Calypso and AcadiaSoft partner over UMR compliance
10 July 2020 San Francisco
Image: Rawpixel/Shutterstock
Calypso Technology has partnered with AcadiaSoft to provide an interface to Initial Margin Exposure Manager (IMEM), its initial margin calculator and reconciliation platform.
AcadiaSoft’s IMEM will operate within Calypso’s Uncleared Margin Rules (UMR) solution, which when completed will offer a fully integrated UMR system allowing phase 5 and 6 firms to minimise operational risk and reduce total cost of ownership.
IMEM is an end-to-end solution for calculation and reconciliation of regulatory initial margin and is utilised by all in-scope firms in phases 1 to 4.
The UMR initial margin requirements seek to establish international standards for non-centrally cleared derivatives. Asset managers, pension funds and insurance companies are scheduled to come in-scope of UMR based on their volume thresholds either with phase 5 on 1 September 2021 or phase 6 on 1 September 2022.
Mayank Shah, chief of strategy and alliances at Calypso, commented: “Calypso is aware of the pressure facing financial institutions from the constantly changing regulatory requirements – a pressure that has been further exacerbated for firms coming in-scope in phases 5 and 6 of UMR by the current COVID-19 pandemic.”
“We are fully committed to helping these firms to meet compliance requirements. With this agreement, we are adding an interface to the AcadiaSoft IMEM market-standard reconciliation platform that will enable firms to standardise the margin calculation and verification process and resolve disputes, while maximising straight-through processing.”
Fred Dassori, chief product officer at AcadiaSoft, added, “Industry collaboration is paramount as we move towards the final UMR phases. Our continued partnership with Calypso will give phase 5 and 6 firms that are Calypso clients direct access to IMEM, providing an end-to-end solution for UMR compliance that minimises cost and reduces operational risk.”
At the start of June, AcadiaSoft carried out an industry-wide soft launch
to help phase 5 firms stay on track for Uncleared Margin Rules (UMR) compliance ahead of the extended 2021 deadline.
AcadiaSoft’s programme was designed to enable phase 5 firms to continue on their current development timelines for IM exposure calculation and testing.
AcadiaSoft’s IMEM will operate within Calypso’s Uncleared Margin Rules (UMR) solution, which when completed will offer a fully integrated UMR system allowing phase 5 and 6 firms to minimise operational risk and reduce total cost of ownership.
IMEM is an end-to-end solution for calculation and reconciliation of regulatory initial margin and is utilised by all in-scope firms in phases 1 to 4.
The UMR initial margin requirements seek to establish international standards for non-centrally cleared derivatives. Asset managers, pension funds and insurance companies are scheduled to come in-scope of UMR based on their volume thresholds either with phase 5 on 1 September 2021 or phase 6 on 1 September 2022.
Mayank Shah, chief of strategy and alliances at Calypso, commented: “Calypso is aware of the pressure facing financial institutions from the constantly changing regulatory requirements – a pressure that has been further exacerbated for firms coming in-scope in phases 5 and 6 of UMR by the current COVID-19 pandemic.”
“We are fully committed to helping these firms to meet compliance requirements. With this agreement, we are adding an interface to the AcadiaSoft IMEM market-standard reconciliation platform that will enable firms to standardise the margin calculation and verification process and resolve disputes, while maximising straight-through processing.”
Fred Dassori, chief product officer at AcadiaSoft, added, “Industry collaboration is paramount as we move towards the final UMR phases. Our continued partnership with Calypso will give phase 5 and 6 firms that are Calypso clients direct access to IMEM, providing an end-to-end solution for UMR compliance that minimises cost and reduces operational risk.”
At the start of June, AcadiaSoft carried out an industry-wide soft launch
to help phase 5 firms stay on track for Uncleared Margin Rules (UMR) compliance ahead of the extended 2021 deadline.
AcadiaSoft’s programme was designed to enable phase 5 firms to continue on their current development timelines for IM exposure calculation and testing.
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