countries. ECC utilizes stringent risk management practices, adheres to international regulatory standards, and maintains sufficient financial resources to guarantee settlement in the event of a member default through multiple layers of protection, ensuring security and efficiency for market participants.
Euroclear Investments SA is issuing €600 million of senior unsecured debt with a 10-year maturity. The proceeds will provide incremental investment capacity to fund future projects and provide financial flexibility in light of changing regulatory requirements. Euroclear is expected to receive credit ratings of AA-/AA from S&P/Fitch given its AA-/AA credit ratings and leading position as a central securities depository.
Access models for the buy side | CCP Central Counterparty | Eurex Clearing Eurex
With the balance in supply and demand in traditional financial market structure deteriorating, the buy side community is facing a variety of challenges. Increasing costs for the banks driven by new regulatory requirements translate into higher fees, wider spreads or even service reductions for the buy side not only for derivatives, but also for securities financing transactions. Additionally the concentration of banks offering client clearing creates challenges with regards to counterparty risk concerns and porting in case of a Clearing Member default.
► Visit our website: http://www.eurexclearing.com
► Twitter: http://twitter.com/eurexgroup
► LinkedIn: http://www.linkedin.com/company/eurex
Quatre Managed Legacy Funds Solution – Quatre Guernsey Limited Nicholas Newman
London-based financial services company Quatre Ltd, has just launched a new solution known as the QUATRE MANAGED LEGACY FUNDS SOLUTION.
It is designed to fund the decommissioning of oil and gas fields and rehabilitation of other extractive industrial locations including mines. Quatre Limited was founded in 2013 to provide oil and gas licensees and other extractive industries with sustainable decommissioning management solutions to optimise their long-term financial planning.
Quatre’s Exit Strategy Management Solution (ESMS) evaluates Clients’ portfolio-specific exposure to the cost decommissioning of onshore and offshore wells and the reclamation of offshore and onshore facilities. Quatre has successfully applied this solution to other environmentally sensitive sectors, including mining and landfill regeneration.
Current estimates for global decommissioning costs run in excess 200 Billion dollars over the next 50 years, representing an unprecedented capital spend on an activity where operator’s and service providers’ experience is still relatively immature.
The Quatre team includes expertise across the fields of financial services, insurance brokerage, investment management, legal, taxation, trust management, E&P Operations and environmental liabilities.
Quatre Limited is a company that provides sustainable decommissioning management solutions and financial products for the extractive industries sector. It has developed innovative trust-based Legacy Funds to allow energy companies to set aside funds for future decommissioning costs in a secure and efficient manner. The Legacy Funds are independently managed and provide bankruptcy protection for committed decommissioning costs. Quatre's services help clients meet sustainability goals while optimizing long-term financial planning for environmental liabilities.
ING offers several working capital solutions to help companies improve cash flow and optimize their financial supply chains, including supply chain finance, trade receivables purchase programs, and international corporate receivables financing. These solutions can help diversify funding sources, improve financial ratios, increase free cash flow, and realize pricing benefits. ING has global expertise in these programs across many industries.
This is a white paper authored in 2013 on behalf of Confluence Technologies, Inc. of Pittsburgh. It addresses the dynamic behind a new regulatory reporting requirement for alternative asset managers (hedge funds, etc.). Since it was produced under contract, the article byline was set to that of a Confluence employee.
EMIR - European market infrastructure regulation has been initiated by European union to avoid situation similar to 2008-09. Financial scenario led Lehman to default and bear stearn near to collapse.
This helps EU regulatory bodies to monitor OTC, CCP and TRs.
European Market Infrastructure Regulation (EMIR)Redington
The document provides an overview and summary of the European Market Infrastructure Regulation (EMIR) for pension funds. Key points include:
1. EMIR will require central clearing of standardized over-the-counter derivatives through central counterparties to increase transparency and reduce counterparty risk. Pension funds have a temporary exemption until 2015.
2. Central clearing will mean pension funds face central counterparties rather than executing banks, requiring additional initial margin and cash-only variation margin compared to current practices.
3. Pension funds will need to make decisions on whether to centrally clear existing swap portfolios and if they will use the exemption period or clear new trades early. They should estimate costs and benefits to determine the optimal
How International Treasury Centers Unlock Global Cash VisibilityKyriba Corporation
The document discusses how companies can implement International Treasury Centers (ITCs) to improve global cash visibility and management. Key benefits of ITCs include streamlined treasury operations through tools like global cash pooling, payments processing factories, and intercompany netting. These help optimize liquidity and reduce costs. The presentation outlines components of a successful ITC including consideration of tax, legal, and technology implications. It provides examples of how an ITC can centralize foreign exchange hedging, payments processing, and intercompany transactions.
SEBI rules require companies listing securities to provide documents like memorandum, articles of association, balance sheets, capital structure details, and dividend history. The depository system allows for dematerialization of shares, reducing risks of physical certificates. It provides benefits like immediate electronic transfer and automatic credit of corporate actions. Circuit breakers impose trading halts during high volatility to curb excessive price fluctuations.
Eurofin Asset Managers provides asset management and portfolio consulting services. They use a proprietary investment process that focuses on tactical asset allocation across predefined risk buckets. Their approach aims to generate optimal risk-adjusted returns while preserving capital and maintaining liquidity. Eurofin Asset Managers has extensive experience in traditional and alternative strategies, and their team has a proven track record in manager selection and portfolio allocation.
What are the Current Dynamics Driving UK Pensions Investment?Redington
1) The document discusses various strategies and assets for UK pension investment, focusing on liability driven investments (LDI).
2) It provides examples of pension funds that implemented LDI strategies at different times, outlining how their allocations changed in response to market events.
3) The document promotes the use of a Pension Risk Management Framework and "Flight Plan" tool to help pension funds develop clear investment strategies and evaluate opportunities based on their objectives and constraints.
1. The document discusses capital structure decisions and provides an overview of key theories on capital structure, including the trade-off theory, pecking order theory, and signaling theory.
2. It examines empirical evidence on factors like industry patterns, leverage, profitability, taxes, and bankruptcy costs as they relate to capital structure decisions.
3. The theories weigh the costs and benefits of debt versus equity for firms, including tax benefits, bankruptcy costs, agency costs, and implications for firm value.
Similar to EurexOTC Clear for Interest Rate Swaps (IRS) | CCP Central Counterparty | Eurex Clearing (20)
Euro-BTP Futures at Eurex Exchange | Italian government bond futuresEurex
This document discusses Euro-BTP Futures contracts traded on Eurex Exchange, which provide opportunities for trading the yield spread between German and Italian debt, basis trading on different segments of the Italian yield curve, and shifting positions in response to anticipated market changes. Key benefits of Euro-BTP Futures include hedging interest rate risk in the Eurozone and providing an alternative to sovereign credit default swaps.
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Designed in partnership with exchange participants, Deutsche Boerse’s T7 trading architecture aims to enhance performance across the board, including reduced latency and increased throughput. It’s a new generation of technology to deliver a world of opportunity.
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► LinkedIn: http://www.linkedin.com/company/eurex
“An Outlook of the Ongoing and Future Relationship between Blockchain Technologies and Process-aware Information Systems.” Invited talk at the joint workshop on Blockchain for Information Systems (BC4IS) and Blockchain for Trusted Data Sharing (B4TDS), co-located with with the 36th International Conference on Advanced Information Systems Engineering (CAiSE), 3 June 2024, Limassol, Cyprus.
Taking AI to the Next Level in Manufacturing.pdfssuserfac0301
Read Taking AI to the Next Level in Manufacturing to gain insights on AI adoption in the manufacturing industry, such as:
1. How quickly AI is being implemented in manufacturing.
2. Which barriers stand in the way of AI adoption.
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4. Organizational processes and structures that may inhibit effective AI adoption.
6. Ideas and approaches to help build your organization's AI strategy.
UiPath Test Automation using UiPath Test Suite series, part 6DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 6. In this session, we will cover Test Automation with generative AI and Open AI.
UiPath Test Automation with generative AI and Open AI webinar offers an in-depth exploration of leveraging cutting-edge technologies for test automation within the UiPath platform. Attendees will delve into the integration of generative AI, a test automation solution, with Open AI advanced natural language processing capabilities.
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1. Insights into integrating generative AI.
2. Understanding how this integration enhances test automation within the UiPath platform
3. Practical demonstrations
4. Exploration of real-world use cases illustrating the benefits of AI-driven test automation for UiPath
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What is generative AI
Test Automation with generative AI and Open AI.
UiPath integration with generative AI
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
OpenID AuthZEN Interop Read Out - AuthorizationDavid Brossard
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Things to Consider When Choosing a Website Developer for your Website | FODUUFODUU
Choosing the right website developer is crucial for your business. This article covers essential factors to consider, including experience, portfolio, technical skills, communication, pricing, reputation & reviews, cost and budget considerations and post-launch support. Make an informed decision to ensure your website meets your business goals.
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See how organizational priorities and strategic approaches to data security and privacy are evolving around the globe.
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Threats to mobile devices are more prevalent and increasing in scope and complexity. Users of mobile devices desire to take full advantage of the features
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Have you ever been confused by the myriad of choices offered by AWS for hosting a website or an API?
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AI-Powered Food Delivery Transforming App Development in Saudi Arabia.pdfTechgropse Pvt.Ltd.
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3. www.eurexclearing.com
EurexOTC Clear IRS
June 2014
Core competencies
Eurex Clearing – Central component of the silo structure of Deutsche Börse Group
*OTC: Over The Counter, FWB: Frankfurter Wertpapierbörse, ISE: Irish Stock Exchange, EEX: European Energy Exchange
Information
•Streaming data feeds
•Physical terminals
•Indices
Trading
•Operate open electronic books
•Connectivity to international trading members
Clearing
•Verification of trade- related information
•Margining
•Risk management
•Collateral management
•Position & trade management incl. give- up/take-up
•Exercise & assignment/notification & allocation
•Netting services
•Delivery management
Settlement
•Delivery of securities
•Financing services
•Securities lending & borrowing
Custody
•New issues services
•Income & redemption payments
•Tax services for both release at source and claims
•Corporate action notification & processing
•Proxy voting service
Information Services
Eurex/OTC*
FWB/ISE
Eurex Bonds
Eurex Repo
Eurex Clearing
Clearstream Banking
(Frankfurt and Luxembourg)
IT services and software development (Deutsche Börse MD&S)
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EurexOTC Clear IRS
June 2014
We will continue to integrate our products and services, not only across Eurex Clearing but across Eurex and Clearstream to provide sustainable capital and operational efficiencies
•European leader in long- term interest rate futures and options – 2.2mn contracts with EUR 285bn notional cleared every day
•333 clearing licenses in 17 European countries
•545 Non-Clearing Members
•More than 6.7 million cleared derivatives contracts daily
•EUR 205bn notional outstanding in January 2014
•Clearing of different products under a single legal netting set and liquidation structure can lower capital and funding requirements
•Integrated cross-product structures and significant existing exposures can lower default fund capital requirements
•Large spectrum of eligible collateral, re-use of other assets (e.g. GC pooling) and access to central-bank accounts can mitigate funding requirements
Lower risk
Lower costs and capital
Greater efficiency
Eurex Clearing is the only fully integrated CCP across asset classes with a single legal netting structure
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EurexOTC Clear IRS
June 2014
Sell-side cost savings of clearing over bilateral with initial margin
Bps of notional
Global dealer
Savings on
a baseline
CCP
Additional
cost
efficiencies
Savings on
Eurex
Clearing
Savings on a
baseline
CCP
Additional
cost
efficiencies
Savings on
Eurex
Clearing
+50-75%
~0.3-0.35 bps
~0.2 bps
3
2
1
Regional bank
~0.25-0.3 bps
+65-100%
~0.15 bps
1
2
3
Savings on
a baseline
CCP
Additional
cost
efficiencies
Savings on
Eurex
Clearing
Fixed income mutual fund
~2.0-2.4 bps
+45-70%
~1.4 bps
1
2
3
Savings on
a baseline
CCP
Additional
cost
efficiencies
Savings on
Eurex
Clearing
~20-35 bps
-10 bps
2
3
Fixed income hedge fund
Buy-side cost savings of clearing over bilateral with initial margin
Bps of AuM
Netting efficiency
Cross-product exposure netting and cross-margining
Default fund efficiency
Integrated, segmented default fund structure
Collateral efficiency
Large eligible collateral spectrum, re-use of assets & central bank acc.
1
2
3
Banks can improve cost efficiencies of central clearing substantially on a diversified CCP such as Eurex Clearing
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EurexOTC Clear IRS
June 2014
Value proposition
Integrated full asset class offering
•Breadth of the CCP service offering is key prerequisite to deliver efficiencies!
•Can existing business be leveraged for operational and capital efficiency?
•What are the differences in costs between CCP’s?
•Can I fulfil my margin requirements with assets in my investment portfolio?
•What is my clearing fund contribution and what is my capitalization factor?
•How does the buy side client benefit from the capital efficiencies?
Capital efficiency
Efficient collateral management
Major aspects to be assessed
Protection and portability of client assets
•The central counterparty is your counterpart. How safe is the CCP to withstand defaults and crisis situations?
•Are my assets protected? What is the risk if another counterparty fails?
•Is portability possible? What is ported and when? What are the conditions?
•Is the segregation service operationally viable? What are the costs?
Safety
Efficiency
Proven and robust CCP risk manager
Level of safety plus cost and capital efficiency are key differentiators between the CCP’s
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EurexOTC Clear IRS
June 2014
The safety of the CCP through its lines of defense is a key criteria deciding where to clear
Values as of May, 2014
* Monthly average collateral value after haircut
Eurex Clearing’s lines of defense are crisis proven – default fund has never been employed.
Lines of Defence before Eurex Clearing’s capital sum up to more than € 7.5 bn
Remaining equity of Eurex Clearing AG
Assessments to
the Clearing Fund
Approx. € 249 m, Eurex Clearing thus fully EMIR compliant
Min. € 1.0 m (DCM) or € 5.0 m (GCM)
Total collateral held at Eurex Clearing approx. € 48.35 * bn
Close-out of all positions
Approx. € 2.84 bn
€ 50 m
Position netting
Collaterals of Member in default
Clearing Fund contribution of Member in default
Dedicated amount of Eurex Clearing AG
Clearing fund contribution of other Members
Coverage in normal market conditions (Lehman/ MF Global)
Coverage in extreme market conditions
Max 2 assessment limit liability of CM to 3x prefunded clearing fund contribution
Eurex Clearing lines of defense
Parental Guarantee
€ 700 m guaranteed by Deutsche Börse AG
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EurexOTC Clear IRS
June 2014
Key operational differentiators to be assessed between CCP’s
•Early return of cash removes double funding
•Early return of cash reduces counterparty risk and funding costs to the CCP
•Central bank access provides liquidity in a crisis and reduces systemic risk
Major aspects to be assessed
•Direct delivery of cash and securities removes operational cost / burden for CM
•Approx. 30,000 eligible securities lowers funding costs of IM and DF
•GC Pooling allows re-use of securities to cover IM requirements
•Intraday return of cash
•Single margin call across all asset classes
•Direct delivery of cash and securities means no transit risk
•Full protection of client excess allows pre-funding at no risk
•Full protection of clients own assets means no liquidation risk / no replacement risk
•No mutualization of risks with fellow customers
Operational efficiencies
Efficient collateral management
Portability and legal certainty
Central Bank access
•Portability of clients actual / own assets in CM default
•Ability to become Interim Participant allows 5 + days for porting
•Legal certainty for clients and Clearing Members domiciled in EU
•Legal certainty for porting, close-out netting and protection of assets at fund level
Protection and segregation
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EurexOTC Clear IRS
June 2014
Key operational differentiators to be assessed between CCP’s
•5 day MPOR applied to OTC IRS for both house and client accounts lowers margin requirement, which lowers DF and funding costs
•which lowers DF contribution which lowers capital cost and lowers funding cost
•0% capital risk weight for house collateral
•2% capital risk weight for individual segregation
Efficiencies
•Lower DF means lower funding costs
•Lower IM means lower funding costs
•30,000 eligible securities lowers funding costs of IM and DF
•GC Pooling allows re-use of securities
•Near real-time margins and intraday return of cash removes double funding for clients and reduces funding costs on risk reducing positions
Major aspects to be assessed
•Cross asset class CCP with single legal netting lower EaD which lowers capital costs
•Cross product margins in Liquidation Groups
•Payment netting across asset class with a single margin call
•CRR opinions
•DF segmentation decreases total size of CF by 40%
•DF allocated as 7% of IM.
•Cross margins lowers IM by 20 – 40% and hence DF contribution
Capital and funding
Lower capital costs
Netting efficiencies
Efficient Default Fund
Lower funding costs
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EurexOTC Clear IRS
June 2014
Initiative
Description
Planned launch
Products enhancements
Inflation swaps
Nov 2014
Swap futures
Jun 2014
Swaptions
N/A
IRS CCY expansion – Nordics
Planned 2015
Extension of OIS maturities
Nov 2014
Combination of stub periods
Nov 2014
Introduction of OIS for JPY
Nov 2014
Service enhancements
ECAG advanced netting
Nov 2014
TriOptima D2d linked compression
N/A
TriOptima D2d/ client unlinked compression
Nov-14/ Q1-2015
Bloomberg VCON connectivity (Trade Source/ Capture)
Q2 2014
OTC Margin Calculator enhancements
May 2014
Cross Margining – Prisma
May 2014
Fund level cross margining
Sep 2014
Product/ service roadmap
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EurexOTC Clear IRS
June 2014
More than 1.9bn contracts were cleared on Eurex Clearing in 2013
Central Bank
TARGET2 / SNB
Trade Warehouse
Central
Depository
Confirmed Trade
MarkitSERV/VCON Affirmation/Confirmation
platforms
Affirmation/ confirmation
Margin payments
Collateral
Risk
Management
Position
Management
Risk management
Position management
Eurex Clearing
CCP
Trade execution
Executing Broker
Client
Execution
Trade Submission
Existing market infrastructure
Front to back processing
Near time clearing
Direct access via affirmation/ confirmation platforms
Real time risk
Manage your risk and positions intra-day
Secure payment networks
Utilisation of Central Bank money
Trade confirmation
Collateral &
trade warehouse
Eurex Clearing provides a flexible solution via existing market infrastructure
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18. www.eurexclearing.com
EurexOTC Clear IRS
June 2014
Deal submitted
Eligibility Check
CM take-up trade?
Risk
Check
Collateral to Novate?
Update to MarkitWire
Legal CCP Novation
‘OTC Trade Novation’ Report CI201
n
y
n
Process Repeat
y
MarkitWire
Eurex Clearing
CM
•MarkitWire submits allocated, affirmed and released eligible deals for clearing
•Eurex Clearing checks if the trade is eligible
•Clearing Member takes-up the trade for clearing
•ECAG performs a incremental risk check i.e. calculates margin requirements and incremental portfolio increase
•Eurex Clearing verifies if pending deals can be covered by available collateral
•If sufficient collateral is available ECAG will novate the trade:
–Trade novated immediately via ‘OTC Trade Novation’ CI200 report distributed
–Trades updated to “Cleared” Status in MarkitWire
•If sufficient collateral is not available, the trade returns to incremental ‘risk check’.
•After clearing cut-off, remaining pending as well as new deals submitted during closure from MarkitWire are queued for processing next day
•Eurex Clearing issues daily overnight margin call covering the entire portfolio risk.
Three times a day, ECAG will issue a margin call for any trades that have not novated due to missing collateral: 12:00, 14:00 & 18:00. A direct debit will take place 1h after the call.
Any trades not novated by closure (22:00) are included in the End-Of-Day overnight Margin calls
Take-up Accept/ Reject
Novation flow - (Near) real-time clearing
Eurex Clearing will continuously novate trades during opening hours: 08:00-22:00 CET.
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EurexOTC Clear IRS
June 2014
Eurex OTC IRS Clear netting / accumulation functionality
•O – Eligible trades marked with the same netting string will be netted together (default)
•Y – Eligible trades marked with the same netting string will be netted together Also, eligible trades without a netting string will be netted together (i.e. blank is a value)
•N – No netting will be performed on this account
Netting parameters – Set per account
•Eligible netting strings are a list of alphanumeric strings. Only these pre-defined eligible netting strings can be assigned as netting strings on trade level for a particular Member.
•Eligible netting strings can be defined via the data reference sheet as well as in the EurexOTC Clear GUI. Updates and changes to eligible netting strings can be done in the EurexOTC Clear GUI.
•Netting strings are assigned on a trade basis (MarkitWire upon affirmation, EurexOTC Clear GUI or API).
Eligible netting strings – Set per Member (CM,RC)
Identical parameters to allow netting/accumulation
•Product type
•Account
•Currency
•Rate index
•Rate index tenor
•All future coupon dates
•Maturity date
•Current applicable fixed floating rate
•Spread over floating rate
•Day count convention (per leg)
•Reset lag
•Payment lag
•Fixed rate
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20. www.eurexclearing.com
EurexOTC Clear IRS
June 2014
•Registered Customers can change the Clearing Member to which a trade is assigned to if:
–Both have accepted the change via the GUI.
–A risk check has been performed to ensure sufficient margin is in place.
•Trades can be transferred to another account within the same Clearing Member, providing there is sufficient margin available.
•Registered Customers and Clearing Members can transfer trades, fully or partially, across their accounts.
•The Clearing Member or Registered Customers can change internal references or split trades into smaller notional.
No risk check will be required.
In case of Registered Customer initiation the Clearing Member has to agree.
•Clearing Member‘s or Registered Customer‘s can request that an inter dealer or client clearing trade is de-cleared from Eurex Clearing to reverse an error trade.
–The original bi-lateral counterparty must accept it.
–A risk check has to be performed to ensure sufficient margin is in place.
–The de-clear option is only available until end of the business day following the novation day.
Account transfer/ re- allocations
Trade amendment
Trade transfer
De-clear
Supported lifecycle events
Once trades have been successfully cleared and registered with Eurex Clearing, they can be managed and amended.
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EurexOTC Clear IRS
June 2014
Netting/
accumulation
Trade rejection
Termination
Clearer change
•Clearing Members and Registered Customers can request a full or partial trade termination
–The other party has to accept the change.
–Risk checks for sufficiency of margin have to be made.
•The Clearing Member or Registered Customer can mark two or more offsetting trades (fully or partially) for netting in order to close out two identical trades opposite or reversing trades.
•It is also possible to add up the notional of two or more risk neutral trades (accumulation of trades).
•A new trade will be created with the outstanding notional of the original trades.
•The Clearing Member or Registered Customer can request a trade rejection for trades that are pending for novation due to missing collateral.
This allows members to reduce the risk emerging from OTC margin calls.
Both Clearing Members need to accept the rejection.
•Registered Customer‘s have the possibility to change their Clearing Member and to transfer all open transactions to a new Clearing Member.
–Before the open transactions can be moved an official transfer agreement has to be signed by the old Clearing Member, the Registered Customer, the new Clearing Member and Eurex Clearing.
Supported lifecycle events
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22. www.eurexclearing.com
EurexOTC Clear IRS
June 2014
With release 2.1, EurexOTC Clear Members have several options for backloading trades
•Standard MarkitWire GUI
–Historical trades can be entered through the standard MarkitWire GUI
•Internally developed API connection to MarkitWire
–Variable functionality, depending on system
–Requires an internal build on the part of the customer against the EurexOTC FpML Interface
•MarkitWire Bulk Action Tool
–Option for Members who do not wish to build against the FpML interface
–MarkitWire offers support for new users of the MarkitWire Bulk Action Tool
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EurexOTC Clear IRS
June 2014
Bulk backloading processing (1/2)
•Market participants (Executing Brokers and Clients) select trades with a trade date in the past (older than 10 business days) and upload them
•These trades are sent to EurexOTC Clear and will be processed separately from new trades. These trades will need to pass the initial validations and need to be taken up by the Clearing Member (client clearing only) and will then be placed in the status BS_BACKLOADED
•Every two hours starting at 09:00 CET a report including all trades in status BS_BACKLOADED will be generated (CI218)
•At 17:00 CET there is a cut-off time, all trades delivered to the system after 17:00 CET will not be considered in that days novation cycle, but will stay in that status until the next day
•Starting 17:00 CET an incremental risk check for the backloaded portfolio will be performed and a report (CI217 Preliminary Backloading Margin Report) will be created notifying the clearing member of the incremental risk (= forecasted margin requirement) of the portfolio. The incremental risk in only calculated on a portfolio basis No trades will be cleared based on this calculation
Bulk backloading will enable Members to load historic deals on block and clear them without interfering with the intraday novation process
T-1
T
08:00
17:00
Members
submit trades
for bulk
backloading
EurexOTC processes
trades and CMs
perform take-up
Trades with trade
date -10 bus days
are moved to
BS_BACKLOADED
Portfolio risk check is performed on trades in BS_BACKLOADED and Preliminary Backloading Margin Report is distributed
Times in CET
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EurexOTC Clear IRS
June 2014
Bulk backloading processing (2/2)
Bulk backloading will enable Members to load a huge number of historic deals and clear them without interfering with the intraday novation process
T
22:30
09:00
Portfolio risk check is performed
on trades in BS_BACKLOADED
which serves as basis for novation
and Preliminary Backloading Margin Report
is distributed
21:00
Times in CET
T+1
Trades are legally novated or Members with shortfalls are included in the EOD OTC Margin Call
EOD OTC Margin Call needs to be fulfilled
•The Clearing Member and client have the possibility to post additional securities collateral if required or to reject the trades until 21:00 CET.
•At 21:00 CET a second incremental risk check for the backloaded portfolio will be performed and the Preliminary Backloading Margin Report (CC217) will be sent again. The clearing decision is based on the 21:00 CET calculation.
•The trades to be backloaded can be uploaded at any time of the day until 22:00h but only trades accepted by 17:00 CET will be included in the bulk backloading run on that day.
•In case sufficient collateral is available at 22:00 CET the trades will be novated and will appear as such in the EOD reports.
•In case the collateral is not sufficient the backloaded trades will be included in the regular EOD OTC Margin Call process.
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Access to the service for Clearing Members
General Clearing Members (GCM) may clear their own transactions and those of their Registered Customers and clients that do not hold a clearing license
Membership criteria
Liable equity
•Access to the clearing system infrastructure of Eurex Clearing as well as being a user of an approved trade source (ATS).
•Default management obligations.
•Cash accounts, EUR or CHF, USD and JPY cash accounts are required, also a GBP account if clearing swaps in GBP.
•Evidence of a pledge account at CBF or SIX SIS for deposit of securities collateral.
•Each IRS OTC GCM must meet the minimum liable equity capital requirements of ECAG, being the largest of the following amounts;
•20 percent of the 30-day average of additional margin plus futures spread margin
•20 percent of the 250-day average of additional margin plus futures spread margin
•EUR 30 million
Requirements
Clearing Fund
Description
•Each IRS OTC GCM must make a contribution to the Clearing Fund of ECAG, being the largest of the following amounts;
•7% of the 30-day average of the initial margin requirement
•7% of the 250-day average of the initial margin requirement
•EUR 5 million
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Access type
Access to the service for clients
Eurex Clearing will provide a variety of options for clients to connect indirectly
Requirements
•To become a Registered Customer, the legal entity must have concluded a tripartite agreement with a Clearing Member and Eurex Clearing AG.
•A Member/user of an approved trade source (MarkitWire for Phase 1).
•Access to the Common Report Engine.
•As such, the primary relationship is between the client and the Clearing Member. Clearing Members are entitled to set their own eligibility criteria for clients.
•No direct relationship with Eurex Clearing AG.
•The primary relationship is between the client and the GCM, therefore GCMs are entitled to set their own eligibility criteria for clients.
•A Member / user of an approved trade source (MarkitWire for Phase 1).
•Volume incentives on transaction fees.
•Zero collateral fee for Individually segregated accounts.
•Lowest capital costs of any CCP due to c-factor of 0.5%.
Cost
Registered Customer (CR)
Client
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June 2014
The Eurex Clearing Prisma portfolio risk management module delivers significant benefits….
Margin efficiencies of Eurex Clearing Prisma highly depend on the size and structure of a portfolio, but show up to 80 percent reductions in individual margin requirements.
•Aligned Default Management process between listed and OTC.
•Positions deemed suitable for simultaneous liquidation are assigned to the same Liquidation Group.
•Risk offsets are only granted within the same Liquidation Group (e.g. equity, commodity or fixed income).
Consistency
4
2
3
Central benefits
•Adjustments to enable stable margin requirements: concentration, uncertainty in correlations, model error adjustments if compression is used.
•Flooring for stability: stressed period scenarios and dynamic volatility scaling to at least long-run volatility percentiles.
Robustness
•More accurate risk-netting effects for listed, and also between listed and OTC positions.
•Higher capital efficiency for customers through risk calculation on portfolio basis.
Capital efficiency
•Reduced time-to-market for new products.
Flexibility
1
5
•Cross-product scenarios enable consistent way to account for portfolio correlation and diversification effects.
•Risk covered at 99 percent through margin calculation consisting of
− a mark-to-market component
− a forward-looking component
− an adequate liquidation time horizon
Accuracy
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June 2014
Eurex Clearing
LCH.Clearnet
ICE Clear Europe
Long-term ETD
(Bund, Bobl, Schatz)
OTC / Swaps
Inefficient for participants from a margin & DF perspective
•Plain vanilla IRS
•Zero coupons
•Overnight index swap
•Variable notional swaps
•Compounding swaps
•FRAs
•Euro-Bund, Bobl, Schatz, Buxl Futures
•Long-, Mid, and Short-Term Euro-BTP Futures
•Mid-,Long-Term Euro-OAT Futures
•Options on Euro-Bund, Bobl, Schatz and Euro-OAT Futures
EURO IRS
Fixed Income
•Three-Month Euribor Futures & Options
•1-4 year Euribor Mid-Curve Options
•One-Month EONIA Futures
MM
Additional efficiency from new products being delivered in 2014
•EURO Deliverable Swap Futures, 2-, 5-, 10- and 30 year
•Cash settled One-Month Euro Secured funding (Repo) Futures
Eurex Clearing – PRISMA margin optimiser for Euro Derivatives
Short-term ETD (Euribor)
Clearing IR Derivatives is Fragmented Across 3 CCPs…
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June 2014
Cross-margining determines optimal allocation of products considering liquidation horizon + margin offsets
* Depending on portfolio diversity
Overall initial margins for cross-margined portfolios might be lower which reflects risk reduction.
Without cross-margining
With cross-margining
IRS and fixed income futures / futures-style options are margined separately:
IRS with a 5 day liquidation horizon
Futures and futures-style options with a proposed two day liquidation horizon
OTC IRS
FI listed products
IR swaps
FI futures / futures-style options
2 day horizon
5 day horizon
Margin requirements:
Futures / future -style options
OTC IRS
Total
If IRS and futures positions are hedged:
Futures are transferred to the IRS split such that the reduced risk is reflected in lower margins*
IRS+FI
IR swaps
FI futures / opt.
Allocation of FI listed products that hedge IRS exposure
FI-only
FI futures / futures-style options
2 day horizon
5 day horizon
Margin reduction by cross-margining:
Cross-margined
portfolio
Total
Lower costs through cross-margining OTC and listed positions
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•Calculated initial margin results for
–Single position fixed income portfolios consisting of futures (long positions)
–Compared with EUR single position swap portfolios (paying)
•IM saving of portfolio margining is defined as 100% minus the initial margin of the portfolio divided by the sum of the initial margins of the single positions.
•The underlying swaps start at 4 July 2013
•Valuation date is 4 July 2013
•Initial margins for Prima OTC IRS Swaps and Prisma Cross FI OTC IRS margin calculated by means of robust VaR mean 99% with correlation break including liquidity adjustment.
Significant margin reduction for fixed income portfolios
-
500
1,000
1,500
2,000
2,500
3,000
3,500
Thousands EUR
Prisma OTC IRS Margin
RBM FI Margin
Prisma Cross FI OTC IRS Margin*
Portfolio 1
Portfolio 3
FI portfolios
Portfolio
Position
Quantity
IM savings in case of Cross Margining
Portfolio 1
FGBL_201309
359
70%
Portfolio 3
FGBM_201309
1000
62%
Swap portfolios
Portfolio
Maturity
Direction
Notional
Portfolio 1
9Y
Pay fix
50 Mio.
Portfolio 3
5Y
Pay fix
119 Mio.
Comparison
Savings
60-70%
* Liquidity Adjustment calculated for aligned DMP excluding options
Eurex Clearing creates margin efficiency for strategy trades such as the futures asset swap of up to 70%
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June 2014
Margin Calculator EurexOTC Clear for IRS
•Prisma margin calculation for test portfolios allows Clearing Members and Registered Customers to evaluate the indicative margin requirements that would be attributed to a portfolio of positions or trades.
•The margin calculator supports the whole product scope of EurexOTC Clear, in particular IRS, basis, OIS, FRAs, VNSs, compounding and zero coupon swaps. The tool is implemented as an on-line service.
•The following functionalities are available in the Margin Calculator:
–Download of a trade template
–Trade/ portfolio upload and trade validation
–Display and download of the result summary
–What-if trade scenarios
•Margin Calculator is a web-based tool used to calculate margins for OTC IRS products.
•Outputs in GUI and for download include portfolio MtM, IM (including the breakdown of components), and per trade MtM.
•Access to the Margin Calculator via the OTC GUI, save portfolios in the GUI to re-run/edit in the future.
•Utilization of an API (IRS only) to allow Members to submit portfolio for calculation.
Online tool for margin simulation to calculate test portfolios
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June 2014
Eurex Clearing qualified as a CCP under EMIR on 10 April 2014 and provides full segregation and portability
EMIR article 39 requires CCPs and Clearing Members to offer at a minimum omnibus and individual segregation models.
After the Lehman and MF Global defaults, the demand for segregation increased as clients have faced issues around uncertainty of porting, double funding, mutualization of client and CM risks from co-mingling of assets and potential misuse of client collateral.
Individual models are intended to secure the positions and the collateral assets at all times in the event of default of a Clearing Member or other clients of the clearing member.
Some local investment laws require asset managers to segregate assets at the fund level to prevent co-mingling of positions and assets between the clearing broker, other clients and funds of the same fund company.
The Eurex Clearing EMIR disclosure document is available on our website: http://www.eurexclearing.com/blob/clearing-en/51546/284984/6/data/EMIR_disclosure_document_39.pdf
ESMA finally provided clarity that individual client segregation requires that the actual assets of the client are segregated and available for porting. Models which merely segregate the value of collateral due to the accounts of clients, 'do not meet the requirement to offer individual client segregation’ (ESMA Q&A 5 August 2013).
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Overview of segregation models permitted under EMIR
Tagged asset
Individual physical custodian account
Disclosed RC
Gross
Allocated value
Allocated asset
Net
Allocated value/asset
Omnibus
segregation
EMIR 39(2)
Pos
Coll
Margin
Segregation
Porting
Risk
Operational
simplicity
Capital charge
Eurex Clearing services
4 %
4 %
Individual segregation
EMIR 39(3)
2 %
2 %
Live
Very likely
Unlikely
None
High
Easy
Complex
Fellow
customer
Liqui-
dation
Replace-
ment
Transit
Gross
Live
Live*
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*The ECM is live today and will be amended during December 2013 to implement legal changes to fulfil EMIR segregation and portability requirements.
The UK CASS Net Omnibus Clearing Model is live.
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NCM – Non-Clearing Member RC – Registered Customer
MR – Margin Requirements
Overview of omnibus and individual client segregation models according to EMIR Article 39
RCs/NCMs collateral pool
Clearing Member
RC/NCM positions
RC/NCM positions
Collateral for Client omnibus segregated account (asset based)/ Collateral allocation in proprietary account (value based)
Affiliated Agency position account
Affiliated agency collateral pool
RC/NCM positions
RC/NCM collateral pool
ECM collateral account (asset or value based)
NOCM collateral account
Multiple omnibus segregated collateral account
(asset tagging available per pool)
ISA tagged or individual account
Net
Net
Net or gross
Gross
Gross
Gross
Gross
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Collateral pools
CSD accounts
Position accounts
MR
Margin requirement per position account or RC/NCM
Margin requirement per RC/NCM
Margin requirement per A account
Margin requirement per A account
Margin requirement per RC/NCM
Margin requirement per RC/NCM
Margin requirement per RC/NCM
Affiliate positions (agency or disclosed)
Agency position account
RC/NCM positions
Omnibus Segregation Accounts (OSA)
Individual Segregation Accounts (ISA)
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Affiliate positions (agency or disclosed)
RC/NCM (xn) collateral pool
Agency position account
Clearing Member
RC/NCM positions
RC/NCM positions
Collateral for Client omnibus segregated account (asset based)/ Collateral allocation in proprietary account (value based)
RC/NCM positions
NCM – Non-Clearing Member RC – Registered Customer
Client Individual Segregation Accounts
Client Omnibus Segregation Accounts
Affiliated Agency position account
Affiliated agency collateral pool
RC/NCM positions
RC/NCM collateral pool
Margin requirement per A account
Margin requirement per RC/NCM
Margin requirement per RC/NCM
Margin requirement per RC/NCM
Client omnibus segregation accounts
Client omnibus segregation is available under the Elementary Clearing Model (ECM) or the Net Omnibus Model (NOCM), which offers UK CM’s the ability to comply with CASS. The omnibus models offer net or gross margining at a client level.
Net omnibus segregation is available through Agency position accounts. The ECM allows separation of positions into A1 and six further position accounts (A2-A7). CM’s for example may wish to separate affiliate positions. The ECM has one collateral pool. The NOCM relies upon the same operational and functional infrastructure but segregates positions and collateral in compliance with the CASS rules. NOCM positions are segregated into A9, which has a segregated collateral pool.
Gross omnibus segregation is available by disclosing the client to Eurex Clearing. Each disclosed client (RC or NCM) has their own position account and is therefore effectively gross margined.
Each position account is held on a gross position keeping basis and is net initial margined.
Legal agreements
Eurex Clearing has no documentation requirements for Agency clients.
Disclosed clients are required to sign a tripartite agreement to register with Eurex Clearing (Appendices 2 & 8)
Collateral pools
CSD accounts
Margin requirement per position account or RC/NCM
Margin requirement per A account
37
Position accounts
MR
Margin requirement per RC/NCM
ECM collateral account (asset or value based)
NOCM collateral account
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In addition to the standard client omnibus segregation accounts, Clearing Members can also offer multiple client omnibus segregation accounts under the ECM (and the NOCM in due course). Each multiple client omnibus segregation pool must have more than one client in the pool and the Clearing Member can allow Agency net omnibus pools or disclosed client pools. Additional Agency pools would utilise the A2-7 accounts. There is no limit on the number of disclosed clients per multiple client omnibus segregation pools. This model may be attractive to buy side firms or clients who are happy to share risk mutualisation within their group. NOCM multiple client omnibus segregation accounts would be made available when the proposed multiple client money rules are implemented by the FCA. Currently, Eurex Clearing will allow ten additional multiple client omnibus segregated pools. Each position account is held on a gross position keeping basis and is net initial margined. Legal agreements Eurex Clearing has no documentation requirements for Agency clients. Disclosed clients are required to sign a tripartite agreement to register with Eurex Clearing (due for publication in June 2014)
Multiple client omnibus segregation accounts (target launch date, 1 July 2014)
RC/NCM (xn) collateral pool
Affiliated agency collateral pool
Margin requirement per RC/NCM
Multiple omnibus segregated collateral account
(asset tagging available per pool)
Clearing Member
Multiple Client Omnibus Segregation Accounts
RC/NCM positions
RC/NCM positions
Affiliated Agency position account
Margin requirement per RC/NCM
Margin requirement per A account
38
Collateral pools
CSD accounts
Position accounts
MR
NCM – Non-Clearing Member RC – Registered Customer
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Client individual segregation accounts
ICM ensures maximum portability through individual position and collateral accounts
CM collateral account for NCM1
NCM1
NCM
Eurex Clearing
CSD/Cnt B
MR P1
MR A1
RC dedicated collateral under CMs account structure
RC
Margin calc.
Collateral
Accounts
Positions
RC
A1
•Positions are held on segregated NCM/RC position accounts at the CCP level
•Positions kept on gross basis
•The margin requirement of an NCM/RC is covered by a dedicated collateral pool, which only holds collateral for the purpose of this NCM/RC
P1
P1
A1
MR P1
MR A1
ICM for Registered Customers/ Non-Clearing Members
Dedicated segregated collateral pool
to cover MR of RC
•Collateral is segregated from the proprietary collateral of the CM and all other clients
•The securities collateral account is a sub-account of the CM and is clearly labelled: a) to hold collateral for the coverage of the segregated NCM/RC related transactions and b) that the ownership is with Eurex Clearing
•Cash collateral is paid from the account of the CM with an identifier indicating the respective NCM/RC
Collateral pool to cover MR of NCM1
ICM for Funds
MR
F1
FM
Fund ZZ
MR
F2
MR
ZZ
F1*
…
…
ZZ
Seg
Pool
F1
Seg
Pool
F2
Seg
Pool
F2
CM Collateral Account for segregated Fund Managers/KAGs (F1, F2,… FZZ)
•The Fund Manager acts as a technical RC umbrella for all its funds allowing aggregated reporting of individually segregated accounts
•Unlimited number of accounts
•Complete flexibility in setting up the account names
•MR is calculated separately for every position account
•One collateral pool at single fund/segment level (i.e. individual position account level)
•Securities collateral is kept in the same sub-account but is individually segregated at single fund/segment level at Eurex Clearing.
•Cash collateral is paid from the account of the CM. A unique reference is displayed in the reports indicating the respective client.
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June 2014
Eurex Clearing Documentation (ECD)
Your own documentation
Market Standard Client Clearing Documentation (CCD)
Any additional documentation can be used
(e.g. CRV, FOA, ISDA, proprietary)
Clearing Rahmenverein- barung (CRV)
ISDA/FOA Client Clearing Addendum
FOA Client Clearing Module
Proprietary Clearing Member Documentation
available
available
available
to be created by CM, potentially based on Market Standard Client Clearing Documentation
available
available
Clearing Agreement (ECD)
Participation Agreement (CCD)
Eurex Annex Terms
available
Eurex Annex Terms
Eurex Annex Terms
CRV Opinion
available
ISDA/FOA opinion
available
FOA opinion
available
Proprietary opinion
for CM CRR purposes
Ready for on-boarding
Ready for on-boarding
Ready for on-boarding
3
2
1
available
ECAG Netting Opinion
available
Ready for on- boarding
available
available
Client Clearing Documentation – what is needed to get started
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Jurisdiction fund forms
Jurisdiction fund segments
…in combination with CM from
Mutual fund company (CC), unit trust (CUT) and limited partnership (LP) operating in compliance with the Mutual Fund Law (2013 Revision) of Cayman Islands
Investment Gesellschaft mit variablem Kapital (Swiss SICAV) oder mit festem Kapital (Swiss SICAF), vertraglicher Anlagefonds (CF), Kommanditgesellschaft für kollektive Kapitalanlagen (SCPC)
Open-Ended Investment Companies (OEIC), Authorised Unit Trust (AUT)
x
fonds communs de placement (FCP), sociétés d’investissement à capital variable (French SICAV)
Sondervermögen within the meaning of the Investmentgesetz (InvG)/ Kapitalanlagengesetz (KAGB) managed by a KAG/KVG
Common Contractual Fund (CCF), Unit Trust (UT), Investment Company (IC), Investment Limited Partnership (ILP)
fonds commune de placement (FCP) , société en commandite spéciale (SCP), sociétés d’investissement à capital variable (Lux SICAV) or à capital fixe (Lux SICAF)
Issuer country
EN/
WA
FR
GER
IE
LU
* No exchange traded products for Germany
*
BE
FIN
EN/
WA
ES
AT
DK
FR
IE
GER
GR
IT
LU
SC
ML
NL
PO
S
CI
CH
1. ICM jurisdictions for RC’s and Investment Funds
The ICM is available for all RC’s and Funds in the EEA and for fund segments as below:
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Eurex Clearing offers a variety of services to guarantee an optimal usage of provided collateral
•Flexibility, due to broad range of eligible collateral
–CMs can satisfy margin and Clearing Fund requirements by depositing cash and/or security collateral
–Eurex Clearing sets the industry standard and accepts approximately 30,000 instruments based on liquidity categories of European Central Bank eligible asset database as well as Swiss National Bank and accepts cash collateral in multiple currencies
–Eurex Clearing stipulates and publishes an admissible securities list on a daily basis*
–Eligible securities are validated on a daily basis
•Transparency, due to comprehensive reporting
–Collateral processing takes place in a straightforward manner with transparency for CMs and their customers through intraday reports and monitoring functionalities (online processing, real time update of collateral balances)
•Safety, due to the highest protection for positions and collateral
–Eurex Clearing ensures the highest level of protection for clients by providing asset segregation and near-time portability in line with regulatory requirements
•Efficiency, due to
–Timely validation of collateral and margin requirements: Eurex Clearing’s margin requirements are balanced against the collateral deposited by CMs intraday or on a day-to-day basis, as well as through the reuse of GC Pooling® Basket Collateral **
–Efficient cash handling: the permanent cash balance (PCB) service offers an improved cash handling to reduce operational effort and cash balances to a minimum
–Efficient processing: via Xemac***, CMs have the opportunity to manage collateral in real-time and to deposit and release securities online
* The full list of eligible collateral can be found under http://www.eurexchange.com/exchange-en/market-data/clearing-data/risk-parameters/
** Presentation “Reuse GCP Collateral for Eurex Margining” is published under http://www.eurexclearing.com/blob/clearing-en/46792/149090/2/data/reuse_gcp_service_description.pdf *** Xemac is the collateral management system of Clearstream Banking Frankfurt providing Global Securities Financing services
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Clearing Members are able to provide collateral through a number of standardized interfaces
•CMs are required to have at least access to a cash account in one of the selected clearing currencies
–Central bank EUR account (TARGET2)
–SNB CHF account
•CM must also have a USD cash account for margin calls outside of TARGET2 and SNB hours
•A GBP account is only required if a CM intends to support clearing of GBP underlying products
•CM can open accounts at Clearstream Banking AG Frankfurt (CBF) and/ or SegaInterSettle AG Zurich (SIS) and or Clearstream Banking Luxembourg (CBL)
•Only CBF/CBF-I have been approved as settlement location for ICM
Clearing Member
Securities Collateral Locations
GBP Payment Banks6
SNB – CHF4
USD Payment Banks5
Central Bank
in TARGET 2 - EUR
SIS1
Standardized
Interfaces
Eurex Clearing Collateral Module
Provision of cash collateral through the correspondent banks
Provision of securities collateral through the collateral locations
Cash Collateral Locations
CBF2
CBL3
1 SIX SIS (formerly SIS SegaInterSettle AG)
2 Clearstream Banking Frankfurt 3 Clearstream Banking Luxembourg
4 Schweizerische Nationalbank
5 The following payment banks are admitted for U.S. dollar (USD): Bank of America, Citibank N.A., Deutsche Bank Trust Company Americas (DBTCA), HSBC Bank USA N.A., JP Morgan Chase N.A
6 The following payment banks are admitted for British pound (GBP): Barclays plc, Citibank N.A. (London branch), Deutsche Bank AG (London branch), JP Morgan Chase N.A., HSBC Bank plc, Royal Bank of Scotland plc
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Eurex Clearing offers a variety of services to guarantee optimal usage of provided collateral
Fixed income in EUR
Fixed income in CHF
Equities
ECB eligible marketable assets
ECB liquidity classes I-IV
Swiss National Bank (SNB) Repo eligible
EUR-denominated
DAX®, EURO STOXX 50® constituents
DAX® Ex products, iShares EURO STOXX 50
Other stocks as announced by ECAG
Exchange listing and price (except bills)
Exchange listing and price
CHF-denominated
SMI constituents
XMTCH on SMI products
Other stocks as announced by ECAG
Types of securities
•Government and short term issues (Bubills) bonds
•State issues
•City and municipality bonds
•State agencies
•Corporates and other bonds
•Bank bonds
Types of securities
•Federal bonds and bills (GMBF), loan obligations
•Kantonal obligations, bonds, bills (GMBF)
•City and municipality bonds
•State agencies
•Corporates and other bonds
•Bank bonds, mortgage bonds (Pfandbriefzentralen), no ABS
Fixed Income in foreign currencies
Cash
Other
Government Bonds in USD, GBP, DKK, NOK, SEK, AUD, CAD, JPY
EUR, GBP, USD, CHF
Xetra Gold Certificates denominated in EUR
Exchange listing and price
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GC Pooling − take advantage of secured funding
•GC Pooling Market has become the benchmark of electronic trading for secured funding transactions in Europe.
•The GC Pooling Market ensures straight-through processing with automated connectivity to Eurex Clearing AG as central counterparty and the settlement organization Clearstream Banking.
•Easily trade extremely large tickets and have deals seamlessly completed and then processed automatically without any issues over credit or security allocation.
•The GC Pooling market provides real-time substitution of securities through the cash taker and creates one virtual collateral pool, by linking CBL and CBF assets.
•Re-use of received collateral for the Eurex Clearing margining process allowing participants to use GC Pooling collateral to fulfil their overall Eurex Clearing margin obligations.
•Re-use of received collateral to pledge to ECB / Bundesbank and refinance within the framework of European Central Bank open market operations*.
Attributes and benefits
Benefits of GC Pooling
* Provided the bank has a German banking license
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Reuse of GC Pooling® collateral for margining
Increase the efficiency of your collateral
What is reuse?
How to reuse GC Pooling® collateral?
What are the Member benefits?
•In light of the increasing demand for collateral, efficient usage of collateral is becoming increasingly important.
•Therefore, Eurex Clearing accepts reuse of collateral which has been received from GC Pooling cash provider activities across all GC Pooling® Baskets1) covering the margin requirement from Clearstream Banking Frankfurt (CBF) and Clearstream Banking Luxemburg clients (CBL).
•German clients acting as cash providers utilize the CBF collateral management system Xemac for the reuse facility.
•For international clients using the collateral management service CmaX®, CBL acts as an agent on behalf of the Clearing Member to allocate reuse collateral via Clearstream Banking Frankfurt to Eurex Clearing.
•The Reuse of GC Pooling collateral brings benefits by:
–reducing margin collateral funding cost.
–increasing the trading flexibility of own securities.
–reducing the operational effort to manage collateral substitutions.
–mobilizing less flexible security pools.
–lowering securities handling fee (initially set to zero to encourage the reuse).
1) Eligible GC Pooling Baskets are: GC Pooling ECB Basket, GC Pooling ECB EXTended Basket, GC Pooling Equity Basket
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Reuse of GC Pooling® collateral for Eurex Clearing margins
Claim based allocation and automatic substitution of basket securities
•The cash provider gives cash – EUR or USD – in turn for collateral in scope of the respective GC Pooling® Basket
•The cash taker collateralizes the cash amount with eligible securities and receives the cash amount in return
•The transaction is processed anonymously via Eurex Clearing
•Once the respective reuse contract for Eurex Clearing margining is concluded, the “transferred” collateral is automatically allocated
•CBL acts as an agent on behalf of the CBL serviced Clearing Members using CmaX® to allocate reuse collateral via Clearstream Banking Frankfurt (Xemac®) to Eurex Clearing
•Once a repo reaches the term leg settlement date, the allocated “transferred” securities will be automatically substituted by other “transferred” securities, if sufficiently available in Xemac®/CmaX® to ensure settlement of the GC Pooling® transactions in due time
•Alternatively the Reuse amount should be reduced in time and replaced by other eligible collateral
Reuse
Automatic
substitution
GCP
front leg
Eurex
Clearing
Margining
Xemac®
Pool
Cash
CCP Clearing & Settlement
A
Cash provider
B
Cash taker
Collateral
Cash
Collateral
Cash
Collateral
Cash
Collateral
Settlement
Front Leg
Purchase Date
Term Leg
Repurchase Date
Collateral
Collateral
48
50. www.eurexclearing.com
EurexOTC Clear IRS
June 2014
Market Participant
Name
Phone
Email
ABN Amro
Alexander Jacobs
+31 20 343 5137
Alexander.jacobs@nl.abnamro.com
Banca IMI
Katia Pellegrini
+390272612821
Katia.Pellegrini@bancaimi.com
Fabio Frigerio
+390272615695
Fabio.Frigerio@Bancaimi.com
Massimo Sinisi
+390272615375
Massimo.Sinisi@Bancaimi.com
Bank Of America / Merrill Lynch
Samantha Page
+44 (0)20 7995 3955
Samantha.page@baml.com
Richard Clark
+44 (0)20 7996 7100
richard.d.clark@baml.com
Oliver W Blower
+44 (0)20 7995 4253
oliver.w.blower@baml.com
Barclays
Stephen Li
+44 203 134 8748
Stephen.li@barclays.com
Ben Parker
+44 20 3555 0224
ben.parker@barclays.com
Basler Kantonalbank
Gerhard Hartsleben
+41 (0)61 2663 410
gerhard.hartsleben@bkb.ch
BayernLB
Bernhard Egger
+49-89-2171-24177
bernhard.egger@bayernlb.de
Berner Kantonalbank
Dorothea Piczak
+41 31 666 64 69
dorothea.piczak@bekb.ch
Fiona Thalmann
+41 31 666 64 32
fiona.thalmann@bekb.ch
BNP Paribas
Gavin Dixon
+44 (0)20 7595 8417
gavin.dixon@uk.bnpparibas.com
Sarah Walsh
+44 (0)20 7595 1270
sarah.a.walsh@uk.bnpparibas.com
Marco Baggioli
+44 20 7595 8618
marco.baggioli@uk.bnpparibas.com
EurexOTC Clearing Member contacts
50
51. www.eurexclearing.com
EurexOTC Clear IRS
June 2014
Deutsche Bank
Stephen Ingle
+44 (0)20 7545 8200
stephen.ingle@db.com
Jason Vitale
+44 20 7545 6358
Jason.Vitale@db.com
DZ BANK
Claus Schnee
+49 69 7447 4903
Claus.schnee@dzbank.de
Goldman Sachs
Richard Pape
+44 (0)20 7774 1075
richard.pape@gs.com
Stuart Connolly
+44 (0)20 7774 1191
stuart.connolly@gs.com
HSBC
Martin Taylor
+44 (0)20 7991 5001
martin.taylor@hsbcgroup.com
Neill Pattinson
+44 (0)20 7991 5661
neill.pattinson@hsbcib.com
Richard Ingram
+44 (0)20 7991 9271
richard.ingram@hsbcib.com
Market Participant
Name
Phone
Email
Citigroup
Silas Findley
+44 20 3569 4171
silas.j.findley@citi.com
John Frewin
+44 (0) 20 7986 0573
john.frewin@citi.com
Commerzbank
Nick Chaudhry
+44 (0)20 7475 2510
nicholas.chaudhry@commerzbank.com
Eugene Stanfield
+44 (0)20 7475 4828
eugene.stanfield@commerzbank.com
Stuart Abrahams
+44 (0)20 7475 7811
stuart.abrahams@commerzbank.com
Credit Suisse
Neil Burke (US)
+1 212 538 0761
neil.burke@credit-suisse.com
Steve Plestis (Europe)
+44 (0)20 7888 3053
stephen.plestis@credit-suisse.com
Daniel Harding
+44 20 7888 2131
daniel.harding@credit-suisse.com
Yves Marcel (Asia)
+65 6 212 2055
yves.marcel@credit-suisse.com
EurexOTC Clearing Member contacts
51
52. www.eurexclearing.com
EurexOTC Clear IRS
June 2014
Market Participant
Name
Phone
Email
JP Morgan
Brian Oliver (Europe)
+44 207 134 8627
brian.r.oliver@jpmorgan.com
Thomas Alterson (US)
+1 212 622 0335
thomas.p.alterson@jpmorgan.com
Jonathan Caldwell (Asia)
+61 (2) 9220 1411
jonathan.caldwell@jpmorgan.com
KAS Bank
Raymond Van Putten
+31 20 557 2060
raymond.van.putten@kasbank.com
Morgan Stanley
Andrew Ross
+44 (0)20 7677 7865
andrew.ross@morganstanley.com
Mark Bortnik
+44 (0)20 7425 8465
Mark.Bortnik@morganstanley.com
Owain Roberts
+44 (0)20 7425 8465
Owain.Roberts@morganstanley.com
National Bank of Greece SA
Ekaterini Manoli
+30 210 332 8766
emano@nbg.gr
Newedge
John Wilson
+ 44 20 7676 8913
john.d.wilson@newedge.com
Laetitia Teuber
+33 (0) 1 5507 2407
laetitia.teuber@newedge.com
Will Davies
+44 (0) 20 7550 2413
will.davies@newedge.com
Nomura
Mark Croxon
+44 (0)20 7102 7191
mark.croxon@nomura.com
Simon Weetman
+44 (0)20 7102 2334
simon.weetman@nomura.com
Michael Schneider
+1 212 436 8009
Michael.Schneider1@nomura.com
EurexOTC Clearing Member contacts
52
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EurexOTC Clear IRS
June 2014
Market Participant
Name
Phone
Email
Rabobank
Sytse Dotinga
+31 30 7123469
sytse.dotinga@rabobank.com
Raiffeisen
Patrick Chalverat
+41 44 226 73 99
patrick.chalverat@raiffeisen.ch
Royal Bank of Scotland
Phil Hermon (EMEA)
+44 20 7678 6865
phil.hermon@rbs.com
Fred Matt
+44 20 7085 1520
fred.matt@rbs.com
Madlen Dorosh (US)
+1 20 3897 9869
madlen.dorosh@rbs.com
Societe Generale
Mohamed Braham
+44 (0)20 7676 7805
mohamed.braham@sgcib.com
Ian Morgan
+44 (0)20 7676 7889
ian.morgan@sgcib.com
Philippe de Brossard
+33 1 58 98 26 03
Philippe.de-brossard@sgcib.com
Edouard Knipillaire
+33 1 58 98 02 69
Edouard.knipillaire@scgibcom
UBS Investment Bank
Marco Stano
+41 (0)44 239 1899
marco.stano@ubs.com
Antonietta Toro
+44 (0)20 7567 2102
antonietta.toro@ubs.com
Mike Jansen
+65 6495 3862
michael.jansen@ubs.com
Scott Alpaugh
+1 212 713 2549
scott.alpaugh@ubs.com
Zurcher Kantonalbank
Reto Ziltener
+41 44 293 60 96
reto.ziltener@zkb.com
EurexOTC Clearing Member contacts
53
54. www.eurexclearing.com
EurexOTC Clear IRS
June 2014
Eurex Clearing Business Development
Head of Section
Risk management
Client Asset Protection
Jens Quiram
T +44 (0) 20 7862 7268
M +44 (0) 755 726 7009
E jens.quiram@eurexclearing.com
Alexander Rose
T +49 69 211 14975
E alexander.rose@eurexclearing.com
Beth Jones-Williams
T +44 (0) 20 7862 7277
M +44 (0) 788 131 4590
E beth.jones-williams@eurexclearing.com
OTC IRS
Collateral management
Bonds and repos
Eva Barber
T +44 (0) 20 7862 7267
M +44 (0) 786 739 3423
E eva.barber@eurexclearing.com
Ferdina Yarzada
T +49 (0) 692 111 4162
M +49 (0) 172 191 3718
E ferdina.yarzada@eurexclearing.com
Maximilian Dannheimer
T +44 (0) 20 7862 7640
M +44 (0) 755 117 0286
E maximilian.dannheimer@eurexclearing.com
Exchange traded derivatives
Client Asset Protection
Equity
Cameron Teague
T +44 (0) 20 7862 7233
M +44 (0) 786 739 2557
E cameron.teague@eurexclearing.com
Richard Wilding
T +44 (0) 20 7862 7279
M +44 (0) 782 414 2703
E richard.wilding@eurexclearing.com
Krasimira Rayanova
T +49 (0) 692 111 3021
M +44 (0) 172 106 3380
E krasimira.rayanova@eurexclearing.com
Contacts at Eurex Clearing
Business support
Business support
Product development
Momcilo Stanic
T +44 (0) 20 7862 7641
E Momcilo.stanic@eurexclearing.com
Charmaine Newman
T +44 (0) 20 7862 7276
M +44 (0) 787 688 3616
E charmaine.newman@eurexclearing.com
Danny Chart
T +44 (0) 20 7862 7257
M +44 (0) 755 117 3524
E danny.chart@eurexclearing.com
54
55. www.eurexclearing.com
EurexOTC Clear IRS
June 2014
Eurex Clearing Sales & Relationship
Head of Section
UK + Netherlands – Buy side
UK – Sell side
Philip Simons
T +44 (0) 20 7862 7239
M +44 (0) 782 414 1618
E philip.simons@eurexclearing.com
Ricky Maloney
T +44 (0) 20 7862 7612
M +44 (0) 755 117 1212
E ricky.maloney@eurexclearing.com
Byron Baldwin
T +44 (0) 20 7862 7266
M +44 (0) 788 465 5089
E byron.baldwin@eurexchange.com
Client solutions
France, Luxembourg + Belgium
Business support
Afriyie Ola Dimeji
T +44 (0) 20 7862 7218
M +44 (0) 782 724 0086
E afriyie.ola.dimeji@eurexclearing.com
Florence Besnier
T +33 (0) 1 55 27 67 70
M +33 (0) 6 10 32 74 20
E florence.besnier@eurexclearing.com
Charmaine Newman
T +44 (0) 20 7862 7276
M +44 (0) 787 688 3616
E charmaine.newman@eurexclearing.com
Germany + Austria
Scandinavia
Securities lending
Andreas Stadelmaier
T +49 (0) 692 111 3859
M +49 (0) 172 614 7753
E andreas.stadelmaier@eurexclearing.com
Deborah Garlick
T +44 (0) 20 7862 7217
M +44 (0) 781 851 2101
E Deborah.garlick@eurexchange.com
Gerard Denham
T +44 (0) 20 7862 7634
M +44 (0) 787 688 5276
E gerard.denham@eurexclearing.com
Contacts at Eurex Clearing
55