pa|THE platform Our platform provides an analytics backbone from pre-trade to end-of-day Calculate any margin on any asset - cleared, uncleared, OTC or ETD Analyze drivers and movement in your margin exposure Reduce your IM levelsour advanced algorithms Calculate any margin on any asset - cleared, uncleared, OTC or ETDyour margin exposure reduce your IM levels and maximise margin efficiency with our advanced algorithms Certified Secure ISO 27001 Certificate Number 18945 ISO 27001 Recognition and Awards Headlines Why Cassini? Outstanding DOMAIN Expertise Founded and led by a team with deep expertise in the OTC and ETD markets. integration ACROSS the industry Our services are available via our partners, within your own systems environment, or cloud delivered. services across the TRADE lifecycle Our services empower the front office, middle office, operations and compliance, through the daily work cycle. complete asset class coverage Our services handle cleared and uncleared OTC derivatives and exchange traded derivatives at 90 exchanges. Keep up-to-date Subscribe to our newsletter for Cassini updates and industry insights. Please tick the consent field otherwise we won't be able to send you emails. You can unsubscribe at any time.

h1|MARGIN ANALYTICS
h3|cassini analytics available via FINTECH FOCUS TV: With Liam Huxley, CEO and Founder at Cassini Systems Regulations, Volatility, and Cost Pressures in 2021 Effective AANA management can move firms outside scope of UMR
h5|Your Role? Your Challenges? Your Role? Your Challenges?
sp|HomeDownload guide here Learn more here Find out more Get in Touch March 31, 2021 March 30, 2021 February 17, 2021 This website uses cookies to improve your experience. Please note not Accepting may prevent you from using our website.
pa|Get in touch with one of our experts Click below and learn how Cassini can benefit you and your firm.

h1|what is your role?
sp|Home RolesFront Office Middle Office Operations Compliance Get in Touch
pa|The Cassini products provide solutions throughout the trade lifecycle for multiple teams. Our products are integrated, and can be used individually. The products can be integrated into your own systems, or delivered by Cassini on your behalf.

h1|explore our Products
sp|Home ProductsMargin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|Common questions and answers Keep up-to-date Subscribe to our newsletter for Cassini updates and industry insights. Please tick the consent field otherwise we won't be able to send you emails. You can unsubscribe at any time.
di|The main data feeds that Cassini requires are the current live portfolios as held at each broker/CCP or bi-lateral counterparty. In addition best results are achieved if Cassini is also supplied with the current pool of available collateral inventory. Cassini is a tool for your firm to use in improving its analytics. Every broker and CCP agreement is proprietary to you and the broker, so once you sign up to Cassini you then set up the terms of your agreements using our online maintenance screens. Our implementation consultants are also available to assist you in extracting all the terms and limits from the agreements and setting up the Cassini rules appropriately. Yes. The Cassini Limits engine is a very powerful and flexible rules engine and you can configure almost any type of limit rule against any position or trade value. Limits are configured in Cassini using our maintenance screens and new Limits can be added on the fly as required. Cassini plugs into the APIs published by the CCPs in order to get indicative intra-day Initial Margin numbers. Cassini reviews the available collateral and the defined cost of funding for each line of collateral whether cash or non-cash. These funding rules and rates are all configured for each firm as part of the on-boarding process. It is this cost that is used by Cassini to determine the cheapest to deliver collateral for each set of proposed trades. Collateral pool management can vary from firm to firm so as part of our on-boarding process we analyse the existing collateral data flows and where are the best points for Cassini to plug in. In general though, Cassini can take a feed of available collateral from one or multiple sources and update that inventory intra-day as the pool changes. Yes. What-if trades can be manually entered into the system, or loaded via an API or a spreadsheet upload. Cassini is not an execution platform but can submit orders to the existing execution flow. Cassini supports all kinds of rules defining trading limits and restrictions as part of its limits engine. The specific rules for each firm are configured as part of the on-boarding process. 
h1|frequently asked questions
sp|Home Home FAQ▸ What data do we need to supply? ▸ How does Cassini know the broker margin terms? ▸ Can I set up my own internal limit checks? ▸ How does Cassini get the CCP margin models? ▸ How does Cassini decide what Collateral to recommend? ▸ How does Cassini handle one collateral pool but multiple trading books selecting from it? ▸ Can I load in what if trades from a model held outside of Cassini? ▸ Can I execute proposed trades from Cassini? ▸ How does Cassini know what I am allowed to trade when recommending? Get in Touch
pa|Get in touch with one of our experts Click below and learn how Cassini can benefit you and your firm.

h1|challenges
sp|Home ChallengesISDA SIMM™ & UMR Best Execution / Lower Portfolio Drag Margin Optimization and What If Margin Efficiency & Attribution Trade Routing Clearing Costs Get in Touch
pa|EXPERIENCED INNOVATORS The founders of Cassini have extensive experience building successful and innovative businesses in the software and digital arenas. FORWARD THINKING Our approach to software has always started with the question ‘what will be needed next?’. We AWARD WINNERS The Cassini solution represents a number of innovative services which have been designed to solve new and increasing challenges for our customers. We have several industry awards, and plan to keep on going! PROBLEM SOLVERS Time and again, we have been told “it can’t be done” only to create new ways of applying intelligence to the financial software area. As the market develops. we will always be leading the way in finding new solutions to your business challenges. CUSTOMER SUPPORT The Cassini team believe in partnering with our customers. It turns out Giovanni Cassini was an all round engineer and mathematician, and a giant of scientific and particularly astronomical history. Highlights of his life include discovering and defining the rings of Saturn, defining a branch of mathematics known as Cassini Curves, and creating a true topographic map of France. The Cassini logo is, indeed, inspired by the Cassini Curves! For more information . Liam ran investment banking development groups in both the UK and the US before co-founding Syncova which developed the market leading platform for Hedge Fund portfolio margin and financing - providing calculation & optimisation for both Prime Brokers and Hedge Funds. Syncova was acquired by Advent Software in 2011. Liam then founded Cassini with a forward looking concept of providing the buy side with full modeling of all the new costs and constraints created by clearing and related regulations, to allow more efficient trading and portfolio management. He is currently CEO at Cassini Systems. Marc has a 25 year track record in the financial services & technology sectors. He has held a number of roles at various companies within the financial industry, including ITRS Group PLC, Omgeo (a DTCC company) and Misys Risk Management. Samuel is Head of Americas, Cassini Systems. Hyman has over 15 years’ experience in the derivatives markets. He began his career at SupeDerivatives (now ICE Data Services) before moving on to a similar role at Bloomberg. Most recently, he worked in Sales Management at Nex -TriOptima (formerly ICAP). Samuel is situated in the firm's New York office. Keep up-to-date Subscribe to our newsletter for Cassini updates and industry insights. Please tick the consent field otherwise we won't be able to send you emails. You can unsubscribe at any time.
di|Cassini’s software services enhance front office trade decisions with visibility and analytics of post trade costs, and also provide post trade optimization and estimation tools for treasury and operations. The name Cassini first stuck in our imagination when we started the company because of the inspiring Cassini satellite which was at that time on its mission to explore Saturn and its moons to help us learn more about the second largest planet in our system. This satellite was sending back so much fascinating information, especially about Saturn and Enceladus, and we were intrigued to find out what the origin of Cassini’s name was. Thomas Griffiths has almost two decades worth of experience in the capital markets and financial technology sectors. Starting his career at ABN Amro bank in the early 2000s, Thomas has since held numerous senior management roles including head of Equity Exotics Trading at RBS and in business management at TriOptima. Most recently, Thomas contributed to TriOptima triCalculate’s successes in his role as co-CEO. Now, Thomas is Head of Product at Cassini Systems, and the primary driver of the Product vision; overseeing the development and management of the product's roadmap and creation of solutions that deliver value to both customers and business goals. 
h1|about cassini SYSTEMS
h5|Origin of the Name The Satellite The Man Our Team Liam Huxley Thomas Griffiths Marc Knaap Samuel Hyman
sp|Home Home About Cassini Systemsidentify industry needs and deliver solutions that only the most forward looking participants in the market have started to consider. This means we endevor to completely understand your problems in the aim to solve them. as well as your goals to help you move past the competition. Founder and CEO Head of Product Head of Business Development Head of Americas Get in Touch
pa|would like to invite you to a knowledge would like to invite you to a knowledge packed Derivatives breakfast briefing, with special guest speaker Jakob Roager Jensen, of Danmarks Nationalbank At this breakfast briefing, our experts will provide insight to the key challenges facing the market as well as highlight the potential solutions that have been designed to bring greater capital and operational efficiency to the shifting regulatory landscape. We look forward to seeing you there! Marco Knaap, Head of Business Development, Cassini Systems Jakob Roager Jensen, Senior Quantitative Risk Analyst, Danmarks Nationalbank Adam Husted, Co - Head of OTC IRD Partnership Program, Eurex Clearing Ricky Maloney, Global Head of Buy Side sales, Eurex Clearing Marco Knaap, Head of Business Development, Cassini Systems Bhas Nalabothula, Head of European Interest Rate Derivatives, Tradeweb Moderator: Adam Husted - Co - Head of OTC IRD Partnership Program, Eurex Clearing Panelists: Marco Knaap, Head of Business Development, Cassini Systems Mads Bøgh Arildsen-Walin, Business Developement Manager, Investor Services, Danske Bank Ricky Maloney, Global Head of Buy Side Sales, Eurex Clearing Bhas Nalabothula, Head of European Interest Rate Derivatives, Tradeweb We can’t ignore the fact that Initial Margin is driving an unprecedented level of transformation right now across the Uncleared derivatives industry… but what happens after Initial Margin Phase 6? Novotel, London West, London – UK U Marc Knaap, Head of Business Development Where: NH Grand Hotel Krasnapolsky, Amsterdam – The Netherlands The SimCorp International User Community Meeting (IUCM) is the largest and most diverse gathering of SimCorp Dimension users and partners anywhere. IUCM delivers an energizing program full of strategic and tactical insights to empower you and your organization. Where: Boston Park Plaza, Boston – USA Discover new and improved ways to leverage the Charles River Investment Management Solution (Charles River IMS) at this years Charles River 2019 Global Client Conference in Boston. It is the largest and most diverse gathering of CRD users and partners of the year. CRD and Cassini are partners and have formalized a business alliance to automate the calculation of margin estimates and provide advanced pre- and post-trade analytics in the Charles River IMS for OTC and exchange-traded derivatives. Where: CCIB, Barcelona – Spain Join the Cassini team at the leading buy side driven fixed income conference, attracting over 1000 leaders representing the ‘who is who’ from the full value chain; key regulators, buy side, sell side, trading platforms and technology partners. Where: Hilton Chicago, Chicago – USA Join Cassini and FIA for the 35th Annual Futures & Options Expo from October 29-31 in Chicago. With 4,000+ attendees, Expo 2019 gives you access to industry leaders and cutting-edge solutions for the global futures, options and centrally cleared derivatives community. Make new connections and find business solutions that can help you expand your business. Where: Dream Downtown, New York – USA With the September 2019 deadline of Phase 4 having just passed, the demand for optimal Collateral, Margining and Derivatives (CMD) operations could not be greater. In keeping with the overall theme of meeting crucial deadlines, Cassini will speak on a panel to assess where the industry is and all the steps and stages necessary for Phase 5 UMR compliance and what they need to do prepare, as well as how to be smart about their margin. Speaker: Liam Huxley, Founder and CEO

li|Which future industry trends can we expect to see across Collateral? How will they impact areas such Funding & Optimisation, Operations, Technology and Legal? What are the options going forwards to reduce the Collateral total cost of ownership (TCO)? How can we remove barriers between systems and teams? How are Vendors looking to support these future changes?
st|Location: Time: Cassini Systems, and speakers from Margin Tonic Location: Time: Cassini Systems, Danske Bank, Eurex Clearing, and Tradeweb and author of Danmarks Nationalbank analysis white paper, Our special guest speaker, Jakob Roager Jensen - of Danmarks Nationalbank, and author of 'Danmarks Nationalbank Pension Companies' analysis white paper - will discuss this analysis paper in-depth and answer any questions you may have. Fill out the form and save your seat today - spaces are limited. Registration Welcome remarks Guest speaker presentation 'Danish life and pensions' liquidity needs from Derivatives' Eurex Clearing update Presentation 'The Buy-side perspective – OTC Clearing' Presentation 'Uncleared Margin Rules and Benefits of Pre-Trade Analytics & Optimisation' Presentation 'Electronic Swaps Trading: Best Execution and Optimised Workflows' European Derivatives Landscape - Challenges and Solutions Q+A session with our panel of experts Coffee and networking Location: Time: Need a break from UMR? This is an essential event for practitioners in the Collateral space and related domains, especially within Uncleared derivatives. Suitable attendees include operations, optimisation, technology, settlement, xVA, risk management and legal. Location: Time: Location: Time: Société Générale, along with Cassini, Eurex and Tradeweb, invite you to a Derivatives Breakfast Briefing and round table discussion centered around The European Regulatory Landscape. Moderator Where: Panel Session: Speaker:
h1|events
h2|APAC Webinar: Control your margin and reduce the impact of market volatility Copenhagen Derivatives Breakfast Briefing: 'European Regulatory Landscape' Evolution of Collateral: Beyond UMR UMR deep-dive workshop - sponsored by Cassini and Simcorp A Société Générale Derivatives Breakfast Briefing: The European Regulatory Landscape Investops Europe 2019 - Sponsor and panelist SimCorp IUCM 2019 - Sponsor Charles River Global Client Conference 2019 - Sponsor Fixed Income Leaders Summit 2019 - Sponsor FIA Expo 2019 - Sponsor FTF CMD Ops 2019 - Sponsor and panelist
h4|FULL AGENDA
sp|Home Home EventsMay 6 2020 Online webinar 3:00pm - 4:00 pm AEST (Sydney time) Register and request your spot now packed webinar where our speakers will discuss the conditions in the current market driven by the COVID-19 pandemic, and how this is affecting margin on cleared and uncleared derivatives. We will present you real-world examples and feedback that Cassini has gathered from your buy side peers; laying out the consequences of this pandemic, but also the important steps the buy side have taken to control their margin during this volatile landscape. Registration and event details January 21 2020 08:00am - 10:30am Register and save your seat now Event Details February 6th 2020 08:00am - 11:00am Join us to understand the Evolution of Collateral : Beyond UMR. Sponsored by Margin Tonic, and co-sponsored by AcadiaSoft, BNY Mellon, Cassini Systems and CloudMargin. see full agenda and sign up to save your spot Event Details September 10th 2019 1:30 pm – 5 pm, followed by networking drinks at The Moncalm's 13th floor rooftop bar, The Aviary. Cassini and SimCorp invite you to participate in an industry forum of subject-matter experts who will share their experiences in rolling out uncleared margin rules (UMR) programs for in-scope firms. During this complementary workshop, we will explore the steps required to become compliant, discuss how to minimize capital impact, manage the USD 50 million threshold with counterparts, optimize funding and collateral costs, and how to run what-if-trades and implement backtesting. Guest speakers from Cassini Systems, SimCorp, Links Risk and Margin Tonic will provide a guide to effectively manage UMR and Standard Initial Margin Model (SIMM) in your organization. see full agenda and sign up to save your spot Event Details September 19th 2019 08:00 - 10:30am Agenda 8:00 – 8:30: Registration 8:30 – 8:40: Welcome Remarks Ross Prior, Head of Prime Brokerage & Clearing Sales, Nordic Region, Société Générale SA Bankfilial Sverige 8:40 – 8:50: Eurex Clearing Update Adam Husted, Co - Head of OTC IRD Partnership Program, Eurex Clearing 8:50 – 9:00: Presentation: The Buy-side perspective – OTC Clearing Rick Maloney, Global Head of Buy Side sales, Eurex Clearing 9:00 – 9:10: Presentation: Uncleared Margin Rules and Benefits of Pre-Trade Analytics & Optimisation Marco Knapp, Head of Business Development, Cassini Systems 9:10 – 9:20: Presentation: Electronic Swaps Trading: Best Execution and Optimised Workflows Bhas Nalabothula, Head of European Interest Rate Derivatives, Tradeweb 9:20 – 10:00: Panel discussion: European Derivatives Landscape – Challenges and Solutions : Adam Husted, Co - Head of OTC IRD Partnership Program, Eurex Clearing Panellists: Jamie Gavin, Head of OTC Prime Brokerage & Clearing, Societe Generale Marco Knapp, Head of Business Development, Cassini Systems Rick Maloney, Global Head of Buy Side sales, Eurex Clearing Bhas Nalabothula, Head of European Interest Rate Derivatives, Tradeweb 10:00-10:15: Questions & Answers session with our panel of experts 10:15 onwards: Coffee & Networking see full agenda and sign up to save your spot Event Details September 17th - 19th 2019 MR and SIMM: Meeting the final phases of initial margin for non-cleared derivatives - How to embed these new processes into your investment operations Get in touch and meet us there Event Details September 23rd - 25th 2019 Get in touch and meet us there Event Details September 23rd - 26th 2019 Get in touch and meet us there Event Details October 7th - 9th 2019 Get in touch and meet us there Event Details October 29th - 31st 2019 Get in touch and meet us there Event Details November 20th 2019 Get in touch and meet us there Event Details
em|08:00 - 08:30 08:30 - 08:35 08:35 - 09:10 09:10 - 09:20 09:20 - 09:30 09:30 - 09:40 09:40 - 09:50 09:50 - 10:20 10:20 - 10:30 10:30 - Onwards
pa|Contact us Thomas Yasin EMEA Sales +44 20 7031 5730 info@cassinisystems.com Samuel Hyman Head of Americas + 1 646 443 6601 info@cassinisystems.com Greg Ballesty Product Specialist 3 Spring Street, Sydney, NSW, 2000
di|Northern & Shell Building 10 Lower Thames Street, London, EC3R 6AF 
h1|contact us
h2|UK Office US Office Australian Office
sp|Home Home ContactCall Email Call Email Call Email 275 Seventh Ave. 7th Floor New York, NY 10001 Call Email Product Email Sales Email
pa|Find your career at Cassini Cassini collaborate together to tackle complex challenges, motivate each other to work hard and always celebrate in the success we create as a whole. The team is fun, friendly and dynamic - and are always on the look-out for exceptional individuals to join our growing company - but above all… We're Curious. We're Innovative. We're Entrepreneurial. We’re always questioning, continuously innovative in our approach to problem-solving and never scared to take the risks needed to succeed and move ahead of the crowd. At Cassini, not only will you be able to kick start your career, but you’ll get the chance to work with the financial industry’s most talented individuals. As a fast-growing company - with offices in London (HQ), New York and Sydney - we look for enthusiastic people who are keen to stretch themselves and adapt to the change around them, as well as taking on new responsibilities rapidly when the needed arises. In all cases, career paths can be flexible based on your goals. Our current vacancies are shown below for both our London office and New York office. Please take note of the location of the vacancy before you apply. Based in: This new position is based at the Cassini Headquarters in London (Remote working until further notice). You will report to the Head of Product. Cassini is a small and growing company, so this role requires someone able to adapt and take on new responsibilities rapidly. You will have proven experience in working with OTC derivatives and preferably good working knowledge of Clearing and ETDs. You will understand Initial Margin requirements and how this impacts different types of trading – Cleared, Uncleared and Exchange Traded Derivatives. Based in: This position is based at the Cassini office in London (remote working until further notice). As Cassini is a small but growing company this role requires someone able to adapt and take on new responsibilities rapidly. You will report to the Head of Client Delivery. We envisage the ideal candidate to have a technical background and interest in the financial world, particularly capital markets. We offer the ability to gain an in depth knowledge of a deep and complex sector that will create great career opportunities. You will have prior experience in working on software implementation projects, communicating to external stakeholders and data oriented technical skills.. Based in: We are looking for QA Engineer with skills in coding, quality, and testing to join our team. Based at our London office, this person will report to the Head of QA. You will join the team of hands-on, pro-active, self-motivated, and seasoned QA professionals. You will have prior experience as QA Engineer, both manual testing and automated testing frameworks. You will have sufficient technical skills to assist with investigation of test defects. Software developer Based in: Junior Software developer Based in: This role presents a great chance to learn all about capital markets and derivative products, as well as end to end delivery of cutting-edge analytic technology. This role spans the space between our client facing team and core development team, creating tools which increase the accessibility of our analytics and mapping them to real-world use cases. Senior Software developer Based in: We're looking for proactive developers with a solid understanding of software systems, analytical minds and a passion for software development. Motivated not only to learn new things and work outside of their comfort zone, but who also have a good understanding of the basics and can deliver value from day one. Quantitative Developer Based in: Since we are a small but growing firm, our employees work on a wide variety of tasks so there are many opportunities to learn new skills and get involved in other parts of the business. Sales executive Based in:

li|Minimum 3 years of OTC Derivatives BA experience Proven ability to document business requirements and produce analysis reports Working knowledge of Windows, Unix and Linux Operating Systems Strong communication and analytical skills Understanding of the entire software development lifecycle Experience working with XML and XML schema, JSON and CSV file formats Experience working on Agile development Russel group university degree in a technical field (e.g. Data Analytics/Data Science, Finance, Computer Science, Engineering, Physics, or MIS). Min 2.1 or above Ability to interrogate and manipulate a relational database using SQL Ability to create and manipulate structured data Experience with scripting languages is an advantage Strong communication and analytical skills Proven ability to document system technical and data configurations for external consumption Experience defining, tracking and tracking implementation or similar projects 4+ years of QA testing experience with demonstrable and significant experience in Automation Experience with executing automation tests on CI/CD Experience in working with cloud-based environments (Preferably AWS) Strong experience in Automating frontend, backend and API testing Knowledge of Agile and ability to work in fast-paced environment Experience with tools such as Selenium, Cucumber/Gherkin, Rest Assured, Zephyr, GitLab, Experience with tools such as JIRA and the full lifecycle of user stories and testing Developing and maintaining APIs, integrations and ETL pipelines. Developing and maintaining analytic and calculation components. Ensuring standard patterns are adhered to and improving the quality of our codebases. Contributing to architecture, design, performance and scalability discussions. Min 2.1 university degree in a technical subject. 2+ years experience developing enterprise software systems. An analytical and inquisitive mindset. An understanding of distributed software systems. A proven ability to problem solve under pressure. Strong communication and teamwork skills. Python (SQLAlchemy, Flask, SciPy, NumPy, Jinja2) MySQL RabbitMQ Docker Linux AWS (EC2, S3, Serverless, Cloudformation) GitLab Elastic stack (Elasticsearch, Logstash, Kibana) Jira, Confluence Min 2.1 university degree in a technical subject. 2+ years experience developing enterprise software systems. An analytical and inquisitive mindset. An understanding of distributed software systems. A proven ability to problem solve under pressure. Strong communication and teamwork skills. Python (SQLAlchemy, Flask, SciPy, NumPy, Jinja2) MySQL RabbitMQ Docker Linux AWS (EC2, S3, Serverless, Cloudformation) GitLab Elastic stack (Elasticsearch, Logstash, Kibana) Jira, Confluence Min 2.1 Russell group university degree in a technical subject. 4+ years experience developing enterprise software systems. An analytical and inquisitive mindset. A strong understanding of distributed software systems. A proven ability to problem solve under pressure. Strong communication and teamwork skills. A desire to take on responsibility and make a difference. Python (SQLAlchemy, Flask, SciPy, Numpy, Jinja2) MySQL RabbitMQ Docker Linux AWS (EC2, S3, Serverless, Cloudformation) GitLab Elastic stack (Elasticsearch, Logstash, Kibana) Jira, Confluence Quant finance tools (Quantlib, ORE, FINCAD) Designing, prototyping and developing calculation components. Designing, prototyping and developing new optimization processes and analytics. Maintaining and improving existing calculation components and analytics. Min 2.1 Russell group university degree in a technical subject. 4+ years experience developing quantitative software systems. Excellent analytical and quantitative skills. A proven ability to problem solve under pressure. Strong communication and teamwork skills. A strong understanding of a range of financial derivative instruments. Experience working with risk, pricing, and valuation libraries / systems. An understanding of distributed software systems.
st|If you see a role below that is fit for you, then we would love to hear from you! Cassini is an equal opportunities employer and positively encourages applications from suitably qualified and eligible candidates regardless of sex, race, disability, age, sexual orientation, transgender status, religion or belief, marital status, or pregnancy and maternity. London Specific Experience / Skills Required London Specific Experience / Skills Required London Specific Experience / Skills Required London As a Software Developer, your primary responsibilities will include: We're looking for candidates who have: A successful candidate will have a strong understanding of at least some of the technologies we work with: London We're looking for candidates who have: A successful candidate will have a strong understanding of at least some of the technologies we work with: London We're looking for candidates who have: A successful candidate will have a strong understanding of at least some of the technologies we work with: London As a Quantitative Developer, your primary responsibilities will include: We're looking for candidates who have: New York Specific Experience / Skills Required
h1|careers
h2|product specialist Client Delivery Engineer QA Engineer
sp|Home Home Careersapply for this job View Our Candidate Privacy Policy apply for this job View Our Candidate Privacy Policy apply for this job View Our Candidate Privacy Policy apply for this job View Our Candidate Privacy Policy apply for this job View Our Candidate Privacy Policy apply for this job View Our Candidate Privacy Policy apply for this job View Our Candidate Privacy Policy This role covers the US and Canada. The role may involve occasional travel around the US and to the UK for company meetings etc. Key responsibilities will be prospect research, lead generation, and organizing sales meetings (both virtual and in person). Whilst the role will include the opportunity to assist in closing sales, the main focus is on generating new sales opportunities. Knowledge and experience of OTC derivatives and the trading lifecycle preferred, specifically Interest Rate, FX, and Credit products. Knowledge and experience in Capital Markets sales essential. Experience of technology sales and/or SaaS solutions. Ability to work independently and be self-directed. Bachelor’s degree in business, systems or similar discipline. Excellent oral and written communication skills as well as organizational skills. Proven ability to cold call and generate sales leads. Beneficial Experience with Margin, Collateral, and Financing functions. Experience with Front Office workflows and trading systems. Sales related experience with asset managers/hedge funds (the ‘buy-side’). Understanding of regulatory developments in the margin space (i.e. EMIR / Dodd Frank Act), especially central clearing for OTC products. apply for this job View Our Candidate Privacy Policy
pa|Get in touch with one of our experts Click below and learn how Cassini can benefit you and your firm.

st|Cassini integrates seamlessly with other systems and data sources used by our clients to ensure easy implementation and maximum usability
h1|integrations
h2|TRADEWEB SMARTSTREAM SIMCORP CHARLES RIVER DEVELOPMENT CLOUDMARGIN MARGIN REFORM CME SOFTEK REFORMIS OTCX LCH MarginTonic
sp|Home Home Partners. Cassini has also been chosen by a number of leading global software providers to be their strategic partner for OTC analytics solutions Cassini’s analytics in Tradeweb provide the buy-side with significant cost savings by using the optimal route for clearing or execution at the lowest margin impact. At the same time, clients achieve Best Execution (MiFID II) by taking into account all related post trade costs prior to executing. Learn More SmartStream’s TLM Collateral Management integrates Cassini’s analytics platform to provide complete SIMM calculations on OTC derivatives for clients affected by UMR. This gives TLM clients the ability to reduce counterparty disputes and operational costs, while having transparency over the SIMM components and underlying risk of the portfolio. Learn More Our integration with SimCorp Dimension allows seamless view of trading portfolios and access to Pre-Trade analytics. Learn More Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre- and post-trade analytics in the Charles River Investment Management Solution (Charles River IMS) for OTC and exchange-traded derivatives. Learn More The Cassini and CloudMargin platforms combine to offer a fully integrated front office to back office collateral analytics and workflow solution. Learn More Cassini has joined forces with Margin Reform to offer a packaged UMR Scoping and Planning Service to all buy-side participants effected by the regulations. The service will help firms better understand UMR impact and define their approach to implementation. Learn More Cassini offers the CME approved margin models for both OTC and ETDs globally in an integrated and seamless workflow. Learn More Our partnership with Softek allows clients to access Softek’s house margin policies to accurately assess their Pre-Trade risk, collateral and potential costs for CCP, Bilateral and Prime Broking arrangements. Learn More Cassini has partnered with Reformis to provide industry expertise and professional services to our US clients. Learn More Cassini and OTCX, the fast growing, independent RFQ platform and trading network, offer Buy Side clients a fully integrated solution for OTC trading. Learn More Cassini integrates with LCH margin models to provide the most accurate margin estimation service. Learn More Margin Tonic is a specialist consultancy that simplifies and accelerates high-quality change within Collateral and related domains. Learn More Get in Touch
pa|resources Please feel free to download the items listed below. Many of them are available for immediate download, while some require registration. case studies Briefings and Guidebooks product sheets Webinars

sp|Home Home ResourcesGet in Touch
pa|Calculating bilateral margin under SIMM™ requires the calculation of sensitivities for all asset classes covered by UMR. For many buy-side institutions, this can seem like a daunting and laborious task. Cassini solves these problems with a fully featured end to end SIMM™ Calculation Service which can calculate your sensitivities and SIMM™ margin requirements for all assets covered by UMR. With Cassini you can: Calculate SIMM™ for your collateral management process at end-of-day Calculate SIMM™ on demand – pre-trade, intra-day and end-of-day, to help you reevaluate trading strategies to reduce the capital impact of SIMM™ Generate sensitivities in required CRIF format for a complete end-to-end SIMM™ calculation Supply your own existing sensitivities in any format if required. Cassini will transform these into CRIF for you Estimate SIMM™ intra-day on a live portfolio, or on new trades at pre-trade with ‘What-if’ analysis For cleared OTC markets Cassini supports OTC IM across major CCPs and use the native model and data provided by the CCP where available. We support products including: Interest Rate Swaps Interest Rate Swaptions Inflation Swaps Credit Default Swaps Non-Deliverable Forwards Cleared Swap Futures. Cassini is an official licensee of ISDA SIMM™ and can calculate your Initial Margin exactly in line with the way SIMM™ is specified. Regulations allow firms to use the grid or scale approach for IM. This uses notional values to derive the IM amount and in almost all cases will result in an IM figure far higher than using ISDA SIMM™. The Cassini services covers a wide product range, keeping as many trades as possible within SIMM™ and minimising the IM amount. IM and SIMM Calculation For Uncleared OTC Our service can take your own calculated sensitivities in a CRIF file format Our service can also calculate your sensitivities for you Runs at any time during the day to support the entire trade lifecycle. Not just end of day as some services offer Two-way calculation – both for your firm and the expected IM from your counterparties The Cassini SIMM™ service is real-time – that means individuals and teams can find out the SIMM™ amount across funds, portfolios and strategies at any time – on demand – during the trading day, not just end of day. Cassini is the only vendor able to provide this level of analytics and optimisation for you and your firm. While posting Initial Margin is an End-of-Day process – and a key step to compliance – being able to understand your IM impact “On Demand”, throughout the day, with real and hypothetical portfolios, will allow for improved decision making and increased portfolio returns. With Cassini: A portfolio manager can model a strategy and test for lifetime IM impact The credit risk team can monitor IM during the day and carry out limit checks Treasury can forecast IM for T+1 to build their funding requirements Your collateral team get full SIMM™ post and call figures at the end-of-day If your firm can successfully – and continuously – monitor, manage and demonstrate that your IM will stay beneath the $50mm threshold, you need not implement the margin agreements and settlement arrangements for IM. But, how will you ensure your portfolios will not breach the UMR 50 million Threshold, now and in the long term? Remember, should your firm go over the 50 million threshold, you must achieve compliance with UMR immediately, including all necessary margin agreements with your counterparties and suitable custody arrangements for settlement. With Cassini, you can better understand when your portfolios may breach the 50million threshold with our Margin Limit Monitoring Service. This service also enables you to: Use our SIMM™ calculator for pre-day, intra-day and end of day calculations Find out the total IM required for your portfolios under UMR Monitor the IM amount due to portfolio changes Determine whether you can stay under the 50 million in the long term by running ‘what-if’ scenarios Even if you are eligible to stay under the IM threshold you still need to: Implement an approved IM model (such as ISDA SIMM™) Receive regulatory approval for your IM implementation (depending on jurisdiction) Establish operational procedures for running the IM model and managing the results Communicate with your counterparties on this approach Establish an operational threshold which triggers mitigating action Cassini can ease the burden of these problems with a powerful, fully featured margin limit monitoring service. Click the button below to further understand when you may breach thresholds, as well as how to remain compliant, if, and when you do. Cassini offers a fully featured SIMM™ calculation service that can be seamlessly integrated into your workflow. With Cassini you can: Calculate SIMM™ for your collateral management process at end-of-day Calculate SIMM™ on demand – pre-trade, intra-day and end-of-day, to help you reevaluate trading strategies to reduce the capital impact of SIMM™ Generate sensitivities in required CRIF format for a complete end-to-end SIMM™ calculation Supply your own existing sensitivities in any format if required. Cassini will transform these into CRIF for you Estimate SIMM™ intra-day on a live portfolio, or on new trades at pre-trade with ‘What-if’ analysis WANT TO FIND OUT MORE ABOUT HOW SIMM™ IMPACTS YOU? See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

h1|isda simm™ & UMR
h2|Calculate your sensitivities and SIMM™ margin requirements for all assets with Cassini Systems, an official licensee of ISDA SIMM™. cassini supports cleared otc markets cassini supports the uncleared otc market
h3|improved returns with cassini simm™ on-demand UMR AND SIMM™: STAYING UNDER THE $50MM THRESHOLD LIMIT THE CASSINI SIMM™ SOLUTION
sp|Home Challenges ISDA SIMM™ & UMRreduce the capital impact of simm TM reduce the capital impact of simm ™ find out more find out more get a demo ISDA SIMM™ & UMR Best Execution / Lower Portfolio Drag Margin Optimization and What If Margin Efficiency & Attribution Trade Routing Clearing Costs
pa|operations challenges and related services MARGIN CALCULATION During a trading day the impact on IM from the front office needs to be monitored and managed for each following day. In addition margin is now required for cleared and uncleared OTC portfolios, exchange traded portfolios and prime broker relationships. COST MANAGEMENT & Collateral optimization You also need the tools to understand and allocate costs back to the front office to give them a true economic picture of their activity. TO control MARGIN CALCULATIONs CONSIDER THESE SERVICES TO MANAGE operational COSTS CONSIDER THESE SERVICES See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

li|Can your firm forecast IM and funding at or prior to close of business? For all regions globally? Can your firm calculate margin in real-and on-demand across all markets? Does your firm have an officially licensed ISDA SIMM calculator ready for UMR? Can your firm monitor and track limits in relation to IM during the day? How can I optimise the placement of collateral assets? How can IM cost be allocated back to an entity / portfolio / strategy or trade? What are the fees and funding costs driven by your collateral activities?
h1|operations
sp|Home Roles OperationsThe impact of increased margin demands means that operations groups typically need to forecast and report IM and funding needs at close of business, and to provide transparency to upstream decision making. Our tools provide on demand view of margin and costs for more efficient operational processes, as well as ensuring optimized use of collateral and cash. The Collateral Management team has become a focus for exposure management and cost reduction in many firms. Trading drives exposure which drives the movement of collateral assets. Over time your firm has choices on how to place assets to minimise cost. margin calculation Margin Analysis and Attribution Fees and Funding limit checking Collateral Optimization Fees and Funding Margin Analysis and Attribution margin estimation & SIMM Front Office Middle Office Operations Compliance get a demo
pa|Compliance challenges and related services In the US trades may execute on a SEF and in the EU on an MTF or OTF. Observing these rules is essential to avoid a breach of regulations. Does your firm: UNCLEARED MARGIN REGULATIONS Even if firms are above the notional threshold a specific portfolio may be beneath the $50m IM threshold and consider a lower impact compliance approach. TO COMPLY WITH REGULATORY EXECUTION RULES CONSIDER THESE SERVICES TO COMPLY WITH MANDATORY CLEARING RULES CONSIDER THESE SERVICES TO ACHIEVE UMR COMPLIANCE EFFICIENTLY CONSIDER THESE SERVICES See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.
di|EXECUTION ROUTING MANDATORY CLEARING 
li|How do these rules get applied in the front office? Are traders expected to implement the rules themselves? Do your systems provide guidance to avoid mistakes? Know which products must be cleared? Integrate this into their pre - trade execution workflow? Ensure compliance within the front office? Does your firm have access to an officially licensed ISDA SIMM calculator? Can your firm monitor IM in real -time and on - demand during the trading day? Can your firm monitor IM consumption against limits with CCPs, brokers and counterparties?
h1|compliance
sp|Home Roles ComplianceEnsuring compliance with execution and clearing mandates across front and back office systems is never easy. Cassini’s tools ensure an integrated and seamless approach to meeting these requirements. Since the Global Financial Crisis the US and EU have created regulations which require certain trades to be executed on electronic platforms. Reducing systemic risk is a goal for regulators. Their tools include mandatory clearing for eligible OTC products and bilateral margin (or UMR) for uncleared OTC portfolios. In September 2019 and 2020 phases 4 and 5 of UMR will take place. Firms above the average notional thresholds must apply initial margin to their uncleared portfolios. trade Obligation Rules trade Obligation Rules Margin Estimation (including SIMM) limit checking SIMM ON DEMAND Front Office Middle Office Operations Compliance get a demo
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h1|Get in Touch
sp|Home Home Get In Touch
pa|SIGN UP FOR OUR NEWSLETTER See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

sp|Home Newsletter SignupSign up and opt-in to receive the Cassini newsletter By signing up, you'll get access to industry insights, exclusive thought-leadership content on current trends in the market, and the latest margin and collateral news. You'll expect to hear from us around once a month. get a demo
pa|front office challenges and related services cost transparency Do you know how your strategy will be affected by: routing strategy The choice of trading venue and CCP has a material effect on price, as does your choice of brokers in relation to those venues. Prior to execution do you know? improved returns Do you know: TO ACHIEVE FULL TRANSPARENCY CONSIDER THESE SERVICES TO COMPLY WITH ROUTING RULES CONSIDER THESE SERVICES TO ENHANCE PORTFOLIO RETURNS CONSIDER THESE SERVICES See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

li|The impact of IM over the lifetime of the portfolio? The cost of funding margin assets? Fees from brokers or CCPs? Mandatory routing rules? Which trading platforms you must use? Which trades must be cleared at a CCP? Which brokers can execute or clear for you? What quotes are available within this framework? The all-in-price for your trades? Whether you have limits available? How your portfolio will consume margin over its lifetime? What options there are to compress your cleared portfolio and reduce capital? Which trades could be moved into clearing to reduce IM? How margin costs are attributed to strategies, portfolios and funds?
h1|front office
sp|Home Roles Front OfficeTrading OTC and ETD products have higher carry costs and regulatory restrictions than ever. Use our set of tools to manage the impact of margin across cleared and uncleared trades. Ensure transparency of margin and collateral costs in front office at both pre and post trade. Prior to executing a strategy, how much do you know about the overall impact or your choices? The OTC market now has regulations which determine where you can execute a trade and when you need to clear it. Individual trade decisions taken on a day-to-day basis can undermine portfolio returns. In the long term you need the tools to understand your portfolio behaviour. lifetime cost analysis margin comparison margin estimation & SIMM trade obligation routing trade obligation routing margin comparison margin estimation & SIMM™ limit checking lifetime cost analysis portfolio compression porting and novation margin analysis and attribution Front Office Middle Office Operations Compliance get a demo
pa|Managing a portfolio in the long term means knowing answers to questions such as: carry COST of portfolio You need the tools to understand and allocate costs back to the front office to give them a true economic picture of their activity. Reflect Margin Cost in P/L In the long term you need the tools to understand your portfolio behaviour. Do you know: for portfolio management CONSIDER THESE SERVICES TO analyze and MANAGE COSTS CONSIDER THESE SERVICES TO ENHANCE LIFETIME PORTFOLIO RETURNS CONSIDER THESE SERVICES See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.
di|CAPITAL REDUCTION 
li|How can I reduce the gross notional of my cleared portfolio? In what way are the strategies, desks and portfolios driving IM? How can I move eligible trades into clearing and reduce IM? What are the underlying cost drivers for the portfolio? How is IM changing over time? How can IM cost be allocated back to an entity / portfolio / strategy or trade? Do I need to wait until the end of the day to get results? (Real - time and on - demand with Cassini) What margin limits have been consumed? How your portfolio will consume margin over its lifetime? What options there are to compress your cleared portfolio and reduce capital? Which trades could be moved into clearing to reduce IM? How margin costs are attributed to strategies, portfolios and funds?
h1|Treasury and middle office
sp|Home Roles Middle OfficeOver the long term portfolios need analysis and maintenance to avoid a cost drag. The underlying cost drivers can be seen using Cassini services. We give you new tools to explore and enhance your portfolio to reduce costs. treasury & Middle Office challenges and related services Portfolios build up many individual trades which attract a capital charge based on gross notional. Portfolios also develop a risk profile which drives up IM and underlying costs. The front office are driven by portfolio goals for return on investment. Do they always take into account the indirect costs of their decisions? Individual trade decisions taken on a day-to-day basis can undermine portfolio returns. Portfolio Compression Margin Analysis and Attribution Porting and Novation Fees and Funding Margin Analysis and Attribution Fees and Funding Collateral Optimization limit checking Lifetime Cost Analysis Portfolio Compression Margin Analysis and Attribution Porting and Novation Front Office Middle Office Operations Compliance get a demo
pa|How we use your data Cassini Systems Limited is a company registered in England and Wales (company number 08682150). Cassini, together with the other members of its group (“we/us/our”), are committed to safeguarding the privacy of third parties with whom we interact, including our clients, third parties who visit our websites (“websites”) and/or to who we provide services to or otherwise engage with (“you/your”). This Privacy Policy sets out our personal information collection and sharing practices for our websites and through the other channels described below. If you provide your information to us (either via this website, in person, over the phone or by email (or by other means of electronic communication)), you agree to the processing set out in this Privacy Policy. Further notices highlighting certain uses we wish to make of your personal information, together with the ability to opt in or out of selected uses may also be provided to you when we collect personal information from you. This Privacy Policy is intended to explain our privacy practices and covers the following areas: (a) What personal information about you we may collect (b) How we may use your personal information (c) Who we may disclose your personal information to (d) How we protect your personal information (e) Contacting us & your rights to prevent marketing and to access and update your personal information (f) Our Cookies Policy (g) How changes to this Privacy Policy will be made Generally 2.1 We may collect personal data about you from the following sources: (a) : if you contact us by post, telephone, email or other electronic means we may keep a record of that correspondence; (b) : personal information that you provide to us, such as during the registration process to access and use the websites or otherwise interact with us, including your name, title, position and contact details; (c) : details of transactions you carry out through our websites or through other channels and of the fulfilment of the services we provide; (d) : details of your visits to the websites and information collected through cookies and other tracking technologies including, but not limited to, your IP address and domain name, your browser version and operating system, traffic data, location data, web logs and other communication data, and the resources that you access; and (e) : we may also ask you to complete surveys that we use for research purposes. In such circumstances we shall collect the information provided in the completed survey. 2.2 Service provision data: if you are a Client (or a prospective client), in addition to the information referred to in paragraph 2.1, we may collect personal data on you in the ordinary course of our business relationship with you ie the promotion or provision of our services to you. We may use your personal information in the following ways. For each use, we note the grounds we use to justify each use of your personal information – please see paragraph 3.4 for a more detailed explanation of these grounds. 3.1 Generally (a) : to analyse it in order to better understand your and our customers’ service requirements, to better understand our business and develop our products and services. Use justification: legitimate interests (to allow us to improve our services). (b) : to monitor calls and transactions to ensure service quality, compliance with procedures and to combat fraud. Use justifications: legal obligations, legal claims, legitimate interests (to ensure the quality and legality of our services). (c) : to notify you about changes to our services and products. Use justification: legitimate interests (to notify you about changes to our service). (d) : to ensure that content from our websites is presented in the most effective manner for you and for your device. Use justification: consent, contract performance, legitimate interests (to allow us to provide you with the content and services on the websites). 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We may process your personal information to comply with our regulatory requirements or dialogue with regulators as applicable which may include disclosing your personal information to third parties, the court service and/or regulators or law enforcement agencies in connection with enquiries, proceedings or investigations by such parties anywhere in the world or where compelled to do so. Where permitted, we will direct any such request to you or notify you before responding unless to do so would prejudice the prevention or detection of a crime. Use justification: legal obligations, legal claims, legitimate interests (to cooperate with law enforcement and regulatory authorities). 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We will provide an option to unsubscribe or opt-out of further communication on any electronic marketing communication sent to you or you may opt out by contacting us as set out in paragraph 5.6 below. Use justification: consent. (c) : to recover any payments due to us and where necessary to enforce such recovery through the engagement of debt collection agencies or taking other legal action (including the commencement and carrying out of legal and court proceedings). Use justification: contract performance, legal claims, legitimate interests (to ensure that we are paid for our services). Use of personal information under EU data protection laws must be justified under one of a number of legal “grounds” and we are required to set out the grounds in respect of each use in this policy. An explanation of the scope of the grounds available can be found below. We note the grounds we use to justify each use of your information next to the use in paragraphs 3.1 and 3.2 above. 4.1 No data transmission over the Internet or website can be guaranteed to be secure from intrusion. However, we maintain commercially reasonable physical, electronic and procedural safeguards to protect your personal information in accordance with data protection legislative requirements. 4.2 All information you provide to us is stored on our or our subcontractors’ secure servers and accessed and used subject to our security policies and standards. Where we have given you (or where you have chosen) a password which enables you to access certain parts of our websites, you are responsible for keeping this password confidential and for complying with any other security procedures that we notify you of. We ask you not to share a password with anyone. 4.3 As our business is international we may need to transfer your personal information to third parties and also to other members of the Cassini group. Your data may be accessed by staff or suppliers in, transferred to, and/or stored at, a destination outside the European Economic Area (EEA) in which data protection laws may be of a lower standard than in the EEA. Certain countries outside the EEA have been approved by the European Commission as providing essentially equivalent protections to EEA data protection laws and therefore no additional safeguards are required to export personal information to these jurisdictions. In respect of other countries we will transfer it subject to European Commission approved contractual terms that impose equivalent data protection obligations directly on the recipient unless we are permitted under applicable data protection law to make such transfers without such formalities (or if the information is already publicly accessible there). Please contact us as set out in paragraph 5.6 below if you would like to see a copy of the specific safeguards applied to the export of your personal information. 4.4 We will retain your personal information for as long as is necessary for the processing purpose(s) for which they were collected and any other permitted linked purpose (for example certain transaction details and correspondence may be retained until the time limit for claims in respect of the transaction has expired or in order to comply with regulatory requirements regarding the retention of such data). So, if information is used for two purposes we will retain it until the purpose with the latest period expires; but we will stop using it for the purpose with a shorter period once that period expires. 4.5 We restrict access to your personal information to those persons who need to use it for the relevant purpose(s). Our retention periods are based on business needs and your information that is no longer needed is either anonymised (and the anonymised information may be retained) or securely destroyed. 5.1 You have the right to ask us not to process your personal information for marketing purposes. You can exercise your right to prevent such processing by checking certain boxes on the forms we use to collect your personal information. You can also exercise the right at any time by contacting us as set out in paragraph 5.6 below. 5.2 If you have any questions in relation to our use of your personal information, you should contact us as per paragraph 5.6 below. Under certain conditions, you may have the right to require us to: (a) provide you with further details on the use we make of your information; (b) provide you with a copy of information that you have provided to us; (c) update any inaccuracies in the personal information we hold (please see paragraph 5.6); (d) delete any personal information the we no longer have a lawful ground to use; (e) where processing is based on consent, to withdraw your consent so that we stop that particular processing (see paragraph 5.1 for marketing); (f) object to any processing based on the legitimate interests ground unless our reasons for undertaking that processing outweigh any prejudice to your data protection rights; and (g) restrict how we use your information whilst a complaint is being investigated. 5.3 Your exercise of these rights is subject to certain exemptions to safeguard the public interest (e.g. the prevention or detection of crime) and our interests (e.g. the maintenance of legal privilege). If you exercise any of these rights we will check your entitlement and respond in most cases within a month. 5.4 If you are not satisfied with our use of your personal information or our response to any exercise of these rights you have the right to complain to the Information Commissioner’s Office. 5.5 We will use reasonable endeavours to ensure that your personal information is accurate. In order to assist us with this, you should notify us of any changes to the personal information that you have provided to us by contacting us as set out in paragraph 5.6 below. 5.6 If you have any questions in relation to this policy, please contact us by email to: 6.1 We use cookies on our websites. 6.2 A browser cookie is a piece of information collected by the website being browsed and stored on the user’s computer. It can either be persistent, if it lasts after the browser is closed, or session-based, in which case it is destroyed when the browser is closed. 6.3 Cassini does not store any personal information in cookies collected. 6.4 We use Google Analytics to keep track of our website traffic, which may use cookies for this purpose. Please refer to Google Analytics’ for further information. 7.1 We may change the content of our websites and how we use cookies without notice, and consequently our Privacy Policy may change from time to time in the future. We therefore encourage you to review them when you visit the website from time to time to stay informed of how we are using personal information. 7.2 This privacy policy was last updated on 25th May 2018 Keep up-to-date Subscribe to our newsletter for Cassini updates and industry insights. Please tick the consent field otherwise we won't be able to send you emails. You can unsubscribe at any time.

li|: where you have consented to our use of your information (you will have been presented with a consent form in relation to any such use). : where your information is necessary to enter into or perform our contract with you. Legal obligation: where we need to use your information to comply with our legal obligations. : where we have a legitimate interest in using your data and our reasons for using it and this is not outweighed by any adverse impact on your interests, fundamental rights or freedoms. Legal claims: where your information is necessary for us to defend, prosecute or make a claim against you, us or a third party.
st|Our correspondence Information you provide to us Your transactions Website and communication usage Survey information Clients and prospective clients For research and development purposes To monitor certain activities To inform you of changes To ensure website content is relevant To reorganise or make changes to our business In connection with legal or regulatory obligations To provide our services effectively to you and conduct our business To provide you with marketing material To ensure that we are paid Consent Contract performance Legitimate interests Security over the internet Export outside the EEA Storage limits Marketing Your rights Updating information Contacting us
h1|privacy policy
h4|1. BACKGROUND TO THIS NOTICE 2. INFORMATION WE MAY COLLECT ABOUT YOU 3. USES MADE OF YOUR PERSONAL INFORMATION 3.2 Clients and Prospective Clients 3.4 Legal justifications for use of personal information 4. TRANSMISSION, STORAGE AND SECURITY OF YOUR PERSONAL INFORMATION 5. YOUR RIGHTS AND CONTACTING US 6. COOKIES POLICY 7. CHANGES TO OUR PRIVACY POLICY
sp|Home Home Privacy PolicyCAREERS Privacy Policy Get in Touch
pa|CCPs charge for their services in a variety of ways. Costs can include: Cassini offers strategic alternatives to enable CCP costs to be managed and reduced. With Cassini you can: Measure IM on your cleared portfolio Calculate IM on cleared, uncleared, ETD and Prime Broker portfolios Compress your portfolio into IMM Swaps and Swap Futures Move trades between FCMs to reduce margin Optimize the assets posted to a CCP Your cleared portfolio will contain trades which are mandated to clear. The clearing mandate rules are specific and leave out some varieties of OTC trades which can be cleared, even if not mandatory. Porting trades into clearing only makes sense if the outcome is margin reducing, something our porting service handles intelligently. With Cassini you can: Find trades which reduce cleared IM Find ways to reduce IM by porting trades Only find IM reducing trade porting scenarios Understand the before/after impact of porting Industry good practice is to have multiple FCMs between you and each CCP. This reduces risk is one of your FCMs had operational or structural issues. At the point of execution you may route trades due to market conditions and pricing, but later the effect of portfolio changes and market conditions may mean the net risk at each FCM could be re-balanced. With Cassini you can: Balance IM between multiple FCMs with a single CCP Reduce IM by porting trades between FCMs Only find IM reducing trade porting scenarios Understand the before/after impact of porting Evolution of the cleared swap market delivered interest rate products which are equivalent to OTC swaps. Eris Futures and MAC Swap Futures are an alternative way to transfer risk. Both these products are cleared and have beneficial margin requirements: With Cassini you can: Select the target compression products See a risk profile and replacement trade portfolio Analyze cleared or uncleared portfolios Understand the before/after impact of compression WANT TO FIND OUT MORE ABOUT managing ccp costs? See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

li|Event based fees such as new trades Annual portfolio holding fees Lifecycle event fees such as terminations and compression Account structure fees Margin broken down into various components A membership fee for direct members Portfolio transfer fees Cleared OTC swap IM: 5-day or 7-day VaR Cleared Swap Future IM: 2-day VaR
h1|clearing Costs
h2|CCP costs originate from a variety of activities and sources. We have alternatives to keep clearing costs down.
h3|Reduce IM by porting trades into Clearing switch trades between fcms compressing into imm swaps or swap futures
sp|Home Challenges Clearing Coststake advantage of porting take advantage of porting take advantage of compression get a demo ISDA SIMM™ & UMR Best Execution / Lower Portfolio Drag Margin Optimization and What If Margin Efficiency & Attribution Trade Routing Clearing Costs
pa|Our Margin Matters Podcast Series has been specifically created to shine a light on critical areas and themes within the financial industry. Listen, learn, and subscribe to our podcast, where we'll discuss the latest news and trends within the derivatives markets with our host, Virginie O'Shea, and new guests every episode. EPISODE 03 November 17th, 2020 Collateral Management Matters Episode three of Margin Matters tackles the topic du jour of collateral management in stressed markets. What has the industry learned in 2020 and what can we expect in 2021? , and , join series regular and CEO of Cassini Systems, Liam Huxley, to discuss everything from collateral traffic jams to collateral optimization with host and founder of Firebrand Research, Virginie O’Shea. We also take a quick look at ISDA’s proposals to join together the worlds of collateral with securities financing. EPISODE 02 September 8th, 2020 The Unintended Consequences of Finreg EPISODE 01 Derivatives, WFH Edition In our inaugural Margin Matters podcast, fintech founders Liam Huxley of Cassini Systems and Christian Nentwich of Duco talk to Virginie O’Shea from Firebrand Research about how they got into the industry, what they’ve learned during the crisis and the unique challenges the industry has faced so far in 2020. We also delve into the regulatory delays for key pieces of derivatives regulation such as UMR and get the lowdown on what the European Commission has in store for the rest of the year. We already have plans for upcoming episodes but we'd love to involve leading firms and people in the industry to lift the lid on margin, analytics, FinTech, finance and more. If you've got something to say and would like to be part of our broadcast please get in touch right away - click below and use the form on our
di|is a capital markets fintech research specialist, with two decades of experience in tracking financial technology developments in the sector, with a particular focus on regulatory developments, data, and standards. She is the founder of Firebrand Research, a new research and advisory firm focused on providing capital markets technology and operations insights for the digital age. Episode two of Margin Matters gets to grips with the intended and unintended consequences of derivatives regulation. Series regular Liam Huxley of Cassini Systems is joined by GAM Investments’ head of compliance Chris Beevor and DTCC’s Val Wotton to chat with host Virginie O’Shea of Firebrand Research about all things finreg for the buy side. We also take a quick look at the ongoing replacement of Libor and the nitty gritty of derivatives data with ISDA’s CDM. July 17th, 2020 
st|Virginie O'Shea
h1|Welcome to Margin Matters
h2|Latest Episodes
sp|Home Welcome to Margin MattersOur Host Available On Be Our Guest Be on our Podcast
bo|State Street’s Ingvar Sigurjonsson, Managing Director of Funding and Collateral transformation Chris Watts Co-Founder and Director of Margin Tonic
pa|Calculate your sensitivities and SIMM™ margin requirements for all assets with Cassini Systems, an official licensee of ISDA SIMM™. Calculating bilateral margin under SIMM™ requires the calculation of sensitivities for all asset classes covered by UMR. For many buy-side institutions, this can seem like a daunting and laborious task. Cassini solves these problems with a fully featured end to end SIMM™ Calculation Service which can calculate your sensitivities and SIMM™ margin requirements for all assets covered by UMR. With Cassini you can: Deploy SIMM™ calculator on premises and integrate into all your own workflows. Complete control over all your trade data, or used our dedicated hosting service Calculate SIMM™ for your collateral management process at end-of-day Calculate SIMM™ on demand – pre-trade, intra-day and end-of-day, to help you reevaluate trading strategies to reduce the capital impact of SIMM™ Generate sensitivities in required CRIF format for a complete end-to-end SIMM™ calculation Supply your own existing sensitivities in any format if required. Cassini will transform these into CRIF for you Estimate SIMM™ intra-day on a live portfolio, or on new trades at pre-trade with ‘What-if’ analysis The Cassini SIMM™ service is real-time – that means individuals and teams can find out the SIMM™ amount across funds, portfolios and strategies at any time – on demand – during the trading day, not just end of day. Cassini is the only vendor able to provide this level of analytics and optimisation for you and your firm. While posting Initial Margin is an End-of-Day process – and a key step to compliance – being able to understand your IM impact “On Demand”, throughout the day, with real and hypothetical portfolios, will allow for improved decision making and increased portfolio returns. With Cassini: A portfolio manager can model a strategy and test for lifetime IM impact The credit risk team can monitor IM during the day and carry out limit checks Treasury can forecast IM for T+1 to build their funding requirements Your collateral team get full SIMM™ post and call figures at the end-of-day If your firm can successfully – and continuously – monitor, manage and demonstrate that your IM will stay beneath the $50mm threshold, you need not implement the margin agreements and settlement arrangements for IM. But, how will you ensure your portfolios will not breach the UMR 50 million Threshold, now and in the long term? Remember, should your firm go over the 50 million threshold, you must achieve compliance with UMR immediately, including all necessary margin agreements with your counterparties and suitable custody arrangements for settlement. With Cassini, you can better understand when your portfolios may breach the 50million threshold with our Margin Limit Monitoring Service. This service also enables you to: Use our SIMM™ calculator for pre-day, intra-day and end of day calculations Find out the total IM required for your portfolios under UMR Monitor the IM amount due to portfolio changes Determine whether you can stay under the 50 million in the long term by running ‘what-if’ scenarios Even if you are eligible to stay under the IM threshold you still need to: Implement an approved IM model (such as ISDA SIMM™) Receive regulatory approval for your IM implementation (depending on jurisdiction) Establish operational procedures for running the IM model and managing the results Communicate with your counterparties on this approach Establish an operational threshold which triggers mitigating action Cassini can ease the burden of these problems with a powerful, fully featured margin limit monitoring service. Click the button below to further understand when you may breach thresholds, as well as how to remain compliant, if, and when you do. WANT TO FIND OUT MORE ABOUT HOW SIMM™ IMPACTS YOU? See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

h1|simm™ on demand
h2|improved returns with cassini simm™ on-demand UMR AND SIMM™: STAYING UNDER THE $50MM THRESHOLD LIMIT
sp|Home Products SIMM On Demandreduce the capital impact of simm TM reduce the capital impact of simm ™ find out more get a demo Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning
pa|Executing trades must take into account operational and economic limits. The Cassini service can measure, monitor and integrate these metrics into your pre-trade and intraday workflow. Knowing breaches at the end of the day isn’t adequate in today’s markets; therefore Cassini provide real-time alerts through out the day. We bring these into the front office and enable decision making as early as possible. Example limits that can be monitored: Margin at a CCP Limits with your Clearing Broker or FCM Internal credit limits Wallet share controls Concentration limits for securities These might be measured using metrics such as: Gross notional DV01 / PV01 Custom metrics features Configurable limits including bespoke rules Supports internal operational limits Supports broker agreements Can be integrated into your pre-trade workflow benefits Go beyond end-of-day monitoring, when breaches are too late Customizable breach alert thresholds Customizable constraints Alerts via email, in-app, or SMS Our limits monitoring is integrated into our IM screens

h1|limit checking
h2|What is limit checking?
sp|Home Products Limit Checkingcontrol limits with counterparties, brokers and ccps Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|IM Webinar replay request Learn how to implement ISDA SIMM™ and how UMR & IM work operationally. Gain access to the ‘Initial Margin Webinar: IM from a Risk Perspective’ Cassini Systems, CloudMargin, IHS Markit and other industry experts partnered up for an ‘Initial Margin Webinar: IM from a Risk Perspective’ to discuss best practices for calculating IM & choosing, testing and gaining regulatory approval for your IM model. Fill out the form below to request access to the webinar recording.

li|Calculation: Ways of calculating IM, an overview of ISDA SIMM and an overview of Common Risk Interchange Format (CRIF) Regulation: Approval process for implementing your IM model IM Operations: Calling for and settling assets to cover IM, setting up specific custody arrangements and how to handle disputes using industry tools Liam Huxley, Founder and CEO at Cassini Systems Hiroshi Tanase, Executive Director at IHS Markit Chetan Joshi, Business Programme Manager, Margin Reform at Standard Chartered Bank
h4|Agenda
sp|Home Home IM Webinar RequestPanellists
pa|Every time you execute a trade, your firm needs to observe the trade routing rules. Our service has the EU and US rules pre-made, to which you can add your own custom rules. Our service can be integrated into your pre-trade workflow such that whoever is trading can be sure they will comply with the many routing rules. Execution routing in the US In the US certain trades which are mandated for clearing, are also mandated to be traded on a SEF (Swap Execution Facility) or Designated Contract Market (DCM) The intention being to bring swap trades onto a transparent electronic market which should provide better price discovery for the buy-side A research report by ISDA in 2014 showed a sharp drop in EUR swap trading on US platforms after these regulations came into force The designation of which products are ‘made available to trade’ (MAT) is decided between the SEF operators and the CFTC Execution routing in the EU EMIR & ESMA determine which OTC products must be cleared MiFIR II determined which of those cleared products should be traded on an OTF An OTF is a new regulated platform introduced in MiFID II and has differences from an MTF An OTF operator has some additional discretion on how trades are executed Both the CFTC and ESMA define rules on which OTC trades must be cleared. Their criteria aims to clear the most liquid trades which are suitable for clearing and for default management. Each jurisdiction has its own list of mandated products, which a variety of CCPs around the world can accept for clearing. During the evolution of these regulations the combination of execution platforms and CCPs caused price differentials between the alternate routes. These effects may have resolved themselves but price differences between routes still exist. With Cassini you can: Analyze valid clearing routes & prices Remain in compliance with the clearing rules Ensure mandatory clearing is visible pre-trade Customize the routing rules to suit your firm WANT TO FIND OUT MORE ABOUT HOW routing IMPACTS YOU? See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

h1|trade routing
h2|Regulations mandate certain trades must be executed on an electronic platform, and also that other OTC products must be cleared. It is essential to correctly route these trades at pre-execution time.
h3|execution routing in the us and eu mandatory clearing
sp|Home Challenges Trade Routingintegrate trade routing into your firm find out how to route trades get a demo ISDA SIMM™ & UMR Best Execution / Lower Portfolio Drag Margin Optimization and What If Margin Efficiency & Attribution Trade Routing Clearing Costs Get in Touch
pa|Holding a portfolio incurs fees and costs of many sorts. Our service enables modelling of indirect costs which can then be incorporated into pre-trade decision making, and throughout the portfolio lifecycle. Our service can model: Clearing fees Broker fees Rebates Cash funding Asset holding features The Funding estimation service includes: A rule driven model for charges on cash or securities Can be aligned with your portfolio structure such as Fund / Portfolio / Currency Can be reported against asset type and sub-type Has a configurable reference rate and spread calculation Is calculated on a daily basis or over other defined periods The Fees service can be configured to meet your needs and includes: Clearing Fees Broker Fees Operational costs and charges Post-trade event fees such as clearing, termination or porting Rule schedules Is calculated on a daily basis or over other defined periods Can support complex fee types driven by notionals or maturity buckets Is reported in your base currency and the funding currency benefits Build and operate a comprehensive model of the underlying costs to your business Configure the model to your specific business circumstances Feed these costs into other Cassini services for advanced decision making View the fees on your portfolio at any time - from brokers, CCPs and other configurable sources

h1|fees and funding
h2|What is the fees and funding costs service?
sp|Home Products Fees and Fundingintegrate indirect costs into your trade lifecycle Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|Portfolios that hold collateralised trades such as ETDs or OTC have ongoing carry costs and these create a drag that can reduce the overall portfolio returns. The factors contributing to this drag include: Impact of encumbered cash Opportunity cost of collateral assets Clearing fees Broker costs Best execution does not just involve the lowest execution quote, it means the lowest overall cost of a trade. That means that the trade carry cost has to be factored into execution decisions. Therefore any Asset Manager should be looking to monitor and reduce these carry costs where possible and this involves implementing a few key changes: Transparency of IM levels on all agreements Ability to break IM down by underlying sub portfolio or trade strategy Pre-trade checks to ensure new trades are executed against counterparts where the total cost of carry, what we call Lifetime Cost is minimised. Cassini has a front to back analytics platform that addresses all of these needs. See more info on specific services: Want to learn how to increase your portfolio returns? See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

h1|BEST EXECUTION – LOWER PORTFOLIO DRAG
h2|Portfolio returns are reduced by Initial Margin, Clearing Fees, Broker Fees, Broker Margin, and Post-trade Event costs. Cassini gives you better control over these costs.
h3|improved returns with cassini pre-trade analytics
sp|Home Challenges Best Execution / Lower Portfolio Dragdiscover margin comparison / best execution discover lifetime cost analysis discover margin analysis and attribution discover fees and funding get a demo ISDA SIMM™ & UMR Best Execution / Lower Portfolio Drag Margin Optimization and What If Margin Efficiency & Attribution Trade Routing Clearing Costs
pa|Case Study The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but also put a drag on real returns as a result of the increased need to post margin on products which were previously not collateralized. Pension funds, asset managers and traditional long - only funds are the firms more severely impacted because with directional books and growing notionals, the margin will continue to increase due to lack of any considerable offsets between positions The contents within this case study are going to be discussed in an upcoming ‘ ’, on Tuesday July 16th, which forms part of the Cassini SIMM webinar series.
di|Taking control of IM with Forecasting and Optimization Register here to request a copy of our Case Study 
st|webinar IM Cliff Edge: Avoid the 50m threshold
sp|Home Forecasting IM Case Study
pa|Webinar: Managing Futures and Options Margin in Volatile Markets webinar would like to invite you to a knowledge REGISTER HERE TO REQUEST A REPLAY OF THE WEBINAR See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

st|Cassini Systems
sp|Home Managing Futures and Options Margin in Volatile Marketspacked webinar where our speakers will discuss the conditions in the current market driven by the COVID-19 pandemic, and how this is affecting margin on exchange traded derivatives. We will present you real-world examples and feedback that Cassini has gathered from your buy side peers; laying out the consequences of this pandemic, but also the important steps buy side firms have taken to reduce the margin impact of escalated volatility. get a demo
pa|Having immediate insight into trade execution options including cleared, uncleared and alternative products gives traders an advantage. Best execution is more than just agreeing the best bid-offer and taking the price. True best execution requires that you also factor in the projected carry cost of a trade as well as upfront costs. Build a proposed set of trades: Enter broker quotes See the all-in price of each route Discover the holding cost of each route Stay within limits for brokers, CCPs and counterparties Retain an audit trail of execution decisions to evidence best execution compare with Our Lifetime Cost Analysis service provides a lifetime analysis to a proposed strategy. Using a ‘life of the trade’ analysis, including margin and costs impacts, this helps explore a long term approach to managing a fund. benefits Have insight into the real ‘all in’ cost of a trade Analyse and compare all possible CCP and FCM options for margin and holding costs Provide auditable evidence of best execution Immediate IM impact analysis of all execution options View the possible execution routes with all-on costs before you execute

h1|pre-trade Margin
h2|(Best Execution) What is pre-trade margin?
sp|Home Products Pre-trade Margin / Best Executionimmediate economic impact analysis of a set of trades, with alternative routes to execution and clearing. discover lifetime cost analysis Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|‭ Front-to-Back compliance with UMR Case Study This global top-tier Hedge Fund Manager based in the US, is active within the over-the-counter (OTC) and exchange-traded derivatives (ETD) markets, as well as securities lending and repo. Like most other firms in the industry, they needed to become compliant with UMR and substantially increase their regulatory IM vs the non-regulatory IM. Choosing the right SIMM™ software and analytical tools was fundamental for this firm so they could approach funding, liquidity and operational challenges more strategically, minimize their impact and, ultimately, optimize their portfolio to get the best performance possible. This case study delves into how this Hedge Fund Manager onboarded Cassini for front-to-back compliance with UMR, the issues they were previously facing and the reason they chose Cassini's SIMM and analytical solution to cover the full lifecycle of a trade.
di|Register here to request a copy of our Case Study 
sp|Home Home Phase 4 Asset ManagerHow Cassini helped a Phase 4 Asset Manager reach
pa|Initial Margin for all assets and agreements. Pre and Post Trade. Cleared and Uncleared OTC, ETD and PB portfolios. The Cassini Margin Calculation service supports IM calculation for all asset classes and margin agreements. IM can be calculated for official end of day positions, or at pre-trade and intra day times for upfront management of margin exposure Four different markets require initial margin calculation: Uncleared OTC Cleared OTC Cleared ETD Prime Broker Portfolios The Cassini Margin Estimation service provides IM calculations for all these markets with wide product coverage. IM calculated using models provided by Clearing Houses IRS, Swaptions, Inflation Swaps, CDS, NDF / CSF SPAN based margin supported by Cassini using Risk Array feeds supplied by exchanges 90+ exchanges covered Bespoke exchange margin models also supported SIMM™ based margin using Cassini calculator Calculate sensitivities or pass in from in-house pricers Supports bespoke uncleared IM models via workflow and API plugins Prime Broker bespoke margin models also offered with third party partner PB methodology replicated and required data is supplied and managed View the IM for OTC and ETD products, combined with execution route comparisons For cleared OTC markets Cassini supports OTC IM across major CCPs and use the native model and data provided by the CCP where available. We support products including: Interest Rate Swaps Interest Rate Swaptions Inflation Swaps Credit Default Swaps Non-Deliverable Forwards Cleared Swap Futures. Cassini is an official licensee of ISDA SIMM™ and can calculate your Initial Margin exactly in line with the way SIMM™ is specified. Regulations allow firms to use the grid or scale approach for IM. This uses notional values to derive the IM amount and in almost all cases will result in an IM figure far higher than using ISDA SIMM™. The Cassini services covers a wide product range, keeping as many trades as possible within SIMM™ and minimising the IM amount. IM and SIMM Calculation For Uncleared OTC Our service can take your own calculated sensitivities in a CRIF file format Our service can also calculate your sensitivities for you Runs at any time during the day to support the entire trade lifecycle. Not just end of day as some services offer Two-way calculation – both for your firm and the expected IM from your counterparties Pre-trade decision making Pre-trade limit checks Pre-trade routing and optimal execution Margin attribution by strategy, desk, trade or portfolio Margin scenario analysis for long term portfolio optimization Portfolio novation into clearing Portfolio compression into IMM Swaps or Swap Futures Monitoring and management of the 50 million UMR IM threshold Explanation of IM drivers and long-term behaviour from market moves and portfolio composition changes Help reconcile IM disputes with counterparties Our service supports the IM models from 90+ exchanges using SPAN and risk arrays. We also support custom exchange models too. Via a third-party partner we support margin calculations for firms using Prime Brokers. We replicate and test the PB models and can receive and manage the data required to complete the calculations.

h1|Margin calculAtion
h2|What is margin calculation? CLEARED OTC DERIVATIVES ETD DERIVATIVES UNCLEARED OTC DERIVATIVES PB MARGIN cassini supports cleared otc markets cassini supports the uncleared otc market our simm™ calculator supports
h3|cassini supports exchange traded markets CASSINI SUPPORTS PRIME BROKER MARGIN RELATIONSHIPS
sp|Home Products Margin CalculationMargin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|As part of any recruitment process, the organisation collects and processes personal data relating to job applicants. The organisation is committed to being transparent about how it collects and uses that data and to meeting its data protection obligations. The organisation collects a range of information about you. This includes: The organisation collects this information in a variety of ways. For example, data might be contained in application forms, CVs or resumes, obtained from your passport or other identity documents, or collected through interviews or other forms of assessment. The organisation will also collect personal data about you from third parties, such as references supplied by former employers, information from employment background check providers and information from criminal records checks. The organisation will seek information from third parties only once a job offer to you has been made and will inform you that it is doing so. Data will be stored in a range of different places, including on your application record, in HR management systems and on other IT systems (including email). The organisation needs to process data to take steps at your request prior to entering into a contract with you. It also needs to process your data to enter into a contract with you. In some cases, the organisation needs to process data to ensure that it is complying with its legal obligations. For example, it is required to check a successful applicant's eligibility to work in the UK before employment starts. The organisation has a legitimate interest in processing personal data during the recruitment process and for keeping records of the process. Processing data from job applicants allows the organisation to manage the recruitment process, assess and confirm a candidate's suitability for employment and decide to whom to offer a job. The organisation may also need to process data from job applicants to respond to and defend against legal claims. Where the organisation relies on legitimate interests as a reason for processing data, it has considered whether or not those interests are overridden by the rights and freedoms of job applicants, employees or workers and has concluded that they are not. The organisation processes health information if it needs to make reasonable adjustments to the recruitment process for candidates who have a disability. This is to carry out its obligations and exercise specific rights in relation to employment. Where the organisation processes other special categories of data, such as information about ethnic origin, sexual orientation, health or religion or belief, this is for equal opportunities monitoring purposes as permitted by the Data Protection Act 2018/reasons of substantial public interest.] For some roles, the organisation is obliged to seek information about criminal convictions and offences. Where the organisation seeks this information, it does so to comply with contractual obligations to which it is subject. The organisation will not use your data for any purpose other than the recruitment exercise for which you have applied. If your application is unsuccessful, the organisation will keep your personal data on file in case there are future employment opportunities for which you may be suited. The organisation will ask for your consent before it keeps your data for this purpose and you are free to withdraw your consent at any timeby contacting admin@cassinisystems.com Your information will be shared internally for the purposes of the recruitment exercise. This includes members of the HR team, interviewers involved in the recruitment process, managers in the business area with a vacancy and IT staff if access to the data is necessary for the performance of their roles. The organisation will not share your data with third parties, unless your application for employment is successful and it makes you an offer of employment. The organisation will then share your data with former employers to obtain references for you, employment background check providers to obtain necessary background checks and the Disclosure and Barring Service to obtain necessary criminal records checks. Your data may be transferred outside the European Economic Area (EEA) toestablish suitability for the post. Data is transferred outside the EEA on the basis of binding corporate rules. The organisation takes the security of your data seriously. It has internal policies and controls in place to ensure that your data is not lost, accidentally destroyed, misused or disclosed, and is not accessed except by our employees in the proper performance of their duties. If your application for employment is unsuccessful, the organisation will hold your data on file for12months after the end of the relevant recruitment process. If you agree to allow the organisation to keep your personal data on file, the organisation will hold your data on file for a further 12 months for consideration for future employment opportunities. At the end of that period or once you withdraw your consent,your data is deleted or destroyed. If your application for employment is successful, personal data gathered during the recruitment process will be transferred to your personnel file and retained during your employment. The periods for which your data will be held will be provided to you in a new privacy notice. As a data subject, you have a number of rights. You can: If you would like to exercise any of these rights, please email . If you would like to exercise any of these rights, including the right to make a subject access request, please email . If you believe that the organisation has not complied with your data protection rights, you can complain to the . You are under no statutory or contractual obligation to provide data to the organisation during the recruitment process. However, if you do not provide the information, the organisation may not be able to process your application properly or at all. If your application is successful, it will be a condition of any job offer that you provide evidence of your right to work in the UK and satisfactory references. You are under no obligation to provide information for equal opportunities monitoring purposes and there are no consequences for your application if you choose not to provide such information. Recruitment processes are not based solely on automated decision-making.

li|Your name, address and contact details, including email address and telephone number; details of your qualifications, skills, experience and employment history; information about your current level of remuneration, including benefit entitlements; whether or not you have a disability for which the organisation needs to make reasonable adjustments during the recruitment process; information about your entitlement to work in the UK; and access and obtain a copy of your data on request; require the organisation to change incorrect or incomplete data; require the organisation to delete or stop processing your data, for example where the data is no longer necessary for the purposes of processing; object to the processing of your data where the organisation is relying on its legitimate interests as the legal ground for processing; and ask the organisation to stop processing data for a period if data is inaccurate or there is a dispute about whether or not your interests override the organisation's legitimate grounds for processing data.
h1|Careers: Privacy Policy
h2|What information does the organisation collect? Why does the organisation process personal data? Who has access to data? How does the organisation protect data? For how long does the organisation keep data? Your rights What if you do not provide personal data? Automated decision-making
sp|Home Home Careers: Privacy Policy
pa|FINTECH FOCUS TV: Liam Huxley, CEO and Founder at Cassini Systems This month, Cassini’s CEO Liam Huxley had the pleasure of sitting down with Toby Babb, CEO of Harrington Star, on their hugely popular FINTECU FOCUS TV. On this episode … Regulations, Volatility, and Cost Pressures As we make our way into the depths of 2021 and everything else that comes with it, asset managers now have to put in place business processes to address three concerns: Regulatory compliance with Clearing … Originally published by Tom Lemmon, Bobsguide Understanding and monitoring the Average Aggregate Notional Amount (AANA) calculations as early as possible can provide firms caught by the Uncleared Margin Rules (UMR), with an opportunity to reduce business costs and optimize trading … A partnership between Cassini Systems and thinkFolio is enabling investment firms to build a deeper understanding of their derivatives trading costs into pre-trade portfolio and execution decisions. The DESK asked Marco Knaap, Head of Business Development, at Cassini Systems and … Written by Liam Huxley, Founder and CEO, Cassini Systems. In a world of change, the Three ‘T’s are the key to a successful 2020. A year of dramatic change and unpredictability in many arenas. As we pass the midpoint of … LONDON / NEW YORK – 8 June 2020 – Cassini Systems, the leading provider of pre- and post-trade margin and collateral analytics for derivatives market participants, today won the 2020 FTF News Technology Innovation Award for Best Margining Solution. Presented … Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … Cassini Commentary: UMR Implementation One-Year Delay Article from Liam Huxley, CEO & Founder, Cassini Systems As our clients and firms across the buy side begin to process the recent BCBS and IOSCO recommendation to delay by one year the implementation …

h4|Updates Navigate
sp|Home News and Insights Content Type InsightsPage 1 of 3 1 March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|FINTECH FOCUS TV: Liam Huxley, CEO and Founder at Cassini Systems This month, Cassini’s CEO Liam Huxley had the pleasure of sitting down with Toby Babb, CEO of Harrington Star, on their hugely popular FINTECU FOCUS TV. On this episode … Regulations, Volatility, and Cost Pressures As we make our way into the depths of 2021 and everything else that comes with it, asset managers now have to put in place business processes to address three concerns: Regulatory compliance with Clearing … Originally published by Tom Lemmon, Bobsguide Understanding and monitoring the Average Aggregate Notional Amount (AANA) calculations as early as possible can provide firms caught by the Uncleared Margin Rules (UMR), with an opportunity to reduce business costs and optimize trading … A partnership between Cassini Systems and thinkFolio is enabling investment firms to build a deeper understanding of their derivatives trading costs into pre-trade portfolio and execution decisions. The DESK asked Marco Knaap, Head of Business Development, at Cassini Systems and … LONDON – 30 September 2020 – Cassini Systems, the leading provider of pre- and post-trade margin and collateral analytics for derivatives markets, today won Global Investor Group’s Investment Excellence Award for Post-Trade Solution of the Year. A panel of judges … Exchange and Analytics Firm Offer Service for SGX Users to Manage and Comply with UMR SINGAPORE / LONDON – 26 August 2020 – Singapore Exchange (SGX), the world’s largest and fastest-growing Asian foreign exchange (FX) futures marketplace, and Cassini Systems, the leading provider of … LONDON / NEW YORK – 23 July 2020 – Cassini Systems, the leading provider of pre- and post-trade margin and collateral analytics for derivatives markets, and business information provider IHS Markit (NYSE: INFO) announced today that they are partnering to automate … Written by Liam Huxley, Founder and CEO, Cassini Systems. In a world of change, the Three ‘T’s are the key to a successful 2020. A year of dramatic change and unpredictability in many arenas. As we pass the midpoint of … LONDON / NEW YORK – 8 June 2020 – Cassini Systems, the leading provider of pre- and post-trade margin and collateral analytics for derivatives market participants, today won the 2020 FTF News Technology Innovation Award for Best Margining Solution. Presented … Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin …

h4|Updates Navigate
sp|Home News and Insights Content TypePage 1 of 5 1 ... March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … Cassini Margin Analytics Platform Now Integrated within AcadiaSoft’s Initial Margin Exposure Manager LONDON / NEW YORK, 14 April 2020 – Cassini Systems, the leading provider of pre- and post-trade margin analytics for derivatives market participants, announced today a new … Cassini Commentary: UMR Implementation One-Year Delay Article from Liam Huxley, CEO & Founder, Cassini Systems As our clients and firms across the buy side begin to process the recent BCBS and IOSCO recommendation to delay by one year the implementation … SYDNEY / LONDON / NEW YORK – 2 April 2020 – Cassini Systems, the leading provider of pre- and post-trade margin analytics for derivatives market participants, today announced its first physical presence in the Asia Pacific (APAC) region with the … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and … As Coronavirus (COVID-19) continues to spread through the global community, Cassini’s main priority is clearly the health and safety of our employees, clients and partners. Most importantly from all of us in the Cassini family, we wish you the best … Sydney, London, New York, Monday 2nd March 2020 – Matrix IDM, a leading solution provider to asset owners and managers, today announces a strategic partnership with Cassini Systems, the margin and collateral analytics platform that optimizes margin at both pre … Initial Margin phase 5: Smaller on bang, bigger on complexity As we see in the beginning of 2020, the IM countdown is now in full flow. Firms are now starting to size up the challenges as they prepare to …

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sp|Home News and Insights Content TypePage 2 of 5 2 ... March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Mohit Gupta of Cassini Systems outlines the ways in which our clients, and other in scope firms can find opportunity in the UMR delay. AANA Management and Strategic Clearing. Derivatives trading has undergone wide ranging changes in regulation since the … Collaborates with Cassini to help clients reduce execution costs London – October 2, 2019 – Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, announced its collaboration with leading margin … In just two weeks time, on 17th-19th September, Cassini will be sponsoring Investops 2019, where we will be empowering the buy-side to optimize cross-asset, front to back investment operations. After the event, we hope you will walk away with practical … ‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this … The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to … The last few days have seen a spike in volatility in the market. This is mainly due to the market expectations ahead of the Fed, renewed growth worries leading to a drop in oil and more recently, currency devaluation from … London and New York – July 24rd, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics, and a provider of a fully featured end-to-end SIMM Calculation Service, has today announced the launch of their AANA-Management … BCBS/IOSCO have announced the delay of the roll out of the final phase of Uncleared Margin Rules. Those firms with over 750 BN in AANA will still be required to begin posting Initial Margin from September 1st, 2019. Firms with 50BN-749 … UMR Phase 5 will have a significant capital impact on in-scope firms’ trading performance. To address this impact, firms need to treat it as a trading risk management process and have calculation tools in their front-office trade workflow that provide …

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sp|Home News and Insights Content TypePage 3 of 5 ... 3 ... March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|At Cassini, we have recently been traveling across Europe and the US to events ranging from global client conferences hosted by our partners Charles River and Simcorp, to exhibiting or attending at the FIA expo in Chicago, the ISDA North … It’s probably safe to say that, 90% of the time, asset managers will aim to get the same terms with all their clearing brokers. But while the benefits of doing so are undeniable, the situation isn’t always clear cut. In … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution … We are looking forward to next week when we are sponsoring the Collateral management session at the annual SimCorp IUCM event in the fascinating city of Milan. At the event we will be showing the full range of Cassini’s pre … Cassini Systems, a market leader in pre and post-trade margin and lifetime cost analytics for derivatives trading, extend their offering with the launch of a new Margin Analysis service. Launched in response to strong market demand, this new set of … Cassini Systems, a provider of analytics solutions for OTC trading, won the award for Best Derivatives Solution at the 2018 HFM US Technology Awards which were held in New York on 13th February. It was a great night overall for … Cassini Systems, a provider of analytics solutions for OTC trading, is sponsoring the 4th annual Asset Management Derivatives Forum organised by FIA/SIFMA. This forum convenes the buy-side and sell-side to examine the latest developments in global derivatives regulation, operations, markets … Cassini Systems, a provider of analytics solutions for OTC trading, today announced the appointment of Samuel Hyman as Head of Sales for North America. Hyman will manage Cassini’s sales presence in North America and will be based at their New … Cassini Systems, a provider of analytics solutions for OTC trading, and Softek, a leading provider of Capital and Credit Management solutions, today announced a partnership to enable buy-side clients to access Softek’s house margin policies to accurately assess their pre-trade … Cassini were delighted to be awarded the prize for the best new technology at the HFM technology US awards 2017. This award recognised our innovative solutions to enhance derivative front office decisions with the full picture of post-trade IM, costs …

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sp|Home News and Insights Content TypePage 5 of 5 ... 5 March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|If you trade bilateral OTC derivatives then you probably know by now that the Uncleared Margin Rules (UMR) are rapidly approaching and will require significant changes to your trading, book management and collateral management processes. The industry has produced plenty … The U.S. non-cleared margin regulations require an earlier calculation period than other jurisdictions to determine whether a party is in-scope for initial margin. Phase 5 IM calculation period in the U.S. is June-August, 2019. To assist market participants that may … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … London and New York – February 14th, 2019 – Cassini Systems, the award-winning leading market provider for pre and post trade analytics for derivatives trading, and Margin Reform, a new boutique management consultancy within the financial services space, today announced … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … London and New York – February 14th, 2019 – Cassini Systems, the award-winning leading market provider for pre and post trade analytics for derivatives trading, and Margin Reform, a new boutique management consultancy within the financial services space, today announced … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … The final phases of the BCBS / IOSCO’s uncleared margin rules — phase 4 and 5 — are kicking in as from 1 September 2019 and 2020. Ready or not, initial margin requirements are coming. And unless you’re compliant in time, … The final phases of the BCBS / IOSCO’s uncleared margin rules — phase 4 and 5 — are kicking in as from 1 September 2019 and 2020. In the second of this three-part series, we take a look at the … Ready or not, initial margin requirements are coming. And unless you’re compliant in time, you won’t be able to trade bilaterally. That is why Cassini Systems has put together a 3-part informative series, solely focused on ISDA SIMM™ for buy-side …

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sp|Home News and Insights Content TypePage 4 of 5 ... 4 March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with , the financial Transaction Lifecycle Management (TLM®) solutions provider, to help financial institutions comply with BCBS-IOSCO margin requirements for uncleared OTC derivatives. BCBS-IOSCO defines rules for margin requirements on Uncleared Over-the-Counter (OTC) derivatives known as . ISDA has developed a that can be used by market participants to provide a transparent and standardised margin methodology of bi-lateral trades. The roll out of UMR rules has now reached the buy side with phase 4 firms coming into scope in September 2019, and phase 5 firms in September 2020. SmartStream’s TLM Collateral Management provides firms with automated data management to reduce operational risks associated with collateral management. This partnership will integrate Cassini’s analytics platform to provide complete SIMM calculations on OTC derivatives for clients in scope for phase 4 and 5. This gives TLM clients the ability to reduce counterparty disputes and operational costs, while having transparency over the SIMM components and underlying risk of the portfolio. “ is proven to manage credit and operational risk through collateral management. We are delighted to be working alongside Cassini, whose expertise will complement our ability to manage complex business and regulatory requirements in this space”. “As the roll out of and impacts the full range of buy side firms, the need for a complete and flexible, front to back SIMM calculation, including the generation of sensitivities, is fundamental. Integrating Cassini’s comprehensive margin and SIMM calculation capabilities will enable SmartStream to solve the regulatory IM requirements for its clients with a fully integrated and seamless solution”.

st|London and New York – March 20th, 2019 – Jason Ang, Program Manager for Collateral Management, SmartStream, states: Liam Huxley, CEO of Cassini Systems said:
h1|Cassini Partners with SmartStream
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sp|Home News and Insights Cassini Partners with SmartStreamMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|See a side-by-side comparison of the risk profile before and after porting
di|The net risk across cleared and uncleared portfolios may be fungible. Our service gives you insight into opportunities to: Move cleared trades between FCMs within the same CCP to reduce IM Move uncleared trades into clearing to offset cleared IM Optimize your portfolio for a net reduction in IM Features AND Benefits Features Define the agreements to be analysed Look for directional offsets Look for porting risk reductions Full display of the after-state to explain potential outcome Full analysis of the IM on trades remaining outside clearing Benefits Reveal unknown risk reduction opportunities Balance portfolio risk to reduce IM Reduce cost by reducing IM overall 
h1|porting and novation
h2|What is Porting and Novation?
sp|Home Products Porting and Novationreduce your initial margin by moving offsetting trades Our service can show how moving uncleared trades into clearing can reduce risk and IM, saving cost. Likewise, the service can show where trades could be moved between clearing brokers to achieve a similar risk reduction , within the same CCP context. Our analysis also shows the IM change on any portfolio remaining after the novation could be applied. Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|The return on a portfolio needs to take into account the indirect costs from margin, fees and funding. By attributing margin back to entities, portfolios and down to individual trades a true picture of returns is achieved. Once this true return on a portfolio is understood, further steps can be taken to reduce IM through compress, porting and collateral optimization. How does your firm relate risk taking with indirect costs? With Cassini you can: Find out how is IM being driven by entities, portfolios or individual trades Find out how is IM moving on a day-to-day basis Find out how is margin split between Base IM, CCP add-ons or Broker add-ons drill down and analyze Enabling your teams to navigate the complexity of portfolios and margin will open up an insight into the indirect economics of your business. Analyzing or aggregating margin costs needs to be flexible in structure. You decide how your trades are structured and then discover the amount of margin supporting those positions. The Cassini dashboard can show: Your IM per entity, or down to trade level IM consumption by strategy The day-to-day IM move due to trading activity or risk changes Tracking of IM consumption against limits with alerts With any approach to margin, deciding how trades contribute to total legal entity IM needs careful thought. Trades offset each other when grouped in strategies or portfolios. The way in which your organization is structured may have an effect on margin – a portfolio needs to carry the underlying cost of margin even if it happens to be offset by other trades. The Marginal Approach This method derives portfolio margin by calculating the effect of removing a selected portfolio and calculating the change in IM. By subtracting the portfolio, you see the effect of adding the portfolio back into the overall legal agreement IM. This method determines the amount of margin the portfolio brings to the overall legal agreement. It allows for offsets between the chosen portfolio and the whole legal entity agreement IM. The Pro-rating Approach This method comes from another direction and calculates the IM for each portfolio on a standalone basis, then attributes the margin as a ratio of each portfolio contribution to the whole. Compared to the Marginal approach, this ignores offsets between portfolios, as they are calculated individually and treats each portfolio separately as if they were their own businesses. WANT TO FIND OUT HOW margin attribution benefits YOU? See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

h1|margin efficiency and attribution
h2|Do you need Margin Attribution? Perhaps the answer is “How can you manage your business without it?”
h3|margin attribution models
sp|Home Challenges Margin Efficiency & Attributionfind out how to align costs which method fits your business? get a demo ISDA SIMM™ & UMR Best Execution / Lower Portfolio Drag Margin Optimization and What If Margin Efficiency & Attribution Trade Routing Clearing Costs
pa|Transform your portfolio into alternative products, and/or reduce line items. Our compression service uses our advanced algorithms to create a forward risk profile, and then find a set of trades which replicates your portfolio for the lowest holding cost using the alternative products. Over time cleared portfolios build up individual line item trades. When analysed as a book of net risk, the same portfolio could be represented by a smaller set of trades using OTC Swaps, MAC Swaps, IMM Swaps or Swap Futures. The outcome of this approach is: Reduced operational cost from having a smaller portfolio of trades Reduced capital requirements from reducing the gross notional of the portfolio Reduced IM from using alternative products with a 2-day VaR rather than 5 or 7-day VaR (when using clearable swap products) features Definable target contracts including OTC Swaps, MAC Swaps, IMM Swap and Swap Futures Provides a delta and cost analysis to implement the compression outcome Estimates the delta on fees and funding Provides a lifetime cost comparison of before/after Provides the IM delta before/after benefits Reduce the number of trades between you and your clearing broker / FCM for lower operational costs IM calculated on a shorter holding period than cleared OTC Simpler portfolio composition Our compression screen shows the source risk profile before and after the compression run.
di|Provides a DV01 before/after graphical comparison 
h1|portfolio compression
h2|What is portfolio compression?
sp|Home Products Portfolio Compressiontransform your fcm portfolio and reduce im Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|why you need IM on-demand The Cassini service is available at any time during the day opening up possibilities for improved decision making and increased portfolio returns. Our real-time service covers uncleared OTC, cleared OTC, ETD and PB portfolios With Cassini: A portfolio manager can model a strategy and test for lifetime IM impact A trader can see the effect of trades on IM prior to execution The credit risk team can monitor IM during the day and carry out limit checks The treasury team can observe the forecast IM for T+1 to build their funding requirements The collateral team can optimise asset placement, which also contributes to the T+1 funding requirement for IM Cassini services can be integrated into your pre-trade workflow to give the front office enhanced decision-making capabilities. The problem facing portfolio managers and traders is knowing how IM will be consumed for a new strategy or individual trade execution. For a portfolio manager, constructing a strategy needs forethought by exploring the product choices, routing rules and IM impact of trade ideas. The IM impact can be measured using todays portfolio, but Cassini can show the impact of IM over the entire life of a portfolio. For traders they need to compare the available routes for a trade alongside price quotes, comparing the IM for each option. With Cassini you can: Test strategies for IM impact before execution Explore strategies over their lifetime and see the behaviour of IM Find the ‘all in’ price for each quoted route Compare cleared and uncleared routes for IM Achieve best execution pricing WANT TO FIND OUT MORE ABOUT pre-trade decision support? Keep up-to-date Subscribe to our newsletter for Cassini updates and industry insights. Please tick the consent field otherwise we won't be able to send you emails. You can unsubscribe at any time.

h1|margin OPTIMISATION AND WHAT-IF?
h2|The Cassini Margin Esimation service is real-time – that means individuals and teams can find out the IM amount across funds, portfolios and strategies at any time “on demand” during the trading day.
sp|Home Challenges Margin Optimization and What Ifknow the impact of IM before trade execution enhance your decision making ISDA SIMM™ & UMR Best Execution / Lower Portfolio Drag Margin Optimization and What If Margin Efficiency & Attribution Trade Routing Clearing Costs
pa|take control of your aana: calculate, monitor and optimiZe briefing The impact of UMR on buy side firms can be significant in operational and collateral costs, and while on the surface the change to split phase 5 into two phases seems fairly benign by just moving the regulatory deadline out a year, it actually presents opportunities for both phase 5 and phase 6 firms. This handy briefing will enable Phase 5 firms to review their average aggregate notional amount (AANA) levels and take steps to move themselves into Phase 6. For phase 6 firms there is more time to review and modify trading behaviour, as well as balancing counterparty agreements to maximise the $50m posting threshold, which can reduce or possibly eliminate the cost of UMR. Register here to request a copy of this briefing

sp|Home Home Take Control of your AANA
pa|After the event, we hope you will walk away with practical insights on how to best transform your operating model, address regulatory complexities, streamline front-back cross-asset workflow, and exploit new data and analytics capabilities.

li|– What are the key milestones and how can you ensure you are remaining compliant under the latest guidelines? Standard – What are the product areas defined under SIMM and how can you calculate these? and the value beyond UMR compliance – How can analytics help a firm turn UMR from regulatory challenge to opportunity and gain a competitive advantage? : staying under the $50mm threshold limit – What monitoring processes do you need in place to avoid posting Initial Margin under UMR?
st|UMR and SIMM is, of course, a hot topic at this years Investops and so Cassini will be on hand with a dedicated panel to discuss how you and your firm can optimize your derivatives workflow. Join us on Wednesday 18th September, 4:20 – 5:00pm for a 360 Perspective on ‘UMR and SIMM: Meeting the final phases of initial margin for non-cleared derivatives – How to embed these new processes into your investment operations’
h1|Cassini Systems | Investops 2019
h2|In just two weeks time, on 17th-19th September, Cassini will be sponsoring , where we will be empowering the buy-side to optimize cross-asset, front to back investment operations. We will discuss:
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sp|Home News and Insights Cassini Systems | Investops 2019March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|This can, perhaps, be driven by significant receiving of the longer end of the curve from traditionally long-only asset managers and pension funds who have to receive rates. By receiving in EUREX, they obtained at better level, and therefore the subsequent hedging by dealers to get out of positions in EUREX further pushed the basis level even lower. Research conducted by the Cassini product team tries to answer this by looking at various factors which can impact the path. – Recent press coverage from ECB sources and market expectations of a significant action by ECB in September calls for market to see a rally as we head into the meeting. Higher More receiving happening at LCH due to more liquidity and higher volumes going through. Further, receiving in EUREX offered better risk reward at higher basis levels but at negative, it all boils down to liquidity. In a no-deal scenario LCH still is recognised by ESMA as a temporary equivalent CCP upto March 2020. Lower General volumes and risk transitioning should move the basis lower. Structurally, the risk at LCH is more receiver swaps (dealers who paid to corporates’ to hedge corporate debt received from LCH) and moving these to EUREX will push the basis even lower. – Increases the margin requirements. Neutral Even though the change increases the margin requirements, it just brings the margin requirements back in line with what they had historically been, hence shouldn’t impact the flow. Even though the choice of CCP depends on liquidity, basis and slippage, we have increasingly seen clients look to understand the margin and funding implications of moving from one CCP to another especially given different methodologies, portfolio margining and clearing fees. Tags: , , , , , , , , , , , ,

st|‘How the mighty have fallen’ This statement can be aptly applied to the long-end basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this year. It has now been quoted as below zero. The recent fall in CME-LCH basis for USD rates, and the sharp rally in market, brings in to focus what the next path for EUREX-LCH basis is. Factor Impact on basis Comment Depending how the above top two factors play against one another over the next few months will decide how the basis evolves.
h1|What’s next for EUREX-LCH basis?
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sp|Home News and Insights What’s next for EUREX-LCH basis?March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
bo|Market Expectations of Rally Brexit Uncertainty and No-Deal – LCH Methodology Parameter
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights EURMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights GPBMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights LCHMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights USDMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights basisMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights EUREXMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights ratesMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … ‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights marginMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this … It’s probably safe to say that, 90% of the time, asset managers will aim to get the same terms with all their clearing brokers. But while the benefits of doing so are undeniable, the situation isn’t always clear cut. In …

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sp|Home News and Insights ClearingMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights basis pointsMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and … ‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this … The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge …

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sp|Home News and Insights optimizationMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights clearing feesMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this …

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sp|Home News and Insights portfolio marginingMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Making an informed decision, gives you improved returns and an edge over the competition. Our service gives portfolio managers the ability to make complex trading decisions with high quality information to hand. Consider that finding the optimum trade now requires pre-trade knowledge of: The impact on Initial Margin The trade routing requirements The impact on Limits The impact on collateral availability Once all these are taken into account our service enables you to understand: The cheapest overall execution route options The cost consumption by the trade(s) in margin, collateral, fees and funding The effect of the strategy over its entire lifetime features Our Lifetime Cost Analysis service can: Provide an analysis of “what-if?” trades to develop a strategy Show the cheapest path to clearing Show which CCPs you could execute via, and your limits with FCMs Apply the correct execution and clearing routing rules Check FCM limits Calculate the cost of collateral Recommend the best execution option given all the constraints Support all markets including cleared OTC, uncleared OTC, cleared ETD and PB compare with Our Margin Comparison service provides an immediate analysis of a proposed trade execution. This service provides tactical insight into the execution options based on your current portfolio, incoming quotes and possible routing. benefits Have insight into the real ‘all in’ cost of a trade over its lifetime Analyse and compare all possible CCP and FCM options for margin and holding costs Move beyond ‘best price’ into lifetime price and long-term planning Give your clients the best deal possible View the lifetime cost, IM, DV01, Limits and Cost Comparison of a Strategy

h1|lifetime cost analysis
h2|What is lifetime cost analysis?
sp|Home Products Lifetime Cost AnalysisEnhanced pre-trade decision making for portfolio managers or traders discover pre-trade margin (best execution) Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|A year of dramatic change and unpredictability in many arenas. As we pass the midpoint of this year, it is worth taking a small breather to reflect on the happenings of the last 6 months, and most importantly, if there are lessons we can learn for the future. While, as has been pointed out, it is the first time in the history of humankind that every country across the planet has faced the same challenge at the same time, and dealt with it in almost exactly the same ways, we have all seen changes in our own lives and organization, and industries that are worthy of reflection and comment. All these feats in last six months, while also re configuring our work processes to ensure as much collaboration and ‘normality’ as possible as 100% of our staff continue to work from home. This is where the ‘T’s come in. When I was reflecting on how we have managed to achieve so much in unusual conditions with no room to slow down or delay projects in any form, I concluded it came down to three things that the Cassini team has in spades: These attributes have created a resilient and strong team able to adapt rapidly to anything. means knowing and trusting each other, and your clients. This is a key part of our culture and it has shown its true value during the lock down. Knowing that whoever you talk to across the company is there to work with you, and will help you any way they can becomes immensely powerful when everybody is on the other end of a Teams chat or Zoom call . As a close-knit firm there is a lot of collaboration and openness in normal times and during lock down we have looked to support and strengthen that. Weekly all-company calls to chat and shoot the breeze, daily calls for each team and many cross-team calls/meetings ensure that information and knowledge transparency Is top down, bottom up and sideways. . Trust and Transparency flows into a culture of teamwork that becomes part of the fabric that is not manufactured or forced in any way. Even while all working from home in three different countries, at Cassini we are all working together, supporting each other, and helping out where we can. And that means we make sure our clients succeed, while creating a fulfilling professional environment for everyone at . Being part of over the last few months and seeing how the three ‘T’s have come into their own has just driven home what an amazing group of people we have in Cassini and how key it is to know, and trust the people you work with! Obviously, the market turbulence presented many challenges for front and back office. Specifically, we saw many firms struggling with margin calls and lack of eligible collateral. We were able to help clients navigate these issues by providing transparency reporting and optimizations for their portfolio.This helped firms retain collateral liquidity and meet the large margin swings that were a feature of the first stage of the lock down. As volatility has reduced a little, we have seen firms who previously had collateral analytics now start to put focus on how to mitigate their exposure to these types of volatile markets in the future. Across the industry, the realignment of the phases to 2021 and 2022 has been a help for a lot of firms, allowing them a window to put in place a strong strategic solution Overall we are seeing a slight lessening in anxiety about the future, not to say firms are becoming complacent, but that the lay of the land and the potential risks are now becoming clearer, so firms can start to plan and mitigate risk. There are obviously huge economic headwinds to come, and big concerns about the surge in unemployment likely to hit after support schemes roll off. There are also warnings about the level of CLO exposure of major banks, securing the corporate debt of below grade companies, so no-one can be complacent. If these or other impacts do create another wave of market volatility, then firms across the buy side will need to be prepared and have the tools ready to control their collateral risk and ensure operational liquidity.

li|Adapting to new social paradigms such as remote working, social distancing, restructuring personal lives and childcare etc. Huge economic turmoil and volatile markets Pervading uncertainty and lack of clarity for the short- and medium-term future On boarded several new staff Signed and on boarded number of major new clients, and Agreed two new partnerships with leading industry platforms, Initial operational shock of COVID-19 and having to reconfigure / relocate teams as lock down kicked in A period of huge market turbulence as the economic impact of closing down large tranches of the global economy hit home And now a sense of stabilization and pragmatic adaptation as the risks and impacts become better understood
st|In our industry and business, we have been faced by the same challenges as everywhere else: Despite all the above, this has been a time of progress and expansion for Cassini, which feels like a huge privilege in the current climate. Since lock down started, Cassini have: Trust, Transparency, Teamwork Trust Transparency Teamwork Looking outward across our industry, the pattern we’ve observed in our clients and partners is, as you will all recognize: What has this meant for the that we work with?
h1|Letter from the CEO – Summer 2020
h3|What comes next is anyone’s guess, but I do know that within Cassini we will continue to live the three ‘T’s and will embrace and adapt to change as we have always done.
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sp|Home News and Insights Letter from the CEO - Summer 2020March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
bo|Written by . In a world of change, the Three ‘T’s are the key to a successful 2020.
pa|The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), the regulation has now also heavily extended to posting initial margin (IM). The advent of the Uncleared Margin Rules (UMR) has made the requirement even more stringent by making it mandatory. to delay by one year the implementation of phases 5 and 6 of UMR – the final implementation phase will now take place on 1 September 2022 – it is clear to see that regulation will continue to alter the collateral management landscape for the foreseeable future. The current unprecedented volatility has also altered collateral management, with significant swings in Mark-To-Markets (MTM) and increased margin calls. But what does this mean for those firms’ whose collateral operations have changed dramatically, not only in the last few years, but the last few How do we see collateral management evolving in the next five years? *Since the filming of this video, the Uncleared Margin Rules (UMR) have been delayed a further year to 2022. Ø Regulation is going to be at the forefront of dictating collateral management, and the systems firms use. Ø Firms will start looking at tools that not only enable them to become regulatory compliant but also reduce costs, improve the liquidity of collateral and efficiently perform operations. Ø Collateral optimization will start to be used as a front office tool so that firms can understand the costs of a trade (including the required amount of collateral to be posted), before they trade. — Last month, Mohit Gupta, providing margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin costs. In the second video of this series, Mohit also explained how margin and collateral optimization tools Tags: , , , , , , , ,

st|With BCBS and IOSCO’s recommendation, on April 3 2020 This week, Mohit Gupta, Senior Product Specialist at Cassini Systems, rounds up this collateral optimization video series by delving into where he sees collateral management in five years time*. – Empower your your organization – explained why your front office needs access to collateral and cost optimization tools Ø Booklet download – Ø Ø
h1|Evolution of Collateral : How do we see collateral management evolving in 5 years time?
h2|Key takeaways Resources for you:
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sp|Home News and Insights Evolution of Collateral : How do we see collateral management evolving in 5 years time?March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|months? Specifically given current volatility
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and … The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights pre tradeMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and … The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights collateralMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), …

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sp|Home News and Insights back officeMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and …

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sp|Home News and Insights front officeMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and … The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to …

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sp|Home News and Insights collateral dragMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and …

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sp|Home News and Insights pre trade analysisMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights collateral managementMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and …

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sp|Home News and Insights pre trade optimizationMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|When starting a collateral management function, the focus is on getting up and running to make margin calls and cover exposure. Moving to the next level means taking a hard look at the assets you deliver to cover incoming margin calls and making a smart decision on what is provided. This service gives your team the ability to allocate assets to incoming margin calls using two models: Inputs to the optimizer include: The waterfall model The algorithmic optimizer Our optimizer will: Allow flexible configuration Reduce the cost of posting assets in the long term with immediate savings View asset allocations across multiple target accounts
di|Collateral cost rules including funding and movements Concentration limits Asset haircuts Agreement eligibility rules Asset valuations (from your systems) Exposure requirements (from your systems) Exclusion rules Features Requires more input from operators and combines asset ranking with your allocation selections. Rankings can include asset types, currency, country, rating and issuer Uses Cost To Deliver driven by charges or reference rates Can be modified to reflect coupon dates and liquidity Supports posting new assets or substitutions and rebalances Finds the overall lowest cost to deliver across agreements Benefits Find the best allocation across agreements 
h1|collateral optimization
h2|What is Collateral Optimization?
sp|Home Products Collateral Optimizationminimize the cost of posting assets across all your margined relationships. Waterfall ranking by ranking Fully optimized by algorithm Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|For many institutions with larger derivatives portfolios the regulatory timeline remains the same. What does this mean for firms with AANA under 50Bn? BCBS/IOSCO intend the delay to provide more time for smaller and mid size firms to prepare fully, especially in Europe where they are also required to perform back-testing. The temptation will be to simply put the UMR/SIMM project on hold for 12 months but that would be a mistake, as the delay is being allowed specifically to provide additional time to prepare for the upcoming requirements. Rather than being forced to move quickly, firms can now take a more holistic, strategic approach to their collateral and margin management processes. Having to post initial margin bilaterally can lead to a drag on derivatives trading and heavily impact funding and liquidity. Being able to calculate, analyze and optimize Initial Margin can help greatly in reducing the overall costs of derivatives trades. Firms that now find themselves in range of this new threshold can take strategic actions to reduce their AANA level and defer or remove the additional compliance overhead, depending on jurisdiction. The key takeaway here is not to delay. Use the additional time granted by the regulators to better tackle the challenges around initial margin and capital consumption. Tools such as , attributing margin internally to better monitor margin consumption, and porting / novation of trades to reduce IM are just some of the ways firms can better optimize their margin consumption. Remember that best practice now requires , and smart optimization will significantly reduce the portfolio drag of collateral.

st|Those firms with over 750 BN in AANA will still be required to begin posting Initial Margin from September 1st, 2019. Firms with 50BN-749 BN notional exposure will now begin posting in September 1st, 2020 and those with exposure between 8BN and 49BN will begin posting from Sept 2021. As before, firms with AANA under 8Bn are exempt. There is a distinct opportunity for those who the delay provides additional preparatory time. Do not put the pen down and delay the inevitable. Keep working to build a more robust, and optimal margin management strategy!
h1|UMR Extension: Cassini Commentary
h4|BCBS/IOSCO have announced the . Updates Navigate
sp|Home News and Insights UMR Extension: Cassini CommentaryMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Regulations in the US and EU mandate some products for execution on a SEF in the US, or an MTF/ OTF in the EU. Mandatory clearing of some OTC trades is also required in most jurisdictions. At the point of execution, it is vital that front office staff have this regulatory information integrated into their decision making. Knowing how these rules constrain or support your execution decisions is essential pre-trade. The cleared price for an OTC trade will be different at each CCP and between cleared and uncleared routes. Whilst compliance with regulations is a goal – choosing amongst the many options for the best economic outcome is also an opportunity. To apply these rules needs knowledge of attributes of your firm itself, your existing portfolio, and the various rules defined by regulators and exchanges. This also needs to be instantly accessible from Pre-trade decision tools as well as your execution platform. features US and EU rules for trading built-in All rules defined by a Cassini data layer Add your own custom rules Mandatory clearing rules built-in for US, EU and other jurisdictions Integrated into your pre-trade workflow Apply the correct execution and clearing routing rules benefits Ensure regulatory compliance Customize the rules to suit your firm Focus on valid and available execution routes Speed up execution pre-trade See positive validation for execution and clearing routes in advance

h1|trade obligation routing
h2|What is trade obligation routing?
sp|Home Products Trade Obligation Routingintegrate regulatory rules for execution and clearing into front office decision making Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|Cassini Systems, the award-winning and market leading provider for pre and post trade margin and collateral analytics, and Margin Reform, a management consultancy providing advice and solutions to firms in the margin, collateral and legal space, today announced a new joint service to assist all buy-side participants, as well as banks, with understanding and implementing solutions for uncleared margin rule (UMR) regulations. We are joining forces with to offer a packaged to all buy-side participants and banks affected by the regulations. The service will help firms better understand UMR impact and define their approach to implementation. An onsite workshop with stakeholders A report and recommendations on where to start, what to do, when to implement and how to back-test and benchmark. Your report will highlight the crucial steps and timelines to comply with UMR as well as the margin impact on your in-scope funds. We’ve combined Margin Reform’s experience of delivering one of the first global UMR programmes with Cassini’s ability to run IM analytics and optimisation across your funds. For more information on how to access this service, or to start an informal conversation about how this could benefit your firm, please complete the form below.

st|UMR Scoping and Planning Service
h1|UMR scoping and planning
sp|Home Products UMR Scoping and PlanningGet ahead of UMR with our insights on your business and portfolio A portfolio analysis using the Cassini SIMM calculation services The report will also zoom in on how the new collateral regulatory requirements impact liquidity and P&L, and how to mitigate their impact. Get in Touch Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning
pa|Compliance

li|any margin on any asset – cleared, uncleared, OTC and ETD. drivers and movement in your margin exposure. your IM levelsour advanced algorithms.
st|We allow firms just like yours to: The provide solutions throughout the trade life-cycle for multiple teams. We can help you succeed whether you function in the front office, treasury and middle office, operations or compliance. Trading OTC and has higher carry costs and regulatory restrictions than ever. Over the long term, our customers portfolios need analysis and maintenance to avoid a cost drag. The underlying cost drivers can be seen by your treasury or middle office team by using Cassini services. We give firms, just like yours, new tools to explore and enhance your portfolio to reduce costs. Explore them here. The impact of increased margin demands means that our customer’s operations groups typically need to forecast and report IM and funding needs at close of business, as well as provide transparency to upstream decision making. Ensuring with execution and clearing mandates across front and back office systems is never easy.
h1|How we help our customers succeed
h4|Find your role below to discover how our products can solve your business challenges, and more. Updates Navigate
sp|Home News and Insights How we help our customers succeedOur provides our customers with an analytics backbone from pre-trade to end-of-day. Cassini’s software services help our customers succeed by enhancing with visibility and analytics of post trade costs, as well as providing for treasury and operations. March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
bo|Cassini is Margin Analytics Platform. Calculate Analyze Reduce
pa|The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, … The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and … As Coronavirus (COVID-19) continues to spread through the global community, Cassini’s main priority is clearly the health and safety of our employees, clients and partners. Most importantly from all of us in the Cassini family, we wish you the best … Initial Margin phase 5: Smaller on bang, bigger on complexity As we see in the beginning of 2020, the IM countdown is now in full flow. Firms are now starting to size up the challenges as they prepare to … Mohit Gupta of Cassini Systems outlines the ways in which our clients, and other in scope firms can find opportunity in the UMR delay. AANA Management and Strategic Clearing. Derivatives trading has undergone wide ranging changes in regulation since the … In just two weeks time, on 17th-19th September, Cassini will be sponsoring Investops 2019, where we will be empowering the buy-side to optimize cross-asset, front to back investment operations. After the event, we hope you will walk away with practical … ‘How the mighty have fallen’ This statement can be aptly applied to the long-end EUREX-LCH basis on the EUR curve which has seen the 30y point on curve fall from around 3.5bps in March 2018, to almost flat earlier this … The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to … The last few days have seen a spike in volatility in the market. This is mainly due to the market expectations ahead of the Fed, renewed growth worries leading to a drop in oil and more recently, currency devaluation from …

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sp|Home News and Insights Content Type InsightsPage 2 of 3 2 March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|BCBS/IOSCO have announced the delay of the roll out of the final phase of Uncleared Margin Rules. Those firms with over 750 BN in AANA will still be required to begin posting Initial Margin from September 1st, 2019. Firms with 50BN-749 … UMR Phase 5 will have a significant capital impact on in-scope firms’ trading performance. To address this impact, firms need to treat it as a trading risk management process and have calculation tools in their front-office trade workflow that provide … If you trade bilateral OTC derivatives then you probably know by now that the Uncleared Margin Rules (UMR) are rapidly approaching and will require significant changes to your trading, book management and collateral management processes. The industry has produced plenty … The final phases of the BCBS / IOSCO’s uncleared margin rules — phase 4 and 5 — are kicking in as from 1 September 2019 and 2020. Ready or not, initial margin requirements are coming. And unless you’re compliant in time, … The final phases of the BCBS / IOSCO’s uncleared margin rules — phase 4 and 5 — are kicking in as from 1 September 2019 and 2020. In the second of this three-part series, we take a look at the … Ready or not, initial margin requirements are coming. And unless you’re compliant in time, you won’t be able to trade bilaterally. That is why Cassini Systems has put together a 3-part informative series, solely focused on ISDA SIMM™ for buy-side … At Cassini, we have recently been traveling across Europe and the US to events ranging from global client conferences hosted by our partners Charles River and Simcorp, to exhibiting or attending at the FIA expo in Chicago, the ISDA North … It’s probably safe to say that, 90% of the time, asset managers will aim to get the same terms with all their clearing brokers. But while the benefits of doing so are undeniable, the situation isn’t always clear cut. In …

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sp|Home News and Insights Content Type InsightsPage 3 of 3 3 March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Evolution of collateral : event booklet booklet In February 2020 Cassini Systems participated in a breakfast meeting in London. The event included two panel sessions on: Speakers included: Attendees received a printed event booklet which contains: For your copy please complete the form. Register here to request a copy of the booklet

li|The Evolution of Collateral Funding The Evolution of Collateral Operations and Workflow Liam Huxley, CEO and Founder of Cassini Systems Adam Willis from UBS Matteo Rolle from Lloyds David Weaire from Investec Karl Wyborn from CloudMargin Scott Fitzpatrick From AcadiaSoft Mark Higgins from BNY Mellon Chris Watts from Margin Tonic Editorial by Bill Hodgson, Editor of The OTC Space Reducing the Total Cost of Ownership by Chris Watts of Margin Tonic Collateral Optimisation: Moving to the Front Office by Mohit Gupta of Cassini Systems The Future of Collateral Management Technology by Karl Wyborn of CloudMargin Ditigisation of Legal Negotiations and Data by John Pucciarelli of AcadiaSoft ETFs to Join the Collateral Party by Katy Burne Editor of Aerial View Magazine at BNY Mellon
sp|Home Home Evolution of Collateral Booklet
pa|He continued by asking how, and who, determined and managed the costs of this outstanding collateral but most importantly wondered how the amount could be minimized and controlled to lower the increasing impact of the company’s performance. Collateral management has traditionally been a back-office, post-trade tool. However, with collateral costs causing a drag on real returns, firms have started to bring the collateral function into the front office and look at optimizing collateral postings. The Global Financial Crisis (GFC) of 2008 led to a waft of sweeping regulations across the financial markets including the requirement of derivative transactions to be collateralized to reduce counterparty credit risk. Starting with posting collateral for variation margin (VM), the regulation has now also heavily extended to posting initial margin (IM). the limited supply of high-quality liquid assets (HQLA) gets stretched This poses a unique challenge for firms to not only make their systems compliant with the regulations, but also adept to tackling the challenge of collateral requirements. However, there is a light at the end of tunnel as this is an opportunity to have systems in place which can help streamline the workflow and optimize the requirements. To solve the problem of collateral optimization, the first step is understanding how much collateral is required to be posted. This requirement stems from the fact that derivatives require margin to be posted (VM and IM). Optimizing this margin requirement lowers the amount of collateral required and hence reduces the cost of collateral. This optimization can be done both pre-trade and post-trade. we simulated a Relative-Value Hedge Fund clients’ historical cleared book from the start of year – with an empty book – to the end of year. During this period, the client would regularly trade cleared swap trades in EUR, USD and GBP, and clear them at broker on a currency basis to make it operationally easier rather than the cheapest broker. Clearly, one gets offset between the trades of the same currency but loses out on offsets among currencies, which being a RV fund is one of the most common trading strategies. As one can see, the savings are lower to start with, but grow significantly over the course of year and the average margin requirement over the course of the year is roughly 150m (million) lower, which means 150m lower collateral to be funded. Even though above is an example for cleared trades, one can easily use it for any derivative, cleared or bilateral. Like pre-trade optimization, firms can engage in post-trade optimization which can help reduce margin requirements generally done on a weekly or monthly frequency depending on the firm. Once the margin requirement has been understood and optimized, the next step is optimizing the collateral as this will directly impact the cost and hence the returns. Collateral optimization is a multi-dimensional problem requiring understanding of the following: Given the above dimensions, a simple and traditionally used ‘waterfall’ model for collateral allocation works sub-optimally and hence needs use of proper optimization framework. Using Linear Programming and Mixed Integer Model is one framework to solve this complex problem. Introduction of more constraints, like the amount of cash one can post to a custodian, further makes the optimization challenging. To add context to the savings, let’s say a firm with 3bn(billion) USD AUM (assets under management) has an average margin requirement of 600m USD throughout the year. Using optimization on collateral, of one was to save 50bps on funding, it would translate to 3m USD to the bottomline which is 10bps to the returns. Tags: , , , , , , , , , , , ,

li|Balancing positions across dealers and clearing brokers, helps in achieving maximum offset and reducing margin requirements along with reducing concentration add-ons due to build-up of large positions. Some exchanges offer cross margining the futures against available OTC positions and this can lead to tremendous savings especially if they offset with each other. Bilateral and cleared trades have different liquidity and different margins, and only new trades after the UMR phase in dates are in scope for bilateral margin. This offers some firms the opportunity to choose between trading certain trades bilateral or cleared depending on cost benefit analysis and/or back load legacy trades into either UMR scope or cleared portfolio to create offsets and reduce margin. Depending on the agreements with counter parties, the type of collateral eligible with one might not be eligible with another. Further, rules regarding collateral substitution, transformation and re-hypothecation differ from counter party to counter party and can greatly influence the choice of collateral postings and hence the resulting costs. With the understanding of eligibility, the next step is to look at the inventory of available collateral, possibly incoming collateral (if re-hypothecation available) and collateral posted already to understand if a transformation can help in optimizing holistically. Collateral haircut determines how much extra value of collateral will need to be posted over and above its value. This is due to the quality of the collateral and the possible loss in the value when trying to settle trades using collateral in case of default, stress etc. The most important component in the optimization exercise is the cost of collateral. The cost of collateral reflects the cost of funding the collateral (either in primary or secondary market) if the collateral must be funded. This can also work as the opportunity cost of the collateral in cases where funds are a flush with collateral. These are costs which the custodians/fund admins charge for safe-keeping the collateral. There will also be transaction costs involved with moving of collateral and this will further add constraints to the optimization problem. The optimization would help not only to choose the broker/dealer with least margin increment but also look at the available pool of assets and check if enough collateral is available. Further, given different collateral inventories and possible different funding costs, it helps to optimize collateral at pre-trade level. This holistic optimization would look at all available inventory in order to move collateral across if need be.
st|By Mohit Gupta, Senior Product Specialist, Cassini Systems The advent of the Uncleared Margin Rules (UMR) has made the requirement even more stringent by making it mandatory even for bilateral derivatives to be compliant for collateral postings. , Risk Rebalancing Among Dealers/Clearing Brokers: Futures Cross Margining: Strategic Clearing and Backloading: Collateral Eligibility: Collateral Availability: Collateral Haircut: Collateral Cost: Transaction Costs: Pre-trade: Post-trade: As above, given the challenges and potential savings involved, more and more firms are looking at these optimization strategies holistically and from the point of view of arming their front-office to reduce the drag and ultimately, improve returns.
h1|Collateral Optimization: Moving to the front office
h3|‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset manager conference which Cassini attended. Margin Optimization – First step to achieving Collateral Optimization Pre-Trade Margin Optimization Post-Trade Margin Optimization Collateral Optimization Just like margin optimization, collateral optimization can be done both at Pre-trade and Post-trade levels.
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sp|Home News and Insights Collateral Optimization: Moving to the front officeMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
bo|Optimization and monitoring were on the list of potential solutions for this asset manager – but where to start?
pa|By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights OTCMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights analysisMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset …

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sp|Home News and Insights analyticsMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights post tradeMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge …

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sp|Home News and Insights initial marginMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset … The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help …

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sp|Home News and Insights uncleared margin rulesMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset …

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sp|Home News and Insights collateral optimizationMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … By Mohit Gupta, Senior Product Specialist, Cassini Systems ‘We now have just over 600 million tied up in collateral to satisfy our Initial Margin requirements’ was one of the statements of a COO in a meeting at a global asset …

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sp|Home News and Insights post trade optimizationMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Although these regulations were introduced to mitigate systemic risk in times of stressed markets, we have two primary reasons for believing this is the right move during these challenging times. First, the operational impact of firms having to organize teams to remote work, and the reallocation of IT resources to help firms restructure day-to-day operations, has been very significant for a lot of firms. This has naturally had an impact on teams’ bandwidth to support technology and implementation work relating to supporting the UMR operating model. Second, introducing UMR to new firms in a stressed market would place even more onerous collateral requirements on the industry than were expected just a few short weeks ago. The new Initial Margin (IM) requirements for ISDA SIMM and Grid methodologies would require many firms to find and post significant amounts of new collateral. requirements and likely also increasing the UMR IM requirements. That would mean firms having to find higher amounts of collateral than they had anticipated in a world where eligible collateral is already getting further squeezed as a result of market conditions. Given that the intent of UMR is to protect firms in volatile markets, it would have been ironic and counterproductive if its implementation resulted in additional collateral stress for the market. This delay will impact hundreds of firms – many of which may not be sure exactly how they should respond or what specific impact it has on them, and they will look to their solution partners to help them adjust plans accordingly. As the leading margin analytics firm as well as a major ISDA SIMM provider, we are already starting to work hand-in-hand with institutions across the buy side to help them adjust their business and technology plans to the revised timelines. One of the most significant impacts of this period of market stress has been that many firms are seeing cleared and exchange-traded derivatives (ETD) portfolios with very large margin calls and daily swings in VM so this highlights even more the importance for firms to have a holistic margin and funding solution across all business lines. This postponement in the UMR roll-out allows breathing space for the buy side to adjust to and come out the other side of the current period of market volatility and uncertainty without having the pressure of sourcing large amounts of new collateral hanging over them. However, the delay should not be cause for phase 5 firms to suspend their preparedness projects. Rather, this provides an opportunity to fully evaluate the impact of collateral and liquidity across the business and ensure that they put in place strong tools to understand and mitigate the effect of ISDA SIMM and cleared margin on their portfolios. As always, we at Cassini are focused on helping our clients maximize the efficiency of their margin trading and collateral deployment. The current market has only added another spotlight on the need for analytics to: We stand ready to help firms navigate this new landscape. Please with any member of our expert team to discuss how you could improve your operating model.

li|Explain movements in margin and or switch trade opportunities allocation itself.
st|Article from Liam Huxley, CEO & Founder, Cassini Systems get in touch
h1|Cassini Commentary: UMR Implementation One-Year Delay
h2|Cassini Commentary: UMR Implementation One-Year Delay
h3|As our clients and firms across the buy side begin to process of the uncleared margin rules (UMR), we wanted to share why Cassini Systems supports this move.
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sp|Home News and Insights Cassini Commentary: UMR Implementation One-Year DelayMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|At Cassini, we have recently been traveling across Europe and the US to events ranging from global client conferences hosted by and Simcorp, to exhibiting or attending at the FIA expo in Chicago, the ISDA North America Conference in New York, and the Fleming Collateral Management event in Amsterdam. The Autumn merry go round is not done yet, with the DerivSource London event on Nov 14 and Fixed Income Leaders Summit in Amsterdam to come, but it’s a good time to catch a breath and reflect on what we’ve heard across these events. None of these will be particularly shocking to anyone in the industry, although we have been surprised by the upturn in interest in SIMM by the buy-side community. On that note, we also joined CloudMargin, IHS Markit and MarginReform to present a webinar on SIMM Initial Margin on October 24th of this year, which covered model, implementation, and application. You can access that webinar Thinking about SIMM, as I said, the buy-side has been rapidly waking up to the oncoming impact of SIMM and starting to understand its impact and figure out the best way to implement a The deadlines are September 2019 or 2020 depending on where each firm falls in terms of scope but there is a lot of preparation to do first, and decisions to be made (agreement, technology, capital optimisation) before the actual implementation date. Therefore, it is imperative that all Fund managers assign an owner to the Uncleared Margin Rules and SIMM impact assessment and start engaging with ISDA and service providers. One interesting result we saw from the webinar, previously mentioned, was that in a poll question of the attendees* said they thought their firm was in a position to calculate the SIMM sensitivities in house. We are also seeing similar feedback in our conversations with firms around the street. The requirements to marshal trades, define and agree on curves and sensitivity models, and source the required market data makes this piece alone a complex problem for many firms. We will be exploring this area in more depth in November in a series of blogs about SIMM and ways to address its various needs. Watch this space! We also exhibited at both the CRD Global Client Conference and the Simcorp European Client Event and although these are very different platforms we did see similar topics being discussed, and one theme that was consistent was around the trend to system consolidation. As everyone will have seen this year by the spate of M&A in our industry (CRD by State Street, NEX by CME, Lombard by Vermeg, Advent by SS&C, to name but a few), platform consolidation is continuing at a pace. At the same time, larger firms are looking to their existing system providers to increase their footprints and enable greater front to back perspectives and analytics. This theme resonates strongly with us, as our mission has always been to integrate front office and back office perspectives to provide consistent analytics, calculations and optimisation, so we are happy to see this trend reflected more broadly. Inevitably Brexit was a topic for panel discussions at all events. Wisely most people avoided claims to predict the future, but with no consensus as to how it will pan out, concern of a no-deal Brexit ranged from moderate to high. I was interested to see how prominent a topic this was at the US-based events as well as in Europe. One very senior panellist from a tier 1 bank stated that Brexit was going to be a bigger disruption and effort than MiFiD Generally, firms advised that they were planning for a ‘no-deal’, and ensuring they can continue to provide services to clients in the event of worst case outcomes. That said, there was some optimism that there will be substituted compliance in place to avoid breaks in acceptance for euro clearing, for example. All in all, it’s been a busy year for the industry with plenty more challenges to come, but we are glad to see more focus on integration across firms and looking more holistically at capital optimisation. This is a fast-developing world and plenty to stay on top of as we head toward year end and 2019. We look forward to seeing you at future events and hearing your thoughts too! Written by , CEO and Founder of Cassini Systems.

li|SIMM – regulatory and operational Consolidation and integration of front to back systems Geopolitical concerns, esp. Brexit
st|We have heard seen several key themes across all these events: SIMM and Uncleared Margin Rules *This data is owned by Cassini Systems, CloudMargin, IHS Markit and MarginReform. Not to be reused by any other institution unless permission is sought from above companies. Answers are provided from a variety of institutions and companies within the financial services space. System Consolidation Geopolitics & Brexit And onward to 2019
h1|Key Themes – SIMM and other hot buttons…
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sp|Home News and Insights Key Themes – SIMM and other hot buttons…March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|only 25%
pa|request a Replay of SIMM™: more than just end of day webinar IM & SIMM should now be part of front office decision making, and long-term portfolio management. Our panel discussed the extent to which initial margin should be part of all trading and portfolio decisions. We also discussed: Register here to request a replay of the webinar

li|Why should firms be using SIMM rather than any other model? Should IM & SIMM be available in real-time within a business? Why not just end of day? In what way should portfolio managers or traders be using IM & SIMM when planning or executing trades? Why should firms be back-testing their SIMM calculations? What steps can firms take to manage IM over the long term for a portfolio? How should the cost of margin be attributed and managed within the front office?
sp|Home SIMM : More than just end of day Request
pa|Derivatives trading has undergone wide ranging changes in regulation since the global financial crisis. The requirement for posting margin on cleared and bilateral trades has been one of those changes; impacting the cost of trading directly, while aiming to reduce the counterparty credit risk and ensuring stability. While the requirement for initial margin was initially only mandatory for trades cleared through a central clearing house, it has since also encompassed bilateral trades. Given the widespread scope of bilateral derivatives, BCBS/IOSCO proposed a towards mandatory posting of initial margin. As part of this, the last phase – Phase 5 – was to come into effect in September 2020. However, with the phase 4 approaching (commencing 1 September 2019), a . This added a new threshold and thereby introducing a 6th phase, which comes into effect in September 2021. Those firms with over $750bn in Average Aggregate Notional Amount (AANA) will still be required to begin posting Initial Margin from 1 September 2019 (phase 4). Firms with 50 BN-749 BN notional exposure will now begin posting in 1 September 2020 (phase 5) and those with exposure between $8bn and $49bn will begin posting from September 2021 (phase 6). As before, firms with AANA under $8bn are exempt. As aptly summarized in a statement from the Basel Committee below, the delay is meant to help counterparties prepare better from an implementation point of view. “The Basel Committee and IOSCO have agreed to this extended timeline in the interest of supporting the smooth and orderly implementation of the margin requirements which is consistent and harmonised across their member jurisdictions and helps avoid market fragmentation that could otherwise ensue. The Basel Committee and IOSCO expect that covered entities will act diligently to comply with the requirements by this revised timeline and strongly encourage market participants to make all relevant arrangements on a timely basis” Before the delay was announced, ISDA estimated about would come in scope in Sept 2020 once the threshold falls from $750bn to $8bn. With the delay now introducing a new phase with a $50bn threshold, the number of counterparties coming into scope in September 2020 will be significantly lower, due to the higher threshold. A study by ISDA estimates that the number of counterparties caught in Phase 5 will fall by – with the remaining going in to the newly formed Phase 6. Further similar studies by regulators and have this number at 77% and 66%, respectively. Suffice to say that the delay pushes a lot of counterparties from Phase 5 to Phase 6 given the higher threshold. What does this mean for firms with AANA under $50bn? BCBS/IOSCO intend the delay to provide more time for smaller and mid-size firms to prepare fully, especially in Europe where they are also required to perform back-testing. The temptation will be to simply put the Uncleared Margin Rules (UMR) and Standard Initial Margin Model (SIMM) project on hold for 12 months but that would be a mistake, as the delay is being allowed specifically to provide additional time to prepare for the upcoming requirements. Ultimately, the delay is meant to help provide time to work diligently towards implementing a solution for the regulations. At Cassini Systems, we think this delay is an opportunity which can be used both by firms in Phase 5 and Phase 6 to appropriately get ready for the regulations in a holistic sense rather than just looking at uncleared margin. The key question is this: how can a client act on this delay and benefit from it? A few ways in which we at Cassini are helping our clients are enumerated below. AANA stands for average aggregate notional amount. This is the metric which decides if the client falls in Phase 5 or Phase 6 or is totally out of scope. The exact method of calculating AANA depends on the jurisdiction as certain products might be excluded in one jurisdiction but included in another. Even though the officially reported AANA has to be calculated for certain specific days dependent on the jurisdiction, it is recommended to have an process to be able to monitor AANA exposure on an ongoing basis as this will help to get an idea of the phase of implementation the firm will be in and then act accordingly. For instance, if my current AANA is €100bn, I am most likely going to fall in Phase 5 unless something drastically changes and reduces the exposure. Once the firm has a clear picture of its AANA, the next step is to see if there is any way one can optimize the portfolio to reduce the AANA. Reducing AANA should be of particular interest to firms who are on the cusp of the threshold (i.e. close to €50bn or €8bn) as reducing and managing AANA can help them flip to the next phase or out of scope completely. It is not uncommon to see trading books which have trades back and forth for the same risk. This is usually the case when original trades were not taken off but replaced with equal and opposite risk trades. This extinguishes the risk but still counts towards notional exposure. Compressing portfolios both unilaterally and multi-laterally can be used reduce notional exposure keeping risk profile within constraints. The premise of the regulation imposing margin for uncleared derivatives is to bring them in line with cleared derivatives which have a margin associated with them. Given margin is to be posted for both uncleared (if you breach the $50m posting threshold) and cleared derivatives it can often be preferable to use the clearing avenues. The margin requirement for cleared trades is based on a five-day Margin Period of Risk and so are generally less for the same trades than uncleared margin requirements which are based on a 10-day Margin Period of Risk. With the arrival of more clearing houses, the range of products which can be cleared has greatly increased and this offers more avenues to firms while still keeping liquidity in mind. A few examples are as follows: Interest Rate Swaps and Inflation Swaps are liquid with multiple exchanges offering them as products. Voluntarily clearing trades on rates products that are not mandatorily cleared can offer synergies in reducing AANA exposure. Clearing FX options at exchanges rather than keeping them as bilateral can reduce the AANA exposure. Given options have higher leverage than spot transactions, clearing them offers a bigger ‘bang-for-buck’ in reducing AANA. A traditional bilateral market like CDS has seen the share of clearing on the of late and this further supports the argument for clearing over bilateral. While it might not be possible for everyone to change their trading style, there are ways for those who can adapt to look at reducing AANA by such methods. A few examples are as follows: Trading Swap Note Futures to mimic the exposure of a traditional swap is one way of reducing AANA Trading Futures which mimic the swaps exposure (like EuroDollar Futures, ERIS futures) is another way to reduce AANA Even though physically settled FX forwards are not under scope for margin posting, they still count towards AANA calculations. Using FX futures to mimic the exposure of physically settled FX forward is one way to reduce AANA The impact of UMR on buy side firms can be significant in operational and collateral costs, and while on the surface the change to split phase 5 into two phases seems fairly benign by just moving the regulatory deadline out a year, it actually presents opportunities for both phase 5 and phase 6 firms. Phase 5 firms can review their AANA levels and may be able to take some of the steps suggested above to get themselves into phase 6. This saves the cost of collateral for another year as well as allowing more time to be fully prepared. For phase 6 firms there is more time to review and modify trading behaviour, as well as balancing counterparty agreements to maximise the $50m posting threshold, which can reduce or possibly eliminate the cost of UMR. More insight articles about AANA:

st|Mohit Gupta of Cassini Systems outlines the ways in which our clients, and other in scope firms can find opportunity in the UMR delay. AANA Management and Strategic Clearing. Compression – CDS (Credit Default Swap) – Trading Style – Swap Note Futures – Interest Rate Futures – FX forwards –
h1|AANA Management and Strategic Clearing
h3|Impact of delay The opportunity and solution Understanding your AANA Managing your AANA Reduction in AANA can be achieved through following approaches: Conclusion Importantly it also helps firms by allowing time to implement a holistic solution across all derivatives trading to reduce IM requirements, identify cost of carry, attribute costs to portfolios and trades and generally implement a full cost control process for collateral.
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sp|Home News and Insights AANA Management and Strategic ClearingStrategic clearing – FX Options – March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Cassini and Tradeweb team up for Best Execution with pre-trade margin transparency fact sheet Tradeweb and Cassini have announced an industry-changing alliance. Front office users now have access to Cassini’s pre-trade analytics within Tradeweb's RFQ screens. Cassini’s analytics in Tradeweb provide the buy-side with significant cost savings by using the optimal route for clearing or execution at the lowest margin impact. At the same time, clients achieve Best Execution (MiFID II) by taking into account all related post trade costs prior to executing. The contents within this fact sheet - plus more - are going to be discussed in an upcoming series , held on: Register here to request a copy of this fact sheet

li|Europe: October 22nd at 15:00 GMT US: October 23rd at 10:00 EST Asia: October 24th 15:00 JST
st|Achieve Best Execution by minimizing Initial Margin and trading costs at time of execution. webinar ‘Discover Best Execution with Cassini and Tradeweb’
sp|Home Tradeweb Integration Factsheet DownloadRegister for our webinars The features and benefits of our tradeweb integration
pa|This service provides relief to firms affected by ’s change in the final phases of implementation of the . These changes add a new complexity with the addition of a 50bn AANA threshold, creating an opportunity for some firms to strategically manage their derivatives exposure and remain below the 50bn threshold. “Clearly, the intent of the delay is to provide more time for smaller and medium size firms to prepare fully, especially in Europe where there is a requirement to perform back-testing”. Considering the additional staggered implementation times based on in-scope firms’ AANA threshold, Cassini also offers an which helps firms monitor their AANA, but also enables them to reduce their outstanding bilateral margin exposure. 1) The ability to calculate and monitor AANA exposure to determine in which phase your firm must begin posting initial margin under UMR. 2) Notional Reduction Tools to ensure you remain under the 50Bn or 8Bn threshold. 3) SIMM Limit Monitor “With the AANA deferral, the temptation will be to simply put the UMR/SIMM project on hold for 12 months but that would be a mistake as there is a distinct opportunity to take advantage of this additional preparatory time. Rather than being forced to move quickly, firms can now take a more holistic, strategic approach to their collateral and margin management processes”. Those firms with over 750 BN in AANA will still be required to begin posting Initial Margin from September 1st, 2019. Firms with 50BN-749 BN notional exposure will now begin posting in September 1st, 2020 and those with exposure between 8BN and 49BN will begin posting from Sept 2021. As before, firms with AANA under 8Bn are exempt. ***

li|Notional Compression Risk Replacement Optimization Strategic Clearing
st|London and New York – July 24rd, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics, and a provider of a fully featured end-to-end SIMM Calculation Service, has today announced the launch of their . Liam Huxley, CEO and Founder of Cassini, said of the announcement, These tools, available immediately, include: This includes: Huxley continued: For more information on the UMR extension in general and what this could mean for your firm, of if you would like more information on our services, then get in touch here.
h1|Cassini Systems set to provide relief to firms affected by BCBS/IOSCO’s change in the final phases of implementation of the Uncleared Margin Rules with an AANA-Management Service
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sp|Home News and Insights Cassini Systems set to provide relief to firms affected by BCBS/IOSCO’s change in the final phases of implementation of the Uncleared Margin Rules with an AANA-Management ServiceMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Margin analysis and attribution Cassini provides a set of tools that enable you to understand the drivers behind your margin requirements and capital consumption, risk manage IM levels, and explain large changes in IM requirements. See a consistent view across all products and agreements, for ETDs, Cleared OTC, and Bilateral trades. These tools include: A unified dashboard that covers all yoru legal agreements across cleared, ETD and bilateral A great Front Office tool to see key exposures, limits and margin headroom at Start of Day and as trading activity happens intra day. A calculation model that can attribute margin consumption down to any level of the portfolio hierarchy including at strategy, and trade level. See below for more detail on attribution models. A funding risk management tool that highlights the impact of close out or expiry of different trades. Limit monitoring on IM, risk or notional levels across portfolios, counterparties, or legal agreements features Our Margin Analysis and Attribution service can: Drill down to trade level or any structure you choose Show an IM movement analysis for Base IM, CCP add-ons and Broker add-ons Show a limits overview including consumption and headroom Be updated at any time of day – not just end of day Handle multi-asset class portfolios across cleared, uncleared, OTC and futures Support attribution models including pro-rating and Incremental benefits Allocate the cost of capital back to trading books and strategies IM move explanations – day on day and intra-day movements With any approach to margin, deciding how trades contribute to total legal entity IM needs careful thought. Trades offset each other when grouped in strategies or portfolios. The way in which your organization is structured may have an effect on margin – a portfolio needs to carry the underlying cost of margin even if it happens to be offset by other trades. The Marginal Approach This method derives portfolio margin by calculating the effect of removing a selected portfolio and calculating the change in IM. By subtracting the portfolio, you see the effect of adding the portfolio back into the overall legal agreement IM. This method determines the amount of margin the portfolio brings to the overall legal agreement. It allows for offsets between the chosen portfolio and the whole legal entity agreement IM. The Pro-rating Approach This method comes from another direction and calculates the IM for each portfolio on a standalone basis, then attributes the margin as a ratio of each portfolio contribution to the whole. Compared to the Marginal approach, this ignores offsets between portfolios, as they are calculated individually and treats each portfolio separately as if they were their own businesses. Breakdown IM by any portfolio structure to map costs to originators
di|Display a high level dashboard for entities, portfolios and strategies This set of tools provide a range of benefits through greater business control and funding transparency including: Track IM consumption by portfolio, strategy, and trade Identify potential funding shortfalls Real time monitoring of IM, Collateral, Cost and Risk limits with dynamic alerts Enforce IM analytics as part of your trade controls front to back 
li|See IM movement analysis, day on day or intra day See breakdown by CCP, currency, asset class See SIMM and CRIF detail in same view See limits and headroom in one place
h2|What is margin analysis and attribution?
h3|margin attribution models
sp|Home Products Margin Analysis and Attributiondrill down into margin changes at any level. attribute margin costs back to the originators of risk Margin Analytics Dashboard Attribution Margin Unwind Risk Limit Monitoring learn more about our margin attribution models which method fits your business? Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|Copenhagen Derivatives Breakfast Briefing: 'European Regulatory Landscape' Breakfast briefing would like to invite you to a knowledge packed Derivatives breakfast briefing, with special guest speaker Jakob Roager Jensen, of Danmarks Nationalbank : Tuesday, 21 January 2020 08:00 - 10:30 (CET) : Register here and save your seat today At this breakfast briefing, our experts will provide insight to the key challenges facing the market as well as highlight the potential solutions that have been designed to bring greater capital and operational efficiency to the shifting regulatory landscape. We look forward to seeing you there! full agenda Marco Knaap, Head of Business Development, Cassini Systems Jakob Roager Jensen, Senior Quantitative Risk Analyst, Danmarks Nationalbank Adam Husted, Co - Head of OTC IRD Partnership Program, Eurex Clearing Ricky Maloney, Global Head of Buy Side sales, Eurex Clearing Marco Knaap, Head of Business Development, Cassini Systems Bhas Nalabothula, Head of European Interest Rate Derivatives, Tradeweb Moderator: Adam Husted - Co - Head of OTC IRD Partnership Program, Eurex Clearing Marco Knaap, Head of Business Development, Cassini Systems Mads Bøgh Arildsen-Walin, Business Developement Manager, Investor Services, Danske Bank Ricky Maloney, Global Head of Buy Side Sales, Eurex Clearing Bhas Nalabothula, Head of European Interest Rate Derivatives, Tradeweb See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

st|Cassini Systems, Danske Bank, Eurex Clearing, and Tradeweb and author of Danmarks Nationalbank analysis white paper, When Where See Full Agenda Below Our special guest speaker, Jakob Roager Jensen - of Danmarks Nationalbank, and author of 'Danmarks Nationalbank Pension Companies' analysis white paper - will discuss this analysis paper in-depth and answer any questions you may have. Fill out the form and save your seat today - spaces are limited. Registration Welcome remarks Guest speaker presentation 'Danish life and pensions' liquidity needs from Derivatives' Eurex Clearing update Presentation 'The Buy-side perspective – OTC Clearing' Presentation 'Uncleared Margin Rules and Benefits of Pre-Trade Analytics & Optimisation' Presentation 'Electronic Swaps Trading: Best Execution and Optimised Workflows' European Derivatives Landscape - Challenges and Solutions Panelists: Q+A session with our panel of experts Coffee and networking
sp|Home Copenhagen Derivatives Breakfast Briefingget a demo
em|08:00 - 08:30 08:30 - 08:35 08:35 - 09:10 09:10 - 09:20 09:20 - 09:30 09:30 - 09:40 09:40 - 09:50 09:50 - 10:20 10:20 - 10:30 10:30 - Onwards
pa|Now more than ever, it is key that you are equipped with analytical and optimization tools that will allow your firm to understand the costs, and drivers, of margin movements and then act accordingly. Below, further discusses what optimization means, and how it can impact the entire lifecycle of a trade – from pre-trade to end-of-day. Liam also touches upon why your entire organization – from the front office to the back office – can benefit from margin and collateral optimization tools that give you transparency over your margin. This in turn helps you make better trading decisions and minimize cost. Ø Optimization can mean a variety of things, depending on where you sit within your organization. Essentially, optimization of your margin and collateral – at any stage of the trade lifecycle – is designed to minimize the cost impact on your firm and minimize the carry cost of your trades. Ø Firms have started looking at optimization tools – from pre-trade to end-of-day – that not only enable them to become regulatory compliant but also reduce costs, improve the liquidity of collateral and efficiently perform operations; essentially ensuring minimal drag on portfolios. Ø Collateral optimization will start to be used as a front office tool so that firms can understand the costs of a trade (including the required amount of collateral to be posted), before they trade and ensure best-execution under MiFID II. — Last month, to kick off our collateral optimization series, Mohit Gupta – Senior Product Specialist at Cassini, providing margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin costs. In the second video of this series, Mohit also explained how margin and collateral optimization tools In Mohit’s third video, he discusses what the future holds for those firms’ whose collateral operations have changed dramatically, not only in the last few years, but the last few Tags: , , , , , , , , , , , , , , , ,

st|But what does optimization really mean? Cassini’s founder and CEO, Liam Huxley, Key takeaways explained why your front office needs access to collateral and cost optimization tools Ø Booklet download – Ø Ø
h1|What does optimization really mean to the industry?
h2|Resources for you:
h3|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin costs. Optimization of your margin and collateral – at any stage of the trade lifecycle – is designed to minimize the cost impact on your firm and minimize the carry cost of your trades.
h4|Updates Navigate
sp|Home News and Insights What does optimization really mean to the industry?The above optimization can be done both pre-trade and post-trade. How this is done is explained in full, here. March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|months?
pa|Over the last few weeks, we at Cassini have been discussing why the buy-side needs collateral and cost optimization tools which provide margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

h4|Updates Navigate
sp|Home News and Insights derivativesMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|The U.S. non-cleared margin regulations require an earlier calculation period than other jurisdictions to determine whether a party is in-scope for initial margin. To assist market participants that may be subject to the Phase 5 initial margin (IM) requirements in the U.S., ISDA has prepared the a summary of the U.S. requirements for calculating the average aggregate notional amount (AANA) for Phase 5 for a compliance date of September 1, 2020. The requirements for calculating AANA in the U.S. deviate substantively from the requirements in other jurisdictions. .

li|And Finally, .
st|Phase 5 IM calculation period in the U.S. is June-August, 2019. Remember, whatever jurisdiction you may be in, Cassini can:
h1|Calculating Phase 5 AANA for U.S. Regulations
h4|Updates Navigate
sp|Home News and Insights Calculating Phase 5 AANA for U.S. RegulationsMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Webinar: Control your margin and reduce the impact of market volatility webinar would like to invite you to a knowledge REGISTER HERE TO REQUEST A REPLAY OF THE WEBINAR See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

st|Cassini Systems, and expert speakers from
sp|Home Market Volatility and Controlling Your Marginpacked webinar where our speakers will discuss the conditions in the current market driven by the COVID-19 pandemic, and how this is affecting margin on cleared and uncleared derivatives. We will present you real-world examples and feedback that Cassini has gathered from your buy side peers; laying out the consequences of this pandemic, but also the important steps the buy side have taken to control their margin during this volatile landscape. get a demo
pa|IM Cliff Edge: avoid the 50mm threshold webinar For UMR firms who are above the average notional threshold but potentially beneath the 50mm IM threshold on a relationship, can scale down their compliance plans. But, knowing the amount of IM needs work and managing the IM amount isn’t simple. Register here to request a replay of the webinar

li|How can firms use the $50m/€50m threshold to reduce their UMR compliance approach? How should a firm determine the IM threshold amount both for themselves and their counterparties? What are the consequences of going over the 50mm threshold? How should a firm organise themselves to monitor and manage their approach to the 50m threshold? What options are available to firms to reduce their IM?
sp|Home IM Cliff Edge: Avoid the 50mm Threshold Request
pa|Presented by Financial Technologies Forum (FTF) and , the award recognizes the solution that has helped industry participants, including investors and brokerages, vastly improve the margining process that is essential to meeting the new rules for uncleared derivatives transactions. Other criteria for the honor included helping firms effectively navigate capital, margin and segregation regulations. Cassini’s platform provides the only front-to-back, pre-trade to end-of-day margin, collateral and cost analysis across the entire lifecycle of a trade, for any asset class and for cleared or uncleared derivatives transactions. Buy-side firms can leverage the platform to monitor, optimize and ensure transparency on their margin, as well as achieve collateral liquidity and efficient utilization, lowering the carry cost of derivatives. Qualified industry participants selected this year’s award winners through public voting after an online nomination process in which FTF and the FTF News editorial team approved those included on the shortlist. “We’re honored to receive this important recognition from Financial Technologies Forum and particularly appreciative that the win was determined by market participants. As the award attests, Cassini has achieved significant growth and adoption since early 2019, and this year, we have accelerated that expansion even further. Our recent with a Sydney office and new client in Australia, was followed by product enhancements including the addition of Chinese exchanges to our coverage. Even during the recent unprecedented market volatility, in the past two months alone, we signed five new asset management, hedge fund, insurance and bank clients in the U.S. and Europe. The market demand for comprehensive margin and collateral analytics is clear, whether firms are preparing to address the Uncleared Margin Rules or looking to bolster their trading strategies and achieve cost efficiencies in these uncertain times.” “It speaks volumes to our nominees and winners that despite the current environment, clients, peers and FTF readers took the time to vote in this year’s FTF Awards — even surpassing the number of votes we received last year. We have seen some real innovation from FinTech companies such as Cassini Systems over the past 12 to 18 months, and we expect that despite current challenges, the innovation will continue.” The FTF honor is the latest among several awards Cassini has earned over the past few years, including Best New Technology and Best Derivatives Solution at the HFM US Technology Awards in 2017 and 2018, respectively, and a platform of the year award at the 2019 HFM US Hedge Fund Technology Awards. Financial Technologies Forum created the awards in 2011 to recognize excellence in post-trade processing within the securities operations industry. The 2020 awards honor firms for their achievements in 2019. This is the first year FTF included a category for Best Margining Solution. Charlotte Griffiths +44-20-3709-1075 Ellen Resnick Crystal Clear Communications +1-773-929-9292; +1-312-399-9295 (mobile)

st|LONDON / NEW YORK – 8 June 2020 – , the leading provider of pre- and post-trade margin and collateral analytics for derivatives market participants, today won the for Best Margining Solution. Liam Huxley, CEO and founder of Cassini, said: , Maureen Lowe, President, Founder and Publisher of FTF and FTF News, said: About Cassini Systems Contacts: Cassini Systems
h1|Cassini Systems Named Best Margining Solution in FTF News Technology Innovation Awards 2020
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sp|Home News and Insights Cassini Systems Named Best Margining Solution in FTF News Technology Innovation Awards 2020March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|Founded in 2014, Cassini Systems offers an award-winning derivatives margin analytical platform that provides the industry’s only front-to-back margin and cost analysis across the entire lifecycle of a trade. Cassini users can calculate any margin on any cleared or uncleared derivatives asset;margin exposure; reduce Initial Margin levels;the firm’s industry leading, advanced algorithms. Cassini services have a proven track record of enhancing portfolio returns at every point in the daily business cycle, empowering traders and portfolio managers with the ability to analyze instantly in the pre-trade stage the all-in, lifetime cost of a transaction. Top-tier hedge funds, asset managers and Tier 1 banks rely on Cassini for powerful, flexible, automated tools to manage their portfolios of over-the-counter and exchange-traded derivatives products. For more information, visit .
pa|Webinar: Avoiding Collateral Damage in a Stressed Market webinar Financial services firms are fighting a two-front battle to optimize collateral management, especially if they are trading in uncleared, over-the counter (OTC) and/or exchange-traded derivatives (ETDs) markets. They face new margining challenges via volatile markets created by the Black Swan and global pandemic-lockdown. Secondly, the regulatory reforms of the Uncleared Margin Rules (UMR) are having ripple effects beyond the overhaul of initial and variable margin levels needed for uncleared swaps. Speakers include Mohit Gupta & Liam Huxley of Cassini Systems and Dipak Chotai of JD Risk Solutions. REGISTER HERE TO REQUEST A REPLAY OF THE WEBINAR See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

sp|Home Avoiding Collateral Damage in a Stressed Marketget a demo
pa|Webinar: Collateral Optimization: From Buzzword to Reality webinar REPLAY Request a replay of our webinar, and join our expert panel as they explain what optimization actually means for you and your firm, and why both the buy-side and sell-side are now looking to implement solutions and best practices around collateral optimization. How do you know what collateral is cheapest? Can you use non-cash collateral and how do you manage it? Why you should maintain control of High Quality Collateral What is a collateral drag? How to avoid ever-increasing collateral funding costs? Can you use collateral across business lines, such as Repo? How can you predict your collateral requirements? Can you outsource collateral optimization? Mentioned at every industry conference and coupled with the discussion about viewing collateral optimization holistically with liquidity management, it seemed there had been little progress made. Until now. As collateral optimization turns from buzzword to reality in 2020, we'll discuss how effective collateral optimization is now becoming critical. Not only to protect against defaults but how it has become an integral part of operations to determine the life time costs of a trade. REGISTER HERE TO REQUEST A REPLAY OF THE WEBINAR See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

st|Discussion points include: Collateral optimization has been a real buzzword for the last decade; partly driven by mandatory clearing and the hyperbolic fears of collateral squeezes that have been flaunted since the 2008 Global Financial Crisis.
sp|Home Collateral Optimization: From Buzzword to Realityget a demo
pa|We were approached by a number of customers with respect to the rising importance of pre-trade margin and collateral analysis in the context of modelling, execution and regulatory considerations. We had already been in discussions with Cassini for some time and this was a perfect opportunity to develop an integration between our two applications, leveraging input from our customers. There is an increased realization in firms that if you want to optimize the carry cost of a trade, you actually have to start in the front office. Typically, these processes happen at the back and middle office, from a margin and collateral perspective. The trick is, how can you model all those post-trade carry costs in a pre-trade process? Those were specific questions we got from thinkFolio users. We were already in conversations so we brainstormed how we could best service our clients. : The cost of derivatives trading has significantly increased as a result of regulation. Therefore, firms are now under increased pressure to manage and reduce those costs. Historically, buyside firms do not have the infrastructure in place to manage best execution, margin and collateral. Front office users, portfolio managers and execution desks, traditionally focus on getting the lowest execution price without understanding the impact of the cost of the trade on best execution. Not only do firms need to know the cost of the trade at pre-trade, they also need to allocate these costs back to the original consumer of the margin, at post-trade. At Cassini, we have seen a cost impact from 1-20 basis points of the notional of a given institutional fund. This increase in transaction costs has a direct impact on manager performance and ultimately the institutional client, and therefore its crucial to empower the front office with the tools and models required to achieve best execution. Our customers desired to see the results of lifetime cost analysis directly within thinkFolio to facilitate the decision-making process. Our product team partnered with Cassini to design and implement interoperable workflows that help our users shape derivatives trades based upon the best execution algorithms offered by Cassini. This provides our clients with full transparency to allow them to execute in the most cost-efficient manner possible. In general, the more levers that institutional clients provide to their investment managers to effectively manage risk and seek alpha, the more advantageous it should be for those clients. Many of the best performing and most sophisticated shops have access to a broad investment toolkit, and they require robust technology platforms that allow them to dynamically implement the most efficient ways of achieving a given exposure to generate a target return or to apply a given hedging strategy. With the liquidity backdrop in fixed income cash instruments, derivatives can offer an effective way of achieving a given exposure, with considerable flexibility. : First thing is to map the client’s trading infrastructure, such as clearing and bilateral trading relationships, products traded, etc. The next step would be to access, in real-time, the full portfolio to determine all potential margin offsets. This then allows the front office to submit ‘what-if’ trades for modelling and optimisation purposes. Our analytics will calculate the margin impact on both trade and portfolio level, analyse drivers in margin movements, and then reduce the margin through optimisation. For cleared trades, we connect directly to CCP models and data, and for bilateral trades we apply ISDA SIMM or GRID. Initial margin (IM) is just the first step. When you know the margin, you need to figure out how to satisfy it; with either cash or non-cash collateral. We optimise collateral and calculate its funding cost, which together with CCP fees, FCM add-on fees (plus any other fee), determines the life-time cost of the trade. At Cassini, we run this life-time cost analysis through all potential routes to market and deliver the cheapest route. Derivatives asset coverage has always been a core strength of thinkFolio. We provide tools to efficiently access or create derivatives instruments on the fly and that allow our clients to model orders across broad sets of portfolios and strategies at scale. Although we are a multi-asset platform with proprietary analytics and with access to leading derivatives content from our partners at IHS Markit, there will always be cases where partnerships will make more sense. While considering how to solve challenges and streamline workflows for our clients, Cassini’s focus and demonstrated expertise in this space was a natural fit. Through offering interoperable access to Cassini’s engine, we’re providing portfolio modelling, best execution and, as Marc will highlight, significant regulatory benefits for our mutual clients. The partnership helps firms become compliant with UMR, EMIR, Dodd-Frank and MiFID II for their OTC bilateral and cleared trading activities. We also move a step further than helping firms become compliant, and allow them to make better informed trading decisions to minimise the cost, as a result of these regulations. MK: The beauty of this partnership is that Cassini’s analytics are fully integrated within the thinkFolio platform. It is very quick to activate this functionality, as all the data required by the client is already thinkFolio and configured within Cassini. With one click of a button, a thinkFolio user can see pre-trade lifetime cost analysis within the existing thinkFolio workflow UI. BS: It is accessible via thinkFolio version 19.4 and we’ve made additional improvements in our most recent release, version 20.2. So, it’s simple. As long as clients are leveraging 19.4 or beyond, it’s a simple matter of extending their thinkFolio contract to leverage Cassini’s services. Engagement. To highlight the combined value proposition to our audience and to onboard as many thinkFolio clients as possible. Once we have more clients onboard with the solution, we’ll perpetually seek feedback as to how we can partner with Cassini to enhance or optimise the functionality further. Depending on client feedback, we will add additional Cassini functionality to thinkFolio. For instance, many of our clients have recently added margin forecasting functionality for both IM and VM. These new features, in addition to intraday monitoring of margin and collateral requirements, enables firms to track margin movements and manage cash buffers way more tightly. This allows our clients to free up cash and collateral and use this for investment purposes, IE limit the collateral drag.

st|How did the partnership come about? Brett Schechterman (BS): Marco Knaap (MK): What were clients asking for in terms of best execution and managing margin? MK BS: Do you see a changing importance in the use of derivatives as interest rates limit long-only investment returns? BS: How do the Cassini margin analytics work? MK How does the partnership add value and meet regulatory requirements? BS: MK: How do users access the solution? What’s next for the partnership? BS: MK:
h1|Knowing the lifetime cost of a derivatives trade
h4|is enabling investment firms to build a deeper understanding of their derivatives trading costs into pre-trade portfolio and execution decisions. asked Marco Knaap, Head of Business Development, at Cassini Systems and Brett Schechterman, Managing Director and Global Head of Business for thinkFolio, IHS Markit how it works? Updates Navigate
sp|Home News and Insights Knowing the lifetime cost of a derivatives tradeA partnership between Cassini Systems and thinkFolio March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|Originally featured in The Desk.
pa|Addressing these challenges involves creating a consistent and holistic view of margin, collateral and funding across the organization and trade lifecycle. Firms trading any derivatives, now have to consider their Initial Margin, variation margin, cash buffers, eligible collateral, and funding costs. Tying all these elements back into a true cost of trade to ensure Best Execution is a challenge for any firm. Cassini was founded to address a need arising out of the confluence of regulations that have changed how asset managers trade derivatives, and the cost of doing so. When we started the design of Cassini, it was clear that collateral utilization, and carry costs would become a lot more significant to the broader buy side than had traditionally been the case. Dodd Frank & EMIR, MIFID II, and UMR regulations meant that firms had to both post and call collateral on trades that historically had required low or no collateral, and also be transparent about post trade costs including carry costs. As always with regulation, these have had unintended side effects of creating risk of insufficient collateral with the liquidity and cost impacts that creates. Every firm has to ensure they have the operational controls and technology to ensure that they can avoid the risk of having insufficient eligible collateral to support trading, and can also truly identify carry cost as part of total cost of trading. We believe that the target operating model should mean collateral risk is monitored and controlled on an equal level with market risk and credit risk. This requires an architecture where post trade data such as margin calculations and funding cost is surfaced and integrated into the front office and full trade life cycle. Achieving this goal is hard for many firms because of the legacy structure where Front, Middle and Back office groups operate as functional and technical silos. This was the innovation of Cassini, to create a platform that can integrate the data from all groups into a consistent set of data, analytics, and optimization tools. Like every other firm, 2020 forced a recalibration of how we do business but also it showed where our true strengths are. In 2020 we doubled clients, revenue, and team size, so despite the challenges, we came out of it stronger than ever. I believe that we succeeded because our amazing team embody the three Ts, Trust, Transparency, and Teamwork and that has allowed us to adapt and thrive. For many clients 2020 meant regulatory changes and collateral stresses, and we were able to help them reduce margin and free up collateral through attribution and alternative trade analytics. The volatility in the market shone a light on the need for firms to manage collateral risk with higher priority and to have tools in place to understand margin movements and collateral liquidity. We can all look forward with much more positivity to 2021 with the ability to soon meet up, work and socialize together. No matter how automated we get, Finance is a people business and being able to meet, get to know each other, brainstorm, collaborate, build trust is vitally important to success. For our clients 2021 is focused is on UMR regulations in September, ensuring they manage thresholds and reduce collateral impact, and implementing better margin and collateral control systems across their business lines and trade lifecycle. Despite the delay in UMR rollout to September this year, many firms are not yet fully setup and prepared for the impact this will have, so will need to lean on their technology and outsource partners that have the subject expertise to get them compliant and also make their business cost efficient. We will be playing a large part helping these firms get across the line in good shape and with low stress! Cassini is a broad platform that provides a lot of flexibility and power for firms to answer their specific questions across all business units. However, some firms with less bespoke requirements, and smaller technology footprints prefer a more out of the box solution, so we are launching Cassini Core to meet that need. Standard packages for asset managers, Hedge Funds, and UMR firms, with quick switch on and rich reporting will provide risk controls, and cost savings and low friction. The fundamental goal of these initiatives is to reduce or remove collateral friction on trading activities. Ensuring that collateral inventory can be used optimally so that valuable assets are retained for alpha generating activities is key. Having tools to see collateral hot spots, stress test collateral requirements, and forecast unwind risk provides confidence that collateral will never obstruct trading or force unwinds in stressed markets. Cassini is the leader in this area and is rolling out new reporting tools in 2021 that provide more transparency and control on collateral liquidity across the firm. We never stop developing and evolving our solutions to meet the needs of the buy side across the capital markets world. 2021 will be another big year and we look forward to meeting you all at an event somewhere!

li|Regulatory compliance with Clearing mandates and UMR Collateral risk and trading impact in volatile markets Carry cost for derivative trades Delivering the solutions the industry needs for UMR Phase 5 & 6 Rolling out Cassini Core, our new SaaS based platform for more standardized use cases Collateral Optimization and Liquidity Management – Extending our tools that maximize the use of inventory, across all asset classes
st|As we make our way into the depths of 2021 and everything else that comes with it, asset managers now have to put in place business processes to address three concerns: For Cassini we are focused on three core areas: UMR, AANA, and SIMM solutions –
h1|Regulations, Volatility, and Cost Pressures in 2021 Regulations, Volatility, and Cost Pressures Cassini Vision The Target Operating Model Innovating Solutions to New Problems 2020 – Challenges and Successes Big plans for 2021 UMR Phase 5 Cassini Core Collateral Liquidity and Optimization Constant Evolution
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sp|Home News and Insights Regulations, Volatility, and Cost Pressures in 2021March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|It’s probably safe to say that, 90% of the time, asset managers will aim to get the same terms with all their clearing brokers. But while the benefits of doing so are undeniable, the situation isn’t always clear cut. In fact, we’d argue that, in some circumstances, having different terms with different clearing brokers is actually a good idea. One size doesn’t always fit all. For most fund managers, having the same or similar arrangements in place with all their clearing brokers makes life easier. It’s faster to open an account. It’s simpler. And it helps avoid the risk of being perceived as giving certain funds preferential treatment over others. From a practical standpoint, it’s hard to argue with the logic behind this approach. Problem is, it treats all trades and strategies in the same way. And this may not always lead to the best outcome for investors. Let’s say you have an agreement in place with a clearing broker. You’ve negotiated a ticket fee of $20 and a maintenance fee of 0.2% per annum. Now, let’s say you have two trades. Both have the same notional value — £500,000. But while the first trade will last for a single year, the second trade is for 10 years. Clearly, the fees are going to impact these two trades differently. In the second trade, the maintenance fee will have a much bigger impact, because you’ll be paying it for a longer period. So, it may be worth going for a higher ticket fee in exchange for a lower maintenance fee, as this could keep costs down. On the other hand, the size of the ticket fee is arguably more important in the first, shorter trade. Of course, trading is hardly ever as straightforward as our example. But, if anything, this makes an even stronger case for more flexibility. Notional value and term aside, there are investor requirements, collateral restraints, volume and endless other variables to contend with. So, applying a standard clearing broker fee structure smacks of trying to fit differently-sized objects into the same size box. It saves you a bunch of time and makes everything easier to carry. But does it make sense? In contrast, having different arrangements in place means you can choose the best fee structure for a particular trade or strategy. In turn, this allows you to keep costs as low as possible and, ultimately, give investors better returns. More importantly, this approach means you know exactly how much you’re paying in clearing fees per individual trade or strategy — a huge advantage in the Not only does it allow you to keep costs down, but it also allows you to show investors and the regulator that you’re actually doing so. If you’ve read this far, we hope you’re starting to come around to the idea of diversifying your clearing broker fee agreements. But doing this is only the start. The more important issue is: how do you decide which fee structure would work out cheapest for a given trade? Finding the answer to this will require sophisticated analysis. All other things being equal, low ticket fees work best for trades with low notional value while low maintenance fees work best for trades with high notional value. That said, it’s not enough to compare fees. You also have to see how a trade or strategy will impact the whole book. Ultimately, clearing brokers want to make sure you spend enough with them to justify the time and cost of servicing you. As a result, fees can fluctuate depending on how much of your business a clearing broker has at any given time. As it happens, Cassini excels at understanding and reducing this cost. Our technology can simulate fees through the whole holding period, comparing ticket prices and maintenance fees and breaking down how they’d be impacted in a range of different scenarios. Want to learn how we could help you trade more transparently and make your investors happier? Tags: , ,

st|Here’s why.
h1|The Case for Divergent Clearing Broker Agreements
h3|Different strokes for different folks: the benefits of different clearing broker agreement structures. Matching a trade to the right fee structure.
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sp|Home News and Insights The Case for Divergent Clearing Broker AgreementsMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|It’s probably safe to say that, 90% of the time, asset managers will aim to get the same terms with all their clearing brokers. But while the benefits of doing so are undeniable, the situation isn’t always clear cut. In …

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sp|Home News and Insights FCMMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|It’s probably safe to say that, 90% of the time, asset managers will aim to get the same terms with all their clearing brokers. But while the benefits of doing so are undeniable, the situation isn’t always clear cut. In …

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sp|Home News and Insights Clearing BrokerMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|The current unprecedented volatility has led to and has led to increased margin calls which have been fulfilled by further selling off assets. The MTM volatility has increased both Variation Margin and Initial Margin. Lack of liquidity, outsized moves and volatility all make the bid-offer wider, complicating risk management for traders. We have seen evidence of this in the gold sell-off. Gold has traditionally been a risk-off asset, an asset where investors park cash in times of stress. Gold has also suffered the sell-off and the primary reason for this is the increasing margin calls. Cassini conducted research on how initial margins have changed from 12 February 2020 to 13 March 2020. We chose these dates to capture a variety of events: The peak of the Dow Jones Index (12 February), the lowest level the Dow Jones so far (12 March 2020), the , Central Bank Actions and the . (Suffice to say, we are still very much in this situation of high volatility and it will be sometime before we can finally understand when the threat of Coronavirus recedes). Further, given the different methodologies used to calculate IM, we have tried to capture the differences from the perspective of SPAN (used by most exchanges covering futures & options), VaR (used by CCPs for OTC products) and SIMM (used for most bilateral margining). SIMM methodology relies on weights for the risk-factors and these risk factors are adjusted annually in the calibration exercise. The reason the margin increases under SIMM (see table above) is because of changes in the underlying market data changes leading to a change in the sensitivity of the position. Given the static weights for risk factors, the only reason margin changes is due to market data leading to change in sensitivity. On the other hand, clearing house methodology relies on historical scenarios, taking into account the current volatility to adjust the scenarios. This methodology captures both the change in market data led sensitivity but also the adverse risk scenarios impacting margin. It is expected, due to the differences in methodology, there will be differences compared to SIMM which is higher compared to the VaR methodology used by exchanges as it is based on a 10-day margin period of risk and is conservative to start with.

td|% Change from 12 Feb ’20 – 13 March ’20 10y TY 30y TY Gold Oil 100mm EUR 30y Rec (VaR) 100mm EUR 30y EUR (SIMM)
li|– This is the mark-to-market (MTM) on the portfolio and is a direct function of the market moves. This needs to be exchanged daily and in current market conditions, some exchanges and dealers want this covered intra-day as well – This safeguard against future market moves. Unlike VM, which is simply MTM, IM generally relies on calculation of profit-and-loss scenarios and taking a conservative confidence level and the loss associated with it as the margin. IM amounts have increased across the board in times of unprecedented market moves Given the volatility, some contracts have seen margins almost double! The margins under both VaR and SIMM for the same underlier increased but in different proportions, see below These are standalone numbers but highlight the fact that increasing margin is clearly something to keep an eye on. – This is generally done throughout the year, but updates only occur towards the end of year. This calls into question where there would be interim calibration and updates to models and risk-factors to account for the on-going volatility – Under model governance, SIMM always has to provide a more conservative number than the 99% VaR estimates on portfolios. Given the recent volatility, it is highly likely that there will be cases where firms might see SIMM failing this test. In such cases, counterparties, especially the sell-side, would most likely demand margin according to back-testing numbers rather than SIMM.
st|By Mohit Gupta. Risk-managers keep an eye, in real-time, on the amount of margin needed to post for all underlying positions. Margin is composed of two main components – Variation Margin (VM) Initial Margin (IM) 48% 104% 20% 33% 37% 15% A few key observations – SIMM and volatility The volatility however puts into debate a few things and we will be keenly watching any communication from regulators: Calibration Back-Testing Cassini is committed to help our clients. please if we can offer any guidance around understanding the calculation as well as movement in your margin.
h1|Coronavirus, Market Volatility and double margin calls…
h2|Coronavirus, Market Volatility and double margin calls…
h3|As Coronavirus (COVID-19) continues to spread through the global community, Cassini’s main priority is clearly the health and safety of our employees, clients and partners. Most importantly from all of us in the Cassini family, we wish you the best and hope you stay healthy and safe.
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sp|Home News and Insights Coronavirus, Market Volatility and double margin calls...March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Cassini Systems, a provider of analytics solutions for OTC trading, today announced the appointment of Samuel Hyman as Head of Sales for North America. and will be based at their New York City office. With a 15 year track record in the financial services technology sector, Hyman brings a wealth of experience to the senior Cassini team as they grow sales of Cassini solutions in North America. He will report to Liam Huxley, Cassini’s CEO. Prior to joining Cassini Sam held senior positions at SuperDerivatives (now ICE), Bloomberg and NEX-TriOptima. Hyman said, “I’m really pleased to be able to join such a great company at such an exciting time in its growth. It is clear to me that Cassini’s analytics solutions are exactly what Asset Managers and Hedge Funds trading derivatives now need. I have great confidence in our team’s ability to build a large customer base in the US and Canada and can’t wait to get started.” said, “Having completed the first phase of establishing Cassini as the leading innovator in its space, we needed an experienced and high quality leader to take the sales forward in the region. We were delighted to find someone of Sam’s calibre.” Cassini Systems is a financial technology company with offices in New York and London. Cassini delivers an analytics platform for OTC trading combining risk, limits, fees, margin and collateral. Pre-Trade users can access What If trade testing, Best Execution and Best Hedge recommendation alongside Regulatory and Operational Limits Monitoring. Post-Trade users can access portfolio optimization services including compression, novation and porting. Cassini’s vision is to provide a holistic platform that allows the front office to include all Post-Trade factors in trade decisions.

h1|Cassini appoints Samuel Hyman as Head of Sales, North America
h3|About Cassini Systems
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sp|Home News and Insights Cassini appoints Samuel Hyman as Head of Sales, North AmericaMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|First AANA Snapshot Report Free of Charge Track AANA levels and receive threshold warnings Monitor your SIMM Initial Margin (IM) levels and proactively manage your relationships to stay under the Uncleared Margin Rules (UMR) $50m (or jurisdictional equivalent) margin posting thresholds. UMR Phase 5 and Phase 6 bring many asset managers into scope but there is a separate threshold that determines whether or not margin has to be posted. If your firm can monitor and demonstrate that your IM will stay beneath the threshold, you need not implement the operational arrangements to post collateral on those agreements Independent calculation of SIMM & GRID so you don’t have to rely on your dealer’s values View daily or weekly monitoring of IM levels vs thresholds on all your counterparty relationships Receive automated alerts on Thresholds, via email or reports Test portfolio growth to forecast possible future breaches Identify novation opportunities to remain below the threshold Specify standard growth scenarios and include in daily testing Setup an automated SIMM optimization and receive proposed portfolio changes to remain below the SIMM posting threshold Use Cassini UI to run novation or monitor IM in dashboard. Download the factsheet How does Threshold Monitoring work? You can use the quick sign-up SaaS service or access via your own dedicated cloud instance via Amazon Web Services, or be deployed on premise. Either way the process is simple: 1. Send Cassini your trades 2. We will calculate all CRIF, SIMM and GRID IM results 3. We will compare these results to your limits and thresholds 4. We will generate a report or alert emails This will also provide guidance on where you have opportunities to reduce AANA levels. The AANA calculation for each of your entities Total notional of excluded trades Count of included and excluded trades The reduction in AANA you could achieve through optimizing your portfolio Quick and simple to run Easy upload of data Identify the lowest AANA level possible with simple trade moves Delay your in-scope phase for UMR Download the factsheet IM Optimization and much more As well as offering pre-trade transparency on IM costs, Cassini offers a full front to back analytics platform for margin and collateral. Discover our products below
di|All Jurisdictions supported in one tool Manage custom thresholds based on relationship or region Avoid posting IM under UMR, saving business costs Reduce AANA and get below the UMR Threshold 
li|your Average Aggregate Notional Amount (AANA) as of today across all your entities for free with the Cassini AANA Snapshot report. Then, calculate your AANA on a recurring basis and across your regulatory observation period in 2021 or 2022 with the Cassini AANA Regulatory Monitoring Report. your AANA by tracking the calculation and warning thresholds over time, to ensure you can plan ahead and manage when your firm may move in or out of scope for UMR. your AANA with recommended trade moves to get below the AANA threshold, delay your in-scope phase and minimize the impact of UMR on your firm.
st|Cassini’s SIMM Threshold Monitoring tools enables: For more advanced analytics and functionality you can also: Cassini will process a one-time snapshot of your current active derivative trades and provide a full AANA report, for free. Calculate Analyze Reduce The AANA Reporting Service contains: Features of the Cassini AANA Reporting Service: Talk to us and take control of AANA and UMR: Download our paper on AANA Monitoring and
h1|UMR, SIMM and AANA Optimization and Reporting tools
h2|UMR & SIMM™ Threshold Monitoring & Optimization AANA Reporting Service More to discover
sp|Home Products UMR, SIMM and AANA Optimization and Reporting toolsUMR & SIMM™ Threshold Monitoring & Optimization AANA Reporting Service Get in touch Download Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
bo|Optimisation Strategies:
pa|Begin measuring your AANA in advance of the observation period. Track your AANA calculation and warning thresholds over time, to plan ahead and manage when your firm may move in or out of scope. Use optimization techniques to reduce AANA and potentially reduce of the cost of UMR. The Uncleared Margin Rules (UMR) Phase 5 and Phase 6 commencement dates have been delayed by one year, and this also means the Aggregate Average Notional Amount (AANA) observation periods are moved back to March, April and May 2021 for Phase 5 and March, April and May 2022 for Phase 6. This delay is an opportunity for firms to review their AANA and determine if they have the opportunity to adjust their trading exposure to reduce AANA and push back their regulatory compliance dates. Certified Secure ISO 27001 Certificate Number 18945 ISO 27001
li|Overview and background on UMR Back to basics on AANA, including jurisdictional differences such as calculation period and product scope Strategies on how Phase 5 firms can take steps to move themselves into Phase 6, allowing more time to be fully prepared Guidance for Phase 6 firms who can review and modify trading behavior, reducing or possibly eliminating the cost of UMR
h1|AANA Monitoring and Optimization Strategies in 2021
h2|Calculate Analyze Reduce Download our guide to take action now
sp|Download our latest guide, as we showcase how your firm can turn the UMR delay into an opportunity with AANA Monitoring and Optimization Strategies in 2021. Our guide includes:
pa|‭ Guide The Uncleared Margin Rules (UMR) Phase 5 and Phase 6 commencement dates have been delayed by one year, and this also means the AANA observation periods are moved back to March, April and May 2021 for Phase 5 and March April May 2022 for Phase 6. This delay is an opportunity for firms to review their AANA and determine if they have the opportunity to adjust their trading exposure to reduce AANA and push back their regulatory compliance dates. Download our guide to take action now

li|Overview and background on UMR Back to basics on AANA, including jurisdictional differences such as calculation period and product scope Strategies on how Phase 5 firms can take steps to move themselves into Phase 6, allowing more time to be fully prepared Guidance for Phase 6 firms who can review and modify trading behavior, reducing or possibly eliminating the cost of UMR
st|Download our latest guide, as we showcase how your firm can turn the UMR delay into an opportunity with AANA Monitoring and Optimization Strategies in 2021. Our guide includes:
sp|Home Home AANA Monitoring and Optimization Strategies in 2021AANA Monitoring and Optimization Strategies in 2021
pa|The Investment Excellence Awards celebrate outperformance, innovation and achievement in asset management and fund services. This year’s awards also recognise organisations continuing to put clients first and adapting best to uncertain times. “Collateral efficiency and optimisation became crucial in the volatility that followed the escalation of the COVID-19 pandemic as firms struggled to find the resources to meet their significantly increased margin calls. Cassini Systems helped clients weather this period of heightened activity and won many plaudits as firms look to reshape their businesses to insulate themselves against future market shocks.” “It’s a great honour for us to earn this award among a field of strong competitors that provide a wide range of valued post-trade solutions. We have seen significant increased traction globally – particularly and North American regions – as asset management firms and hedge funds seek to achieve efficiencies and make trading decisions that factor in the entire lifecycle cost of each trade.” Cassini’s platform provides the only full front-to-back solution covering margin, collateral and cost analytics for all classes of cleared and uncleared over-the-counter derivatives as well as futures and options. It integrates into post-trade collateral management, treasury and risk systems – enabling clients to bring post-trade cost analytics into the pre-trade process. Cassini is also integrated into key asset management platforms to facilitate leveraging analytics with little implementation overhead. Created in April 2017, the Global Investor Group incorporates the Global Investor, FOW and ISF brands and offers news, data and in-depth analysis across derivatives, securities finance, custody and fund services and asset management. Global Investor has been publishing for 34 years. * * * Ellen Resnick Crystal Clear Communications +1-773-929-9292; +1-312-399-9295 (mobile)

st|LONDON – 30 September 2020 – Cassini Systems, the leading provider of pre- and post-trade margin and collateral analytics for derivatives markets, today won Global Investor Group’s Investment Excellence Award for Post-Trade Solution of the Year. A panel of judges composed of senior market participants selected the winners from shortlists identified by the Global Investor editorial team. Luke Jeffs, managing editor of Global Investor Group, said: Liam Huxley, CEO and founder of Cassini, said: About Cassini Systems Contact:
h1|Cassini Systems Named Post-Trade Solution of the Year in Global Investor Group’s Investment Excellence Awards
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sp|Home News and Insights Cassini Systems Named Post-Trade Solution of the Year in Global Investor Group’s Investment Excellence AwardsMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|Founded in 2014, Cassini Systems offers an award-winning derivatives margin analytical platform that provides the industry’s only front-to-back margin and cost analysis across the entire lifecycle of a trade. Cassini users can calculate any margin on any cleared or uncleared derivatives asset;margin exposure; reduce Initial Margin levels;the firm’s industry leading, advanced algorithms. Cassini services have a proven track record of enhancing portfolio returns at every point in the daily business cycle, empowering traders and portfolio managers with the ability to analyze instantly in the pre-trade stage the all-in, lifetime cost of a transaction. Top-tier hedge funds, asset managers and Tier 1 banks rely on Cassini for powerful, flexible, automated tools to manage their portfolios of over-the-counter and exchange-traded derivatives products. For more information, visit .
pa|The final phases of the BCBS / IOSCO’s uncleared margin rules — phase 4 and 5 — are kicking in as from 1 September 2019 and 2020. In the first of this three-part series, we take a look at what this means for your organisation and what you need to do to achieve compliance. That’s how much time’s left, at the time of writing, before phase 4 of BCBS / IOSCO’s uncleared margin rules (UMR) kicks in (phase 5 will be kicking in a year later, in 2020). Industry estimates are that it’ll take buy side firms about 9 to 12 months to implement the changes these new requirements will bring about. Yet, during a hosted by our friends at CloudMargin, only 4.5% of participants told us they had an implementation plan and budget in place*. With this in mind, here’s a look at the main issues you’ll need to get to grips with to put your organisation on the road to compliance. BCBS / IOSCO’s uncleared margin rules require all firms with a notional swap exposure of over $8Bn to start posting two-way initial margin. These new requirements are being rolled out in phases, based on organisations’ notional amount of non-centrally cleared derivatives. The first 3 phases — these affected organisations with notional exposure of more than €3 trillion, €2.25 trillion and €1.5 trillion respectively — have already been completed. As from 1 September 2019, initial margin requirements will roll out to organisations with an exposure of more than €0.75 trillion. And, crucially for the buy side, from 1 September 2020 they’ll start applying to organisations with exposures of over €8 billion. Firstly, because you’ll have to start posting initial margin, bilateral OTC trading is about to get more expensive (spoiler alert: we’ll show you how you can keep trading as cost-effective as possible in Part 3). Additionally, the “two-way margin” point is critical. As a buy-side firm you not only have to post initial margin. You also have to call it. And of course, there are strict rules around collateral segregation to take into consideration. This means you’ll have to put new processes, new counterparty and custodial agreements, and new technology in place. If you’re in scope for September 2019 — or 2020 — and haven’t implemented these changes, you won’t be able to trade bilaterally. Your counterparty agreements will need to be amended to include initial margin. And while you may have laid the groundwork when complying with BCBS / IOSCO’s variation margin rules, you shouldn’t underestimate the amount of work involved. For starters, repapering will be a challenge simply in terms of volume. You may have to renegotiate hundreds or even thousands of CSAs (credit support annexes) to bring them in line with the new rules. estimate that negotiating a bilateral legal agreement can take up to three months for one entity pair alone. Workload aside, the new rules only apply to transactions executed after September 2019 (or 2020, if you’re caught by phase 5). This means you’ll need to decide whether you’re better off including pre-2019 or 2020 swaps into your new agreements or keeping them separate. And this will affect your repapering and negotiation strategy. It goes without saying that whichever choice you make will create additional complexities. Choosing to include both pre and post deadline swaps into a new agreement could mean losing more favourable terms on your old swaps. On the other hand, you’ll need to build new workflows to manage pre and post deadline swaps separately. You can use cash and non-cash assets to satisfy initial margin. But if you’re planning to use cash, you’ll need to involve custodians. According to the rules, you must have separate custody agreements for collateral you’re posting and collateral you’re calling. This means you need to get multiple agreements set up, which has its particular set of challenges, including: According to BCBS / IOSCO’s rules, initial margin must be consistent with a one-tailed 99% confidence interval over a 10-day horizon, based on historical data that incorporates a period of significant stress. To help the industry meet this requirement, ISDA has created the Standard Initial Margin Model or SIMM , which has regulatory approval and is, by design, quick to calculate, easy to replicate and easy to understand. The model requires a defined set of risk sensitivities at a trade or portfolio level, then aggregates them and applies correlation, concentration, diversification factors to derive the initial margin requirement you need to post or call. ISDA SIMM is a great initiative and has huge benefits. It’s accurate. It lessens the chance of disputes due to methodology differences. And it’s easier to get regulatory approval. Of course the risk based calculations require robust curve building and market data in order to calculate sensitivities correctly. In another poll held during the CloudMargin , 47.7% of respondents told us they either haven’t decided or don’t yet know how they’re going to go about this*. Ready or not, initial margin requirements are coming. And unless you’re compliant in time, you won’t be able to trade bilaterally, which could mean huge risk exposures. Here we’ve outlined some factors to think about as you start planning for implementation of UMRs and SIMM. But how do you make sure you’re compliant? And, more importantly, how do you minimise the impact of the additional collateral requirements on your liquidity and trading?

li|Initial KYC, which can be time-intensive Your counterparties may choose to work with different custodians, in which case you’ll need to take steps to link up Custodians’ account setup deadlines may come earlier in the year, which means you’ll need to complete your agreement ahead of time in order to make the 1 September UMR deadline
st|Ready or not, initial margin requirements are coming. And unless you’re compliant in time, you won’t be able to trade bilaterally. That is why Cassini Systems has put together a 3-part informative series, solely focused on ISDA SIMM™ for buy-side firms. Over the course of the next three weeks, Cassini Systems will shine a light on the complex world of Uncleared Margin Rules (UMRs). We will delve into what these regulations mean for your organisation as well as outlining some factors to think about as you start planning for implementation of UMRs and SIMM™. We will also explore the steps needed to ensure you remain compliant, and more importantly, how you can minimise the impact of the additional collateral requirements on your liquidity and trading Part 1 of 3: Getting started. These ISDA resources are a great starting point, too:
h1|ISDA SIMM™ for buy-side: Are you ready? Part 1. Getting started.
h2|299 days, 13 hours and 15 minutes. What’s changing in September 2019 and 2020? So far, so good. But what does this mean in real terms? Implementing uncleared initial margin – Three key areas you should be focusing on now: Repapering, repapering and more repapering Custodians and risk management Calculating initial margin Time to start preparing We’ll look at these challenges in parts 2 & 3 of this series.
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sp|Home News and Insights ISDA SIMM™ for buy-side: Are you ready? Part 1. Getting started.March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|If you trade bilateral OTC derivatives then you probably know by now that the are rapidly approaching and will require significant changes to your trading, book management and collateral management processes. The industry has produced plenty of information about how to manage the operational changes that UMR require, but here we want to bring attention to the more important problem of how to minimize the impact of on your investment portfolios. We’ll look at three key capabilities you need from any solution you implement. Quick recap, Phase 4 kicks in as of 1 September 2019, and covers firms with over US$750 Billion in outstanding derivatives exposure, then phase 5 requires all remaining firms with over US$8 Billion of derivatives exposure to be compliant by 1 September 2020. Compliance at a minimum requires calculating and exchanging initial two-way margin on all uncleared OTC trades, with an additional caveat that if the initial margin (IM) requirement is under US$50m (on a group relationship basis) then no actual collateral needs to be posted. The net result is that bilateral OTC trades become more operationally complex and require both sides of each agreement to daily calculate IM on the portfolio. But more important is the drag on portfolio returns that is created by the very significant amount of new collateral (whether cash or other assets) that will have to be posted. While compliance is mandatory, the BCBS/IOSCO rules don’t specify the actual IM methodology so ISDA, working with the main industry participants, has defined a standard methodology, the SIMM™ methodology, to simplify calculation and agreement of IM requirements. The UMR also defined a simple grid-based approach for firms to use if they didn’t want to implement a more lenient risk-based model. The Standard Grid is generally much more punitive on initial margin so is generally to be avoided. As you start to plan your operational changes, selecting the right technology solution for your calculation is critical and your selected systems need to support two equally important requirements: If you are a firm that will be in scope but are able to stay under the US$50m threshold for posting margin, then the tools mentioned above are even more important. You need to actively manage your margin levels to ensure you don’t accidentally fall into scope. Here, we discuss the three key criteria you should consider when choosing which SIMM provider to partner with. The biggest change UMR will bring is the need to post initial margin on uncleared trades. This creates operational issues, as has been much discussed, but also liquidity and funding challenges that impact the overall trading profile. As ISDA noted in their July 2018 discussion paper [1], one of the main consequences of the UMR is that demand for collateral is set to rise significantly. As a result, cash previously used for trading activity will now be tied up as collateral. This creates drag on the portfolio and therefore impacts your future trading decisions. How should firms plan to understand and manage this funding impact? The first step is to begin calculating future SIMM margin requirements on existing portfolios. This enables institutions to have a clear view on which funds are going to post margin, and the relative impact on each. Of course, the rules only apply to new trades, all existing open trades can be kept under a legacy margin agreement and avoid IM, although that will not always be the best choice. Additionally, by forecasting IM requirements over time and testing different strategies to optimize IM, buy-side firms can adapt trading strategies in preparation for 2020. Strategically thinking about, and planning for, future funding and liquidity changes allows firms to better prepare for the impact of the forthcoming regulation. More to the point, being able to look at the broader picture makes for better funding, risk and liquidity decisions and – ultimately – for better performance. So, your chosen solution needs to provide tools to test and forecast SIMM impact across your books, and help you find the best outcomes. Calculating bilateral margin with SIMM firstly requires the calculation of risk sensitivities for all trades in the portfolio. At first glance firms may take the view that they can generate the risk sensitivities from their various existing risk processes and desks. However, this is not as simple as it seems. Firstly, the current in-house risk models may not match the models and assumptions defined under SIMM. Additionally, for firms with multiple trading desks there is the challenge of ensuring consistent risk models and market data are used across all desks. Then the various risks need to be generated, converted into the format, and collated at firm level. (Side note: with very bespoke trades it may be easier to margin using the Standard Grid model rather than SIMM, due to the complexity of agreeing risk models and market data, but this will need to be agreed by both sides when setting up the new agreements. ) The agreement would then support two netting sets, one margined under SIMM and one under Standard Grid. Given the above challenges most buy-side firms are now electing to use a third-party provider to generate sensitivities, and these use their own market data sources. However, with more complex portfolios you will have specific situations where you need to provide your market data to the SIMM calculator so make sure that is also supported. So, you need to ensure your SIMM solution provides sensitivity calculation, supports the Grid model, and allows you to override market data or sensitivities on outlier trades. While any SIMM solution will calculate the end of day post and call requirements, it is essential that you have tools to better understand the impact of new trades, for the following reasons: Firstly, the best time to optimize the impact on your portfolio is pre-trade. Where end-of-day calculations show your position after the fact, pre-trade calculations help you understand what specific trades will cost before you go to market, enabling the portfolio manager or trader to select trades that have the best price and the least impact on your portfolio. Having pre-trade visibility on margin impact will a) allow you to trade more cost-effectively, but also b) provide tangible proof of best execution that complies with the “all sufficient steps” requirement of MiFID II[2]. At the same time, running margin calculations intra-day gives you a better view of the bigger picture. So finally, your SIMM solution also needs to give you intra-day transparency, pre-trade testing, and what-if tools to actively manage and reduce your margin requirements. The way you trade OTC derivatives is changing. But while this will undoubtedly create new funding, liquidity, and operational challenges, choosing the right SIMM software and tools can help you approach them more strategically, minimize their impact and, ultimately, optimize your portfolio to get the best performance possible. Footnotes:

li|Calculate the SIMM requirement (both Post and Call amounts) for the end of day collateral management process Give you the tools to manage and reduce the overall funding impact caused by the new collateral requirements. Intra-day SIMM calculation allows you to track your overall exposure throughout the day ensuring more transparency and the ability to get in front of any funding or collateral issues. Portfolio optimization tools also allow you to identify opportunities to novate legacy trades into the SIMM portfolio to offset margin, or to rebalance risk across your agreements, taking the US$50m threshold into account to minimize the net margin requirements. This article first appeared in
h1|Three things to consider when choosing a SIMM™margin provider
h3|1. Will it help you understand current and future funding impact? 2. Can it generate sensitivities intra-day? 3. Can it run intra-day monitoring and provide what-if tools to optimize portfolio margins? Calculate. Analyze. Reduce.
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sp|Home News and Insights Three things to consider when choosing a SIMM™margin providerMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|“Effective AANA management provides an opportunity for Phase 5 firms to take steps to move themselves into Phase 6, and the opportunity for Phase 6 firms to review or modify trading behavior, to get themselves out of scope of UMR,”, Huxley says. “It’s not a trading opportunity, but what AANA does is act as a trigger to bring you into scope for the UMR rules, which means that on all bilateral OTC trades you have to calculate SIMM Initial Margin and then operationally support two-way margining on those agreements. That is a significant operational overhead and also a material business cost due to the added carry cost of collateral required to meet the SIMM margin requirements.” AANA is the amount of a fund manager’s total outstanding notional amount of in-scope, non-cleared derivative positions during a specified period on a gross notional basis. The AANA value is consistently used to determine whether a firm is in-scope for UMR, although the way in which it is calculated differs between regulators and jurisdictions. The UMR have been introduced to the market in phases since 2016 based on the AANA exposure of firms starting with the largest firms and slowly widening in scope. The first four phases were initiated each year from 2016 to 2019. In 2020, due to the disruption caused by the coronavirus pandemic, Phase 5 and 6 were delayed by one year, with the fifth phase beginning September 1, 2021, while sixth will commence September 1, 2022. These last two phases are expected to bring about 1200 firms into scope. This aspect of the UMR means that firms don’t have to post collateral on agreements where the calculated initial margin is below $50m or equivalent. Firms utilizing their counterparty relationships to maximize this ‘collateral free’ trading level can produce very significant savings in funding costs. “If you know what your AANA is before the official observation period, you can then look at taking trading steps to optimize the portfolio and reduce the AANA. The most obvious area to look at is which trades in your portfolio might be clearable, but not mandatory.” Huxley stresses that calculating AANA should not be an annual event but a continuous monitoring process. Doing so allows those affected to manage risk effectively while simultaneously focusing on potential optimization opportunities, he says. If you want a one-off AANA run, we don’t even charge you for it. We take the portfolio; we’ll tell you what your AANA exposure is and we’ll tell you what your potential for optimization and savings are. “The key thing is to monitor it as early as possible and then look at optimization opportunities on the portfolio to adjust and bring that AANA below the UMR thresholds. We recommend that this should be an ongoing monitoring (at least monthly); it shouldn’t be just once a year that you run the calculation. “That is so you always know what your overall exposure is and also where the components of that exposure sit. Clarity on the components and drivers of your AANA exposure allow you to make the right portfolio decisions.” While Huxley calls AANA a “fairly coarse” calculation which creates a simple estimate of risk, it is made more complicated by the responsibility for calculating AANA falling on the shoulders of the overall beneficial owner who may use multiple fund managers. On the face of it, calculating and managing AANA should be very simple but it can be a burdensome process which uses up significant internal resources to correctly marshal and aggregate the data and produce the optimization analysis.

st|Understanding and monitoring the Average Aggregate Notional Amount (AANA) calculations as early as possible can provide firms caught by the Uncleared Margin Rules (UMR), with an opportunity to reduce business costs and optimize trading exposure, according to Cassini’s CEO and founder, Liam Huxley. SIMM On Demand . “The opportunity with AANA is to understand and monitor your AANA as early as possible and then use that information to look at how you can optimize your trading book to reduce your exposure,” adds Huxley. “One big challenge we’re seeing in some firms is with data collection and communication between the overall beneficial owner and the actual fund manager managing the portfolios. That’s something that again, Cassini can help with by acting as the central aggregator for the various external portfolio information and applying the jurisdictional logic to ensure accurate reporting of AANA.” You can get in touch and talk to us about your needs today.
h1|Effective AANA management can move firms outside scope of UMR
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sp|Home News and Insights Effective AANA management can move firms outside scope of UMRMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Webinar: discover best execution with cassini and tradeweb webinar Our alliance with Tradeweb extends our integration with front office systems to provide portfolio managers and execution desks with tools to determine the cost of trading derivatives at pre-trade. Cassini’s analytics in Tradeweb provide the buy-side with significant cost savings by using the optimal route for clearing or execution at the lowest margin impact. At the same time, clients achieve Best Execution (MiFID II) by taking into account all related post trade costs prior to executing. With Tradeweb and Cassini joining forces, TradeWeb users can now check their specific trade cost of funding trades at the time of execution instead of after the execution. Join us to learn more about how this alliance can transform pre-trade decision making and give you a competitive advantage. REGISTER HERE TO REQUEST A REPLAY OF THE WEBINAR See our software in action See our software in action. Ask for a demo and we can explain how to get going with the Cassini services.

sp|Home Discover Best Execution with Cassini and Tradeweb WebinarThe Features and Benefits of our Tradeweb Integration Download the Tradeweb FActsheet get a demo
pa|We are looking forward to next week when we are sponsoring the Collateral management session at the annual SimCorp IUCM event in the fascinating city of Milan. At the event we will be showing the full range of Cassini’s pre and post trade analytics, and more importantly how these are integrated into Simcorp Dimension from Order Manager for pre-trade, to Collateral Manager for initial margin, attribution and SIMM capabilities. Asset managers are more and more having to include margin and collateral impact into their trade decisions and operational processes, but there is no single target model, and no one set of analytics that is the right answer for every firm. We provide margin calculation, optimisation, and analytics across all derivates asset classes, and can help answer all kinds of questions right across the trading lifecycle: We partnered with Simcorp so we could bring our market leading analytics and flexible solutions to help Simcorp clients solve the problems that are most important right now and into the future. Cassini and Simcorp have integrated our data and analytics and Collateral Manager workflows, and are in process of delivering further integration into Order Manager itself. One subject we are sure will be an active discussion topic at the event will be the impact of Uncleared Margin Rules (UMRs) and the ISDA SIMMTM methodology. Most asset management firms will have to have a SIMM based calculation process in place for the 2019 or 2020 deadlines and you can’t rely on your counterparts for this. Just some of the many challenges we are hearing from asset managers are around: Many more subjects to discuss… There are many interesting challenges in the asset management world right now, so we are looking forward to talking and listening to all participants over the three days. See you in Milan!

li|– which broker or counterparty would require the least additional margin – what is my intra day picture on margin requirements, and broker limits – Calculate my SIMM margin, or forecast my futures margin calls to ensure I have correct collateral and funding in place Each firm needs to calculate its own Post and Call amounts Ability to do pre-trade assessment of SIMM impact How to attribute SIMM based IM to trades or strategies
st|Pre trade Post trade End of day
h1|CASSINI SPONSORS COLLATERAL MANAGEMENT SESSION AT SIMCORP IUCM
h2|Why is margin analysis more and more important? Cassini and Simcorp – Integration equals Success SIMM and bilateral margin is happening…
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sp|Home News and Insights CASSINI SPONSORS COLLATERAL MANAGEMENT SESSION AT SIMCORP IUCMMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Cassini were delighted to be awarded the prize for the best new technology at the HFM technology US awards 2017. This award recognised our innovative solutions to enhance derivative with the full picture of post-trade IM, costs and constraints.

h1|Cassini Wins Best Newcomer Award at HFM Technology Awards 2017
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sp|Home News and Insights Cassini Wins Best Newcomer Award at HFM Technology Awards 2017March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Regulations and changing collateral rules have meant that the post execution cost of carrying a Swap trade now needs to be factored into execution decisions. When executing a cleared trade on Tradeweb you have the choice of clearing broker and CCP to nominate. That decision can result in widely different requirements for Initial Margin with the resulting clearing fees and funding costs. Therefore every trade should nominate the clearing route that has lowest requirement for IM, and this is a key part of meeting MiFID II Best Execution obligations. Cassini and Tradeweb have announced an industry-changing alliance. Front office users now have access to Cassini’s pre-trade analytics within Tradeweb's RFQ screens Cassini’s analytics in Tradeweb provide the buy-side with significant cost savings by using the optimal route for clearing or execution at the lowest margin impact. At the same time, clients achieve Best Execution (MiFID II) by taking into account all related post trade costs prior to executing. This exciting alliance extends our existing range of integrations with OMS, PMS & Collateral Management providers. Simon Maisey, Global Head of Corporate Development at Tradeweb, and Marco Knaap, MD and Head of Business Development at Cassini Systems, talk to TRADE TV at this year’s Fixed Income Leader’s Summit about the alliance between the two firms. Cassini features of pre-trade analytics in Tradeweb Click and view for Best Execution and IM optimization Calculate Initial Margin for all potential FCM/CCP or bilateral routes Validate the impact of new trades on IM, and operational limits Check under which agreements can you execute new trades Enables Best Execution Understand the complete life cycle cost of a trade including best collateral, funding costs and all broker / FCM & CCP fees Set your own funding rules for ‘Cost of Carry’ Retain an audit trail of execution decisions to evidence Best Execution Recommended clearing routes reflect your internal limits and wallet share rules Start reducing trade costs now Join us to learn more about how this alliance can transform pre-trade decision making and give you a competitive advantage. Download the fact sheet on the integration. Find out more about our alliance by reading the press release. Get access to the Tradeweb integration now. How does it work? 1. Sign up with Cassini 2. Enable the Cassini IM-FCM/CCP optimization in Tradeweb 3. One click access to best in breed analytics 4. Results on-screen: Choose the cheapest option and execute IM optimization and much more As well as offering pre-trade transparency on IM costs, Cassini offers a full front to back analytics platform for margin and collateral. Discover our products below

h1|Discover Best Execution with Cassini and Tradeweb
h2|Front office users now have access to Cassini’s pre-trade analytics within Tradeweb's RFQ screens. Why are pre-trade analytics needed? benefits and features
h3|enable Best Execution by minimizing Initial Margin and trading costs at the time of execution.
sp|Home Products Discover Best Execution with Cassini and Tradewebjoin our webinar series download fact sheet read the press release get in touch Gaining access to Cassini’s pre-trade analytics within Tradeweb couldn't be simpler. Margin Calculation SIMM On Demand Pre-trade Margin / Best Execution Lifetime Cost Analysis Trade Obligation Routing Tradeweb Integration Margin Analysis and Attribution Porting and Novation Portfolio Compression Limit Checking Fees and Funding Collateral Optimization UMR Scoping and Planning Get in Touch
pa|As we see in the beginning of 2020, the IM countdown is now in full flow. Firms are now starting to size up the challenges as they prepare to post IM under the new regulations. These firms are in the midst of considering custodian types, navigating challenging documentation, as well as changing their trading strategies to optimize their margin.

li|How can optimize and reduce collateral drag The IM Countdown: The current state of buy-side preparations What does the regulatory bottle neck mean for you? The , Plus more.
h1|Risk.net Special Report 2019: Initial Margin, sponsored by Cassini
h2|Initial Margin phase 5: Smaller on bang, bigger on complexity
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sp|Home News and Insights Risk.net Special Report 2019: Initial Margin, sponsored by CassiniMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Listen to Mohit Gupta, Senior Product Specialist at Cassini Systems, explaining why your front office needs access to collateral and cost optimization tools providing margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin costs. Ø Provide tools to determine the costs of a trade before trade execution Ø Understand the drivers of margin costs before trading to make better informed decisions Ø Give access to margin transparency, collateral checks, funding costs and CCP & Broker fees Ø Optimise your margin to understand which positions consume the most margin Ø Attribute your margin costs to the consumers of the margin Ø Enable cost reduction across your entire firm, from pre trade to end of day! Tags: , , , , , ,

st|Now more than ever, it is key that the front office are equipped with tools that will allow them to understand the costs, and drivers, of margin before they execute a trade. – Empower your front office – Ø Ø Ø
h1|How pre trade collateral optimization can benefit the front office
h2|The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Key take aways Resources for you:
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sp|Home News and Insights How pre trade collateral optimization can benefit the front officeMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|Specifically given current volatility
pa|Cassini Systems, a provider of analytics solutions for OTC trading, is sponsoring the 4th annual Asset Management Derivatives Forum organised by FIA/SIFMA. This forum convenes the buy-side and sell-side to examine the latest developments in global derivatives regulation, operations, markets and trading that are affecting the buy-side. The event includes leading industry speakers and senior attendees for a three-day program taking place from February 7th-9th in Dana Point, California. Liam Huxley, founder of Cassini Systems, said; “As a provider of innovative solutions to the new challenges facing the Asset Management community, Cassini are delighted to be able to sponsor this year’s event and we are looking forward to an interesting few days of discussions with the leaders in the industry”. Cassini Systems is a financial technology company with offices in New York and London. Cassini delivers an analytics platform for OTC trading combining risk, limits, fees, margin and collateral. Pre-Trade users can access What If trade testing, Best Execution and Best Hedge recommendation alongside Regulatory and Operational Limits Monitoring. Post-Trade users can access portfolio optimization services including compression, novation and porting. Cassini’s vision is to provide a holistic platform that allows the front office to include all Post-Trade factors in trade decisions.

h1|Cassini sponsors FIA/SIFMA Asset Management Derivatives Forum 2018
h3|About Cassini Systems
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sp|Home News and Insights Cassini sponsors FIA/SIFMA Asset Management Derivatives Forum 2018March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|The final phases of the BCBS / IOSCO’s uncleared margin rules — phase 4 and 5 — are kicking in as from 1 September 2019 and 2020. In the second of this three-part series, we take a look at the steps you need to take to achieve compliance. If you’re caught by phase 4 or 5 of uncleared margin rules (UMR), getting started is only half the battle. Once you get to grips with the key issues, you must formulate a plan and implement it. While this sounds simple on paper, it’ll probably prove more complex and time-consuming than you’d imagine. For many buy-side firms, initial margin is a new concept. So, to comply, you may have to make fundamental changes to the way you operate. that, in phase 5, at least 1,000 new asset managers will be caught by the initial margin requirements, creating more than 9.000 new relationships requiring new or amended documentation. Yet, when we asked attendees at a whether they’d started planning how they’ll implement an initial margin model, 28% told us they’re still researching the situation. And, more worryingly, 38% didn’t know which stage their planning had reached. Broadly speaking, you’ll need to go through the following steps to achieve compliance with phase 4 or 5 of the uncleared margin rules: Let’s look at these steps in more detail. First things first, you’ll need to let your counterparties know if — and when — you expect your relationship to fall in scope. Back in 2016, ISDA published a template designed to make exchanging self-disclosure information as painless as possible. Nonetheless, ISDA recommends self-disclosing at least 24 months before the implementation deadline. So, if you’re in scope, you should’ve already completed this step. The uncleared margin rules only apply to trades executed after September 2019 (or, for phase 5, after September 2020). So, you’ll need to decide whether it’s best to keep old and new swaps separate or incorporate everything into a new agreement. Either decision will have its own operational, financial and legal consequences. But you’ll also have to make another important decision. Will you negotiate bilateral agreements or adopt ? According to research by Ernst and Young, most organisations caught by phase 2 (which kicked in in September 2017) preferred the second option. Given the volume, complexity and time required to put bilateral arrangements in place, ISDA’s protocol will probably prove popular with phase 4 and phase 5 organisations too. That said, the work will be time-intensive, even with this approach. Crucial terms, including eligible collateral, operational requirements such as collateral transfer timings and jurisdictional issues can’t be left to template wording. You’ll have to negotiate them. ISDA is working on a new tool, called , that will make it possible to negotiate and execute initial margin documentation with several counterparties at the same time. The tool should launch in early 2019, but a date is yet to be confirmed. Phase 4 and 5 workflows are very similar to the variation margin workflow, with some key differences. In particular, you’ll have to segregate posted and collected initial margin for every relationship. This means you’ll have to negotiate separate custodial arrangements and create segregated accounts for collateral you’re calling from each counterparty. This will generally involve implementing a collateral management system if you don’t have one already or working with an outsourced collateral provider. Obviously, this takes time to set up and test properly. , setting up new custodial arrangements has its challenges, too. You’ll need to factor in time-intensive initial know-your-customer requirements and custodial account setup deadlines. And if your counterparties work with different custodians, you’ll have to take steps to link up. BCBS / IOSCO’s uncleared margin rules require you to calculate initial margin using either a standard grid-based model that was published with the final rules, or an internal model subject to regulatory approval. The standard grid model will almost always (but not universally) generate higher margin requirements than an approved internal model. So, it’s usually undesirable for all but the most exotic trades. When choosing an internal model, you can define your own model and go through the process of getting regulatory approval and agreeing with counterparties. Or, you can use the ISDA SIMM model that has been created by ISDA to help the industry achieve consistency of models. Generating sensitivities may sound like it shouldn’t be too challenging, as you probably already have risk management systems running risk models on your portfolio. That said, the specific sensitivities (bucketing, correlation risk, etc.) don’t necessarily map to those your risk desk produce, and the market data requirements can be challenging. You’ll need to source swap curves, discount curves, spread curves, spread correlation curves, swaption curves, currency curves, repo curves, and the list goes on. Of course, regulators will need to approve your initial margin model, even if you use the ISDA SIMM. In the US, The assessment involves going through governance arrangements, risk management, reconciliation and dispute mechanisms. And the regulators will be keen to see in-depth understanding of the model and how it works. The process can take up to six months. In the EU and APAC, where regulators have adopted a self-attestation method, you’ll also need to prove how you’re compliant and highlight controls, evidence, gaps and mitigation plans. For this reason, you’ll have to test for accuracy and benchmark to another model, such as a value-at-risk scenario (VaR), before you’re operational. For several reasons, including the mismatch to internal risk models, market data needs and the need to run the model during the end-of-day collateral management process as well as intra-day, most firms are turning to an external provider to calculate SIMM for them. Of course, as Cassini is a complete margin analytics platform across all asset classes, we can generate sensitivities and run the SIMM calculations. Or, if you can generate sensitivities yourself, then we can run the SIMM calculation stage based on your risk inputs in the CRIF (common risk interchange format) and other file formats. When deciding on a technology solution for your SIMM calculations, you should consider the broader use cases beyond just the overnight collateral process. We’ll talk more about this in part 3. But in short you need a solution that can offer pre-trade calculation, optimisation across portfolios, and intra-day notifications. And there you have it. A step by step account of what you’ll need to do to achieve compliance with BCBS / IOSCO’s uncleared margin rules by September 2019 or 2020. At Cassini, we can provide you with a SIMM workflow that can help you take the sting out of complex call and post initial margin calculations, provided you have all the necessary legal arrangements in place. This process gets you to a point where you are compliant with regulations and are exchanging two-way collateral on your uncleared derivative trades. But now you have to look at the impact that posting all that additional collateral has on your trading and financing. What if you could also use analytics tools to minimise the impact of UMR collateral? Tools that allow you to find out whether trading bilaterally or going through a clearing house is the most cost-effective option, or what legacy trades it would make sense to include into your new credit support annexes to maximise risk offset? In the third and final instalment of this series, we look at how you can implement technology and business processes to provide transparency across the trade lifecycle and minimise UMR’s impact across the board Read the first part of our Are you ready for . Visit the . 

li|Exchange self-disclosure information with counterparties Re-paper your agreements Refine your collateral management process Implement an initial margin model that is agreed with your counterparties (typically, this will be the ISDA SIMM)
st|The final phases of the BCBS / IOSCO’s uncleared margin rules — phase 4 and 5 — are kicking in as from 1 September 2019 and 2020. In the second of this three-part series, we take a look at the steps you need to take to achieve compliance. Ready or not, initial margin requirements are coming. And unless you’re compliant in time, you won’t be able to trade bilaterally. That is why Cassini Systems has put together a 3-part informative series, solely focused on ISDA SIMM™ for buy-side firms. Over the course of three weeks, Cassini Systems will shine a light on the complex world of Uncleared Margin Rules (UMRs). We will delve into what these regulations mean for your organisation as well as outlining some factors to think about as you start planning for implementation of UMRs and SIMM™. Part 2 of 3: The road to compliance. So how do you make sure you’re compliant with these new rules when the deadline hits in 2019 (phase 4) or 2020 (phase 5)?
h1|ISDA SIMM™ for buy-side: Are you ready? Part 2. The road to compliance.
h2|Implementing UMR: key milestones. Self-disclosure Putting new agreements in place Refining your collateral management process Implementing an initial margin model Wrapping up
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sp|Home News and Insights ISDA SIMM™ for buy-side: Are you ready? Part 2. The road to compliance.March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|On this episode of Fintech Focus TV, Toby and Liam discuss Cassini’s ability to not only come through the pandemic unscathed, but to have seen exponential growth. Partly down to Liam’s experience of steering businesses through crises in the past but also his “3 T’s” and other invaluable tips. Listen to the episode below,

st|This month, Cassini’s CEO Liam Huxley had the pleasure of sitting down with Toby Babb, CEO of Harrington Star, on their hugely popular FINTECU FOCUS TV.
h1|FINTECH FOCUS TV: With Liam Huxley, CEO and Founder at Cassini Systems FINTECH FOCUS TV: Liam Huxley, CEO and Founder at Cassini Systems
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sp|Home News and Insights FINTECH FOCUS TV: With Liam Huxley, CEO and Founder at Cassini SystemsMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Last week, Mohit Gupta, Senior Product Specialist at Cassini Systems, providing margin transparency, collateral sufficiency, and the ability to understand margin drivers – enabling you to reduce your margin costs. Ø The first step is understanding the drivers of your margin. The second step is looking at how to optimize your margin. Ø You need to make sure you and your firm understands the rules of your collateral including eligibility, substitutions, waterfall rules, the haircuts and much more. Ø Understanding who the best broker or the best dealer to trade against will enable you to minimize your risk offset, giving you the best chance of reducing your margin. Ø Optimization will enable your firm to reduce costs, improve the liquidity of your collateral and efficiently perform your operations. Tags: , , , , , ,

st|Now more than ever, it is key that you are equipped with tools that will allow your firm to understand the costs, and drivers, of margin movements. This week, Mohit moves a step further and explains why your organization – from the front office to the back office – can benefit from margin and collateral optimization tools that give you transparency over your margin. – Empower your front office – Ø Ø Ø
h1|How margin and collateral optimization can benefit your entire organization
h2|The current unprecedented volatility has led to significant swings in Mark-To-Markets (MTM) and increased margin calls. Key takeaways Resources for you:
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sp|Home News and Insights How margin and collateral optimization can benefit your entire organizationMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|entire Specifically given current volatility
pa|Cassini Systems, a provider of analytics solutions for OTC trading, won the award for Best Derivatives Solution at the 2018 HFM US Technology Awards which were held in New York on 13th February. It was a great night overall for Cassini, who were also shortlisted for the Most Disruptive Technology and Best Post Trade Technology Awards. Liam Huxley, founder of Cassini Systems, said; “As a provider of innovative solutions to the new challenges facing the Asset Management and Hedge Fund community, Cassini are delighted to be recognised for our services which ensure optimal use of margin, reduced cost of carry, as well as true best execution compliance in an increasingly complex trading environment”.

h1|Cassini wins award for Best Derivatives Solution at HFM US Technology Awards 2018
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sp|Home News and Insights Cassini wins award for Best Derivatives Solution at HFM US Technology Awards 2018March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|Traditionally, traders and portfolio managers have only been concerned about the slippage or bid-offer as the dominant source of costs but with regulations imposing stricter clearing and margin rules, the cost of funding the collateral for margin has to be taken into account as well. The good news is that there are solutions to optimize margin requirement and hence reduce the associated costs. As with using bid-offers to determine the slippage before the trade, there are solutions which can help understand the cheapest clearing brokers or bilateral dealers when taking the associated margin costs into account. During this period, the client would regularly trade cleared swap trades in EUR, USD and GBP. The client had 3 clearing brokers, however instead of allocating the trades to the cheapest broker, the client used a simple allocation rule of allocating all EUR trades to one broker, all USD trades to another and all GBP trades to the third broker. Clearly, one gets offset between the trades of same currency but loses out on offsets among currencies, which being a RV fund is one of the most common trading strategies. In the above simulation, we used Pre-Trade Optimization. As you can see, the savings are lower to start with but grow significantly over the course of year and the average margin requirement over the course of the year is roughly 150mm lower, which means 150mm lower collateral to be funded. Tags: , , , , , , , ,

li|Cost of funding this collateral at their funding rate. Opportunity cost of being constrained to trade due to lower unencumbered cash levels. 150mm less collateral to be funded by the treasury, a direct reduction of the costs in the bottom-line. 150mm of collateral freed which can be used to put more trades or size-up on trades to generate higher returns, if within the risk limits.
st|The advent of the has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to post margin on products which were previously not collateralized. Pension funds, asset managers and traditional long-only funds are the firms more severely impacted because with directional books and growing notionals’, the margin will continue to increase due to lack of any considerable offsets between positions. This means trading derivatives in a world of regulations is not only about looking at returns but also about reducing the cost of trading. This funding collateral has a two-fold impact on returns, typically known as collateral drag: To illustrate the importance of Pre-Trade Optimization, we simulated a RV Hedge Fund clients’ historical cleared book from the start of year – with an empty book – to the end of year. Using our proprietary, industry leading, we see that the current currency allocation under performs considerably as the trading activity builds over the course of the year. Utilizing the Pre-Trade Optimization helps in saving around 40% margin on average over the course of year. This saving has a two-fold benefit:
h1|How Pre-Trade IM Calculation can optimize and reduce collateral drag
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sp|Home News and Insights How Pre-Trade IM Calculation can optimize and reduce collateral dragMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge …

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sp|Home News and Insights IMMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to … London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help …

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sp|Home News and Insights UMRMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to …

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sp|Home News and Insights IM calculationMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|The last few days have seen a . This is mainly due to the market expectations ahead of the Fed, renewed growth worries leading to a drop in oil and more recently, currency devaluation from China. This volatility not only affects the portfolio’s profit and loss (PnL), but also drags the return from a margin and collateral perspective. Understanding how your margin changes on a day to day basis can profoundly help in concerns. At Cassini, we are always at the forefront of helping our clients, and such monitoring is increasingly being used by our client base.

li|As market volatility increases, the cost of collateral inevitably increases. This puts an elevated demand on (HQLA), and subsequently makes funding more expensive. With increased volatility, clearing houses progressively adjust the margin – due to volatility scaling – and as such, margin can change even for a constant portfolio. Margin at some of the most liquid contracts on CME (2y, 5y and 10y T-Notes) Margin for a 30y USD swap under SIMM – not because the margin rates have changed but the inherent risk of the underlying has changed.
st|Cassini’s analysis on how such volatility drags the return is twofold; Research by the Cassini team suggests some interesting findings for over the period of 26th July – 5th August: increased by 9-14%. increased by 6%
h1|Has the recent volatility due to Fed and Currency Wars affected your margin?
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sp|Home News and Insights Has the recent volatility due to Fed and Currency Wars affected your margin?March 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|It is one thing to focus on meeting the regulatory requirements for implementing UMR and SIMM in your collateral management process with all the complexity and resource-intensive steps that brings. But it is also critical that you focus on how the new collateral requirements impact your liquidity and P&L, and ways that impact can be mitigated How to bring transparency and analytics on Initial Margin into the trading lifecycle, so as to minimise impact on liquidity and portfolio performance. The key factors here are: ISDA note in their , that UMR’s phases 4 & 5 will result in greater demand for collateral and increased margin call activity. This will likely affect your liquidity, create funding challenges and, potentially impact your overall fund performance. The fundamental objective of all stakeholders is to reduce the impact of the additional margin requirements by managing trading decisions, actively monitoring portfolios, and dynamically reducing counterparty exposure. This can be summarised as: The best time to manage initial margin impact is before the trade is executed. Your pre-trade decision making should include an understanding of margin impact and deriving the cost of collateral that truly reflects the performance impact and opportunity cost to your firm. Specifically for bilateral trades, your SIMM solution should integrate into your portfolio modelling and trade execution workflows so that you estimate SIMM before going to market for execution quotes, and allow you to determine the overall best price. With now in force, best execution rules have become tougher. It’s no longer a case of taking ‘all reasonable steps’ to achieve the best possible result. You must now take ‘all sufficient steps’. Thus integrating your SIMM calculation into your pre-trade workflow becomes even more crucial. Not only does it better manage your risks but it also provides tangible proof of compliance with MIFID II best execution requirements. When separate portfolios have trades booked against the same counterparts, under the same agreements, there can be unintended consequences when adding new trades or, more importantly, unwinding positions. It is important to monitor your overall IM exposure during the day to highlight potential collateral and funding impact due to pricing or trading activity. A SIMM IM solution provides recalculation during the day and provides alerts of movements to manage the collateral impact ahead of time. For that matter, a firm should aim to have a solution that covers all asset classes, including cleared OTC and ETDs. Another key component to track SIMM impact is attribution of IM usage (and therefore capital usage) to individual trades, strategies or portfolios. This allows both clear identification of the trades and strategies that are driving the IM usage but also where future trade unwinds could cause IM spikes. To reduce the impact of SIMM you need to reduce the overall margin requirement itself, at both pre and post-trade times: Looking at trade novation opportunities can cover different approaches including: i) Identifying legacy trades that provide offset benefit by moving under a SIMM based agreement ii) Identifying potential for novating trades between counterparts to create risk offset and reduce SIMM IM It is clear that firms need to not only calculate and process initial margin in their collateral management process, but also monitor, and minimise IM throughout the day. So any technology solution needs to be determined using a front to back lens. A SIMM, and general IM, solution can be implemented in house (costly) or sourced from an external provider like Cassini. Whichever approach is taken, these are some key features that your solution must provide: Of course, Cassini provides all the tools to help you achieve best execution, minimise capital impact, and integrate to your collateral management workflow. Our solution is either AWS hosted or locally deployed.

li|Consider SIMM IM impact at all stages of the trade life-cycle. Implement a front to back technology solution, not just end of day flows. Predict Track Reduce as discussed above, trade against the counterpart where the biggest overall portfolio offset can be achieved. novate legacy trades into a SIMM agreement where they provide margin offset with new trades. Run scenario tests Apply sophisticated limits Automate margin optimisation models (e.g. novation or compression) Ability to deploy on premises if required Ability to scale to minimise calculation times Ability to test SIMM and IM Link to intra-day monitoring Integrate with in-house or sourced market data Ability to modify curve models to match internal and counterparty pricing An open API allows easy integration with your current workflows
st|The final phases of the BCBS / IOSCO’s uncleared margin rules — phase 4 and 5 — are kicking in as from 1 September 2019 and 2020. Ready or not, initial margin requirements are coming. And unless you’re compliant in time, you won’t be able to trade bilaterally. In the final instalment of our series, we look at how to minimise the additional Initial Margin you are required to post and what technology tools you need to implement ISDA SIMM whilst trading cost-effectively. Part 3 of 3: Minimise the impact of ISDA SIMM. At pre-trade time – At post-trade time –
h1|ISDA SIMM™ for buy-side: Are you ready? Part 3. Minimise the impact of ISDA SIMM
h3|Looking at the big picture of how SIMM impacts your firm, the key challenge is: Impact of additional Collateral Needs Predict (Manage capital and ensure Best Execution) Track (Monitoring and Attribution) Reduce (Optimise and mitigate margin) The right technology – Front to back API
h4|Margin Reduction Intra-day & High performance Pre-Trade Flexibility of Curves, Models, and Data Updates Navigate
sp|Home News and Insights ISDA SIMM™ for buy-side: Are you ready? Part 3. Minimise the impact of ISDA SIMMMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|Proving best execution
pa|Phase 5 of the , coming into effect on September 1, 2020, will bring all firms with an average aggregate notional amount (AANA) in excess of $8 billion into scope for mandatory exchange of initial margin (IM). UMR will allow buy-side firms and their dealer counterparties to agree to a minimum USD 50 million IM exchange threshold. Below that threshold, firms will not be required to post IM. Notably, many do not currently post bilateral margin; for others, collateral is posted based on a simple vanilla calculation – the dealer makes an independent amount (IA) calculation and the buy-side firm simply pays it. Currently IA amounts are relatively easy to calculate and verify. With Phase 5 of UMR coming into effect next year, two-way margining means that both parties of a trade will have to calculate both post and call amounts for initial margin. As completely new activity for most buy-side firms, posting bilateral margin comes with a significant operational burden as they will be required to call, manage and hold collateral. Newly in-scope firms will need to enhance their collateral management systems and/or workflows in order to post and call margin into separate segregated custodian accounts. This introduces various operational overheads including setting up custodians and ensuring two-way legal agreements are in place. The amount of collateral they will be required to post could be materially significant. Depending on the type of fund and what collateral-type assets they have, it can cause a significant drag on the portfolio – or it can be a problem finding sufficient eligible collateral assets. – introduced under BCBS/IOSCO rules in early 2018 – also has to be exchanged on OTC bilateral trades. VM is netted, which means if a firm has one trade that is positive mark-to-market and one that is negative, the firm can effectively net that out and post only the net movement. IM does not work this way. Both sides must post and maintain the separate segregated collateral for the same portfolio. Similarly, many firms believe that implementing the model is a simple plug-and-play matter, where they press calculate and there is only one SIMM TM number for any set of trades. In fact, SIMM TM is based on underlying sensitivities, valuation models, and market data and can therefore vary between firms and between calculations. Firms with significant derivatives books that fall into scope over the $8 billion notional exposure threshold, and are definitely posting IM – due to breaching the $50m threshold – on one or all their agreements must implement operational and overnight procedures and will undoubtedly see an impact on their funding and liquidity because of the extra collateral posted. These firms need pre-trade controls to determine whether the additional IM they must put up will influence their execution decisions. For example, if a buy-side firm receives price quote from 3 different dealers on a swaption trade, it could have different overall net portfolios with those dealers and the margin impact will vary. If the firm has to put up $10 million to trade with dealer A, but only $2 million to trade with dealer B, even if the dealer B price is more expensive, it could still be more beneficial to trade with dealer B due to the lower margin. Firms need to determine the funding cost impact of the additional IM at pre-trade and adjust their execution quotes to understand the true best execution of each dealer. Considering the cost of collateral is a fairly new phenomenon in the front office, or the pre-trade world, best execution is no longer just about the best price given by the dealer The ability to understand what a trade is going to cost is a fundamental part of trading in the capital markets and having that transparency pre-trade is key. A second category of firms are potentially in scope, because they have more than $8billion of notional exposure, but they fall the $50 million posting threshold. These firms do not have to initially set up operational processes, custodian arrangements and move collateral, but they do have an obligation to monitor and manage their IM levels to make sure they do not breach the $50 million threshold. Remember, however, should a firm surpass the $50 million threshold, you must achieve compliance with UMR immediately, including all necessary margin agreements with your counterparties and suitable custody arrangements for settlement. Pre-trade controls are essential. Before executing a bilateral trade, firms need to check the IM impact on their portfolio to ensure it stays comfortably below that $50 million threshold, to ensure they do not breach it and to make sure any other portfolio or market movement will not change the IM profile on that agreement. Intra-day monitoring enables firms to keep a view on the overall portfolio and validate any movements in the IM as a result of either trading activities from different desks, unwinds or maturities. It gives a sense of the net impact each trade or unwind on the overall portfolio. Funds that are under the threshold need to perform monitoring and alerting to ensure that they stay under the threshold. Others need to be able to get advanced notification of funding requirements. Towards the end of the trading day, an intra-day central view showing the overall IM view gives funds an advanced warning of what their counterparts are going to call the next day. Other intra-day or end-of-day controls include ‘margin movement explanation’, attribution analysis, forecasting and IM trend analysis. Margin movement explanation analyses what is causing changes in the IM level from day to day. That could be from trading activity – either at a higher view, or an individual trade level – looking at the overall changes in the portfolio. Movements from one day to the next could also be due to changes in the risk in the market. Cassini offers analytics which show the indicative causes of changes in the IM. If the IM is starting to trend up, a fund will, from a risk or treasury perspective, want to be monitoring that and understand why it is changing. Attribution analysis shows where the capital consumption is: which trades or strategies within the overall agreement, or which portfolios are generating the actual IM requirement. Funds may find that they have a balanced book, with just a couple of directional trades that are actually creating 90 percent of the overall requirement. Attribution will help them understand that and allow them to work with those trades or that portfolio manager to manage or reduce it. Attribution can be monitored intra-day or run as an end-of-day report. The other form of attribution that is a key risk control is looking at the potential unwind risk of the portfolio. Funds effectively look at the overall margin requirement as an impact of taking trades out of the book. If a trade is unwound or if a hedge is put on by a portfolio manager to offset some of his trades, unwind risk attribution shows whether it might cause an overall net movement in the margin on the portfolio and potentially lead to unintended consequences. Forecasting and trend analysis look at the overall trends in average increase of IM, providing insight on where IM levels might go. This is particularly useful for those firms that are under the posting threshold and want to see what the margin impact will be as the book increases. The is only mandatorily applied to new trades after the go-live date. That means that over time, if firms only include new activity in their UMR agreements, they will start off with fairly low IM levels, which will then start to increase. Firms need to see when those levels become more impactful. The other optimisation tool that people should be looking at is some form of novation analysis. The rules are only mandatory against new trades; but depending on the trades a fund is doing and the directionality of those trades, it can be beneficial to novate, or migrate existing open trades with that counterparty from the legacy into a UMR compliant CSA, where those trades provide risk offset and therefore reduce the margin exposure. Funds should find little resistance from their counterparts to do that, because it benefits them as well if they have to post less collateral. These analytical tools provide the transparency and the clarity into how margin is actually being used. With that information, funds can make better decisions, not only from a pre-trade perspective but also from a post-trade perspective, into how to better utilise and optimise their margin. Simply calculating an end-of-day IM number – the minimum regulatory requirement – is insufficient. If the goal is to reduce the cost of trading derivatives, simply calculating using a black-box calculation engine is a short-sighted way of looking at the problem. Most firms may not be aware that there are tools available that provide this additional level of transparency and analysis, but the advantages of margin analysis and optimisation are clear – especially when firms are looking at an eight-figure posting of capital they could otherwise be investing. Historically, collateral has been thought of as a back-office operations process. Collateral management systems are typically workflow and processing systems, rather than calculation systems, set up to respond to requests for collateral, to agree them and then post it. There were no tools giving front or middle-office systems transparency over margin requirements or enabling funds to perform any kind of analytics on them. UMR, with its massive impact on bilateral trade, has made this more critical. Firms should see UMR not simply as a regulatory burden but an opportunity to re-evaluate structurally how they handle margin and collateral costs as a firm.

st|Liam Huxley, Samuel Hyman Cassini Systems UMR – Rules & Areas of Confusion Benefits of pre-trade IM analysis Intra-day and end of day controls provide deeper insight “Simply calculating an end-of-day IM number – the minimum regulatory requirement – is insufficient. If the goal is to reduce the cost of trading derivatives, simply calculating SIMM TM using a black-box calculation engine is a short-sighted way of looking at the problem.” Looking at the opportunity beyond compliance
h1|UMR Phase 5: Managing Business Impact & Why Pre & Post-Trade Controls are Essential
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sp|Home News and Insights UMR Phase 5: Managing Business Impact & Why Pre & Post-Trade Controls are EssentialMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|UMR Phase 5 will have a significant capital impact on in-scope firms’ trading performance. To address this impact, firms need to treat it as a trading risk management process and have calculation tools in their front-office trade workflow that provide transparency and control over the impact of IM. CEO and Founder and , Head of Americas at , discuss the benefits of pre-trade and intra-day/end-of-day analysis and collateral optimisation as affected firms prepare for the . below
pa|Cassini Systems, a provider of analytics solutions for , and , a leading provider of Capital and Credit Management solutions, today announced a partnership to enable buy-side clients to access Softek’s house margin policies to accurately assess their pre-trade risk, collateral and potential costs for CCP, Bilateral and Prime Broking arrangements. Liam Huxley, founder of Cassini Systems, said; “Softek offer both PB margin calculation services and the necessary data management for accurate calculation of these models. By integrating these calculation services into Cassini we can offer the complete span of margin and asset models from OTC, through ETD to proprietary Hedge Fund portfolio margins. Cassini integrates these into our rich Pre and Post-Trade optimisation and analytic workflows for any type of buy side firm”. Andrew Powell, COO, Softek, commented; “Softek has extensive knowledge and expertise in calculating a prime broker’s margin requirement having digitised a wide array of credit policies. Partnering with Cassini makes perfect sense. By linking our services, Cassini’s clients can assess the pre-trade margin cost across their prime broking relationships in addition to understanding the potential costs related to CCP and Bilateral arrangements.” : Cassini Systems is a financial technology company with offices in New York and London. Cassini delivers an analytics platform for OTC trading combining risk, limits, fees, margin and collateral. Pre-Trade users can access “What If” trade testing, Best Execution and Best Hedge recommendation alongside Regulatory and Operational Limits Monitoring. Post-Trade users can access portfolio optimization services including compression, novation and porting. Cassini’s vision is to provide a holistic platform that allows the front office to include all Post-Trade factors in trade decisions. Softek is a leading provider of Capital and Credit Management services with a focus on regulatory capital, margin lending, security finance and risk reporting. Softek’s full-service utility delivers an innovative suite of integrated post-trade solutions by combining data management, risk and capital calculations in near real time. Softek services a diverse range of financial businesses including; Banks, Prime Brokerage, Broker-Dealers, Proprietary Trading, Correspondent Clearers, Wealth Management and Hedge Funds

li|Andrew Powell, Softek, +44 (0)207 332 6340 Liam Huxley, Cassini Systems, +1 917 691 3840
st|regarding this announcement should be addressed to
h1|Cassini partners with Softek to provide clients with access to Softek’s Margin, Risk and Data Services
h3|About Cassini Systems About Softek
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sp|Home News and Insights Cassini partners with Softek to provide clients with access to Softek’s Margin, Risk and Data ServicesMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|analytics with its interest rate derivatives platform will seamlessly provide institutional investors with pre-trade initial margin calculations, as well as real-time insight into trade execution options, such as optimal clearing venue and clearing broker selections. As a result, Tradeweb clients will be better able to minimize trade life-time costs and prove best execution. “Tradeweb continues to connect markets, this time by bringing together our award-winning rates derivatives marketplace and pre-trade analytics and specialists,” “Our strategic alliance with Cassini… will equip investors with flexibility and choice, when selecting the best way to satisfy their margin and best execution requirements.” Following the 2008 financial crisis, global regulators introduced the phased implementation of margin requirements for non-centrally cleared derivatives, most widely known as Uncleared Margin Rules (UMR). The final two phases of UMR in September 2020 and 2021 will bring into scope a significant number of new counterparties, creating increased demand for tools that help evaluate the true life-time cost of trading. “We are delighted to be joining forces with and, for the first time, to be giving traders enhanced access to best execution of interest rate derivatives, which now also captures post-trade costs and capital impact,” “Thanks to our alignment, Tradeweb clients will be able to use Cassini’s unique analytics toolset to calculate the full life-time cost of a trade.” Tradeweb’s integration of margin analytics within the execution workflow will significantly enhance the trading experience for buy-side firms, ultimately helping them make smarter investment decisions. Once clients have onboarded with the vendor of their choice, they will be able to check the margin impact of interest rate swap trades on their portfolios pre-trade. “The ability to connect to margin optimization solutions on Tradeweb will allow us to further improve managing costs efficiently across the trade life-cycle, a key component of our investment process,” “We look forward to using this innovative solution, which will help us ensure a well informed, cost-efficient, and regulatory compliant trading workflow ahead of key industry reforms.” Since 2005, Tradeweb’s interest rate derivatives platform has been providing swaps traders with flexible, efficient solutions that help them execute their trading strategies, while navigating the evolving regulatory environment. Last month, Tradeweb announced the launch of multi-asset packages trading on its derivatives platform, streamlining the simultaneous execution of interest rate swaps, inflation swaps and government bonds in a single transaction.

st|said Enrico Bruni, head of Europe and Asia business at Tradeweb. said Liam Huxley, CEO and Founder of Cassini. said Christoph Hock, head of multiasset trading at Union Investment.
h1|Tradeweb Integrates Margin Optimization Analytics for Interest Rate Derivatives Trading
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sp|Home News and Insights Tradeweb Integrates Margin Optimization Analytics for Interest Rate Derivatives TradingMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
bo|London – October 2, 2019 – Tradeweb Markets Inc. (Nasdaq: TW), a leading global operator of electronic marketplaces for rates, credit, equities and money markets, announced its collaboration with leading margin optimization provider, Cassini Systems, to offer clients a best-of-breed vendor access to life-cycle cost analytics, including initial margin, collateral, clearing fees, brokerage and trading costs.
em|Collaborates with Cassini to help clients reduce execution costs
pa|Emerging regulations and clearing rules mandate that investment firms post IM when trading cleared and non-cleared OTC derivatives, futures, and options on futures. Together with Charles River’s post-trade processing and settlements, IBOR, and GIPS-compliant performance measurement, expanded collateral management capabilities provide investment managers with a complete front and middle office solution. “We focus solely on providing analytics that integrate trading, risk, margin, collateral and carry costs to buy-side firms,” . “The ability to obtain pre-trade and end-of-day margin estimates directly from the Charles River IMS improves trading decisions by providing an accurate and consistent view of margin impact and lifetime trade costs across the trade life cycle.” Cassini Systems provides pre-trade IM estimates in real time for exchange-traded, cleared OTC, and non-cleared OTC derivatives and enables what-if analysis to help firms gauge the impact of IM on their portfolios, trades, and legal agreements. For cleared derivatives, firms can also determine the lowest cost Central Counter-parties (CCP) and Futures Clearing Merchants (FCM) to clear through. For non-cleared derivatives, Cassini estimates IM impact on portfolios by applying ISDA Standard Initial Margin Model (SIMM™). Cassini also provides end-of-day margin estimates for OTC and exchange traded derivatives. “We have been working with leading providers of collateral management services to complete our middle office solution,” “The alliance with Cassini Systems is an important step forward to help our clients automate collateral management functions including margin calculations and determine the most efficient use of margin.” – – – Tags: , , , , , , , , , , , , ,

st|said Liam Huxley, founder of Cassini Systems said Peter Lambertus, CEO, Charles River.
h1|Charles River Forms Business Alliance with Cassini Systems to Automate Margin Estimation
h4|Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution (Charles River IMS) for OTC and exchange-traded derivatives. Updates Navigate
sp|Home News and Insights Charles River Forms Business Alliance with Cassini Systems to Automate Margin EstimationMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|About Charles River Institutional, wealth, asset owner and alternative investment firms use the Charles River IMS to manage more than $25 Trillion in assets. The Charles River IMS is delivered in a private cloud via Software as a Service (SaaS) and includes portfolio decision support, order management, trading, compliance, post-trade settlement, IBOR, performance measurement and attribution, risk, collateral management, data provisioning, data management and other front and middle office capabilities. Headquartered in Burlington, Massachusetts, Charles River supports over 300 clients in more than 40 countries with 750 employees in 11 regional offices. For more information, please visit .
pa|London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights ETDMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights clearedMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights end of dayMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights non clearedMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights margin estimationMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help … New York and London – February 8th, 2019 – Cassini Systems, the leading market provider for pre and post trade analytics for derivatives trading, has been named Best Trading and Execution Platform of the Year in the HFM US Hedge … Boston and London — September 27, 2018 — Charles River Development and Cassini Systems have formalised a business alliance to automate the calculation of margin estimates and provide advanced pre and post-trade analytics in the Charles River Investment Management Solution …

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sp|Home News and Insights exchange traded derivativesMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
pa|The to use the firm’s pre-trade analytics to make key decisions on how best to execute a transaction, as well as forecast and optimize their portfolios. Then, on a fully automated basis, the clients can send Cassini-generated CRIF (Common Risk Interchange Format) end-of-day files to IMEM for reconciliation on the AcadiaPlus platform. IMEM is the leading reconciliation and dispute management platform for uncleared Initial Margin. “In these times of and enormous margin swings, it’s particularly vital for market participants to not only ensure they meet the challenges of Uncleared Margin Rules but also understand and manage the true cost of every transaction, from the pre-trade stage all the way to post-trade operations. By providing an integrated Cassini-to-AcadiaSoft workflow, our mutual clients can benefit from front-to-back margin optimization and operational automation. “Our partnership with Cassini Systems reduces the burden of IM management on our mutual clients. By offering more options, we’re giving Cassini users the ability to leverage the AcadiaPlus platform across the straight-through processing lifecycle, providing a one-stop shop for IM requirements.”

st|Cassini Margin Analytics Platform Now Integrated within AcadiaSoft’s Initial Margin Exposure Manager LONDON / NEW YORK, 14 April 2020 – , the leading provider of pre- and post-trade margin analytics for derivatives market participants, announced today a new initial margin (IM) partnership with , the leading industry provider of risk and collateral management services for the non-cleared derivatives community. Under the agreement, Cassini clients now have automated access to AcadiaSoft’s reconciliation platform, , creating a one-stop shop for IM requirements across cleared and bilateral over-the-counter (OTC) and exchange-traded derivatives transactions. Cassini Systems CEO & Founder Liam Huxley said: Fred Dassori, AcadiaSoft’s Head of Strategic Development, said: About Cassini Systems About AcadiaSoft Contacts: Cassini Systems AcadiaSoft
h1|Cassini Systems Partners with AcadiaSoft to Help Clients Manage Initial Margin Requirements
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sp|Home News and Insights Cassini Systems Partners with AcadiaSoft to Help Clients Manage Initial Margin RequirementsMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
em|Founded in 2014, Cassini Systems offers an award-winning derivatives margin analytical platform that provides the industry’s only front-to-back margin and cost analysis across the entire lifecycle of a trade. Cassini users can calculate any margin on any cleared or uncleared derivatives asset;margin exposure; reduce Initial Margin levels;the firm’s industry leading, advanced algorithms. Cassini services have a proven track record of enhancing portfolio returns at every point in the daily business cycle, empowering traders and portfolio managers with the ability to analyze instantly in the pre-trade stage the all-in, lifetime cost of a transaction. Top-tier hedge funds, asset managers and Tier 1 banks rely on Cassini for powerful, flexible, automated tools to manage their portfolios of over-the-counter and exchange-traded derivatives products. For more information, visit . AcadiaSoft, Inc. is the leading industry provider of risk and collateral management services for the non-cleared derivatives community. AcadiaPlus is a new generation open platform that provides the sell-side, the buy-side and fund administrators with specialist applications and a third-party partner ecosystem for the straight-through processing of the entire risk mitigation lifecycle. Backed by 16 major industry participants and market infrastructures, AcadiaSoft is used by a community of more than 1100 firms exchanging approximately $700B of collateral on a daily basis via its margin automation services. AcadiaSoft is headquartered in Norwell, MA, and has offices in London, New York and Tokyo. For more information, visit . Follow us on Twitter: and LinkedIn: . Charlotte Griffiths +44 20 3709 1075 Ellen Resnick Crystal Clear Communications +1-773-929-9292; +1-312-399-9295 (mobile) Laura Craft +44 20 3954 0196 Eleis Brennan +1-212-754-5610
pa|Global regulatory updates such as EMIR and Dodd-Frank have resulted in a meaningful shift for front-office operations at investment management firms. They, along with Uncleared Margin Rules (UMR), call for investment firms to post Initial Margin (IM) when trading cleared and non-centrally cleared derivatives. Going forward, portfolio managers using thinkFolio can access the Cassini platform to calculate and choose the most cost-effective option while dealers are able to view the overall cost, as well as any risk, when executing trades. “Although regulatory authorities have recently moved to delay the final implementation phases of UMR in consideration of the challenges posed by COVID-19, our partnership with Cassini Systems to deliver an integrated solution to ensure transparency of margin and collateral costs can provide value to all of our users,” “Through the newly integrated, powerful Cassini tool kit and consolidated workflow, thinkFolio clients can now meet their regulatory requirements and leverage enhanced decision support analytics to measure, monitor and optimize pre- and post-trade margin and collateral utilization.” : “We are delighted to bring this partnership to fruition, making our solution available as a fully embedded offering within the thinkFolio platform. As we have already completed the integration, thinkFolio users can easily choose to switch it on and leverage the functionality entirely within their existing workflow. This alliance grew out of strong interest from within the thinkFolio client base and represents the latest opportunity for Cassini to further broaden our reach and demonstrate our platform’s appeal to the largest asset managers in the world.”

st|– , the leading provider of pre- and post-trade margin and collateral analytics for derivatives markets, and business information provider IHS Markit (NYSE: INFO) announced today that they are partnering to automate the calculation of margin estimates within . The collaboration will, for the first time, provide advanced pre-trade analytics for over-the-counter (OTC) and exchange-traded derivatives directly within thinkFolio from IHS Markit, the leading multi-asset class investment management platform. said Brett Schechterman, Managing Director and Global Head of thinkFolio at IHS Markit. Liam Huxley, CEO and founder of Cassini, said About Cassini Systems About IHS Markit Contacts: For IHS Markit: For Cassini Systems:
h1|Cassini Systems and IHS Markit Partner to Provide Automated Margin Estimates within thinkFolio
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sp|Home News and Insights Cassini Systems and IHS Markit Partner to Provide Automated Margin Estimates within thinkFolioMarch 31, 2021 March 30, 2021 February 17, 2021 November 2, 2020 September 30, 2020
bo|LONDON / NEW YORK – 23 July 2020
em|Founded in 2014, Cassini Systems offers an award-winning derivatives margin analytical platform that provides the industry’s only front-to-back margin and cost analysis across the entire lifecycle of a trade. Cassini users can calculate any margin on any cleared or uncleared derivatives asset;margin exposure; reduce Initial Margin levels;the firm’s industry leading, advanced algorithms. Cassini services have a proven track record of enhancing portfolio returns at every point in the daily business cycle, empowering traders and portfolio managers with the ability to analyze instantly in the pre-trade stage the all-in, lifetime cost of a transaction. Top-tier hedge funds, asset managers and Tier 1 banks rely on Cassini for powerful, flexible, automated tools to manage their portfolios of over-the-counter and exchange-traded derivatives products. For more information, visit . (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth. from IHS Markit is a leading multi-asset investment management platform delivering sophisticated capabilities across Portfolio Modelling, Order Management & Trading, Cash & FX Management, Compliance and the Investment Book of Record (IBOR). The platform can be implemented as a managed service, supporting investment firms that want to reduce costs, maximize flexibility, enhance scale and achieve time-to-market objectives. Timothy Barello IHS Markit +1-646-509-8905 (mobile) Ellen Resnick Crystal Clear Communications +1-773-929-9292; +1-312-399-9295 (mobile)
pa|, a leading solution provider to asset owners and managers, today announces a strategic partnership with Cassini Systems, the margin and collateral analytics platform that optimizes margin at both pre and post trade to reduce the cost of trading derivatives. The integration of both solutions means that asset owners can better predict cash flows, allocate capital and manage exposures more effectively. This new partnership enables joint clients of Cassini Systems and Matrix IDM to benefit from a cohesive and unified software solution which gives them the ability to create forward cash flow projections for all derivative positions. “Matrix IDM’s core functionality enables asset owners to classify exposures, combining look through to underlying public and private investments with support for derivative overlays. By adding , users can effectively manage their forward cash flow projections. We are delighted to be working with one of the industry’s most innovative firms and I am looking forward to what’s in store for both our businesses over the coming months.” “This is the start of a very exciting journey. We believe the combined offering of Matrix IDM and Cassini Systems provides a highly compelling proposition that is unique across the industry. We are particularly delighted to be partnering with Matrix IDM who have already established a significant footprint within the Australia and Asia Pacific asset management communities. Both these regions are focus areas for us and we too are looking forward to working with them to promote this powerful new solution to our combined customers.”

st|Sydney, London, New York, Monday 2nd March 2020 – Neil Lotter, Co-CEO, Matrix IDM commented, Liam Huxley, Founder and CEO, Cassini Systems, concludes, About Matrix IDM (www.MatrixIDM.com)
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em|Matrix IDM provides trusted investment data management software to the global asset owner and fund management community. Matrix IDM solves the most difficult data challenges facing the industry today with unique IP. With over half a trillion of AUM now managed on the platform, a growing number of asset owners, pension plans, fund managers and insurance companies rely on Matrix IDM to solve their complex investment, exposure and data management challenges. Matrix IDM has offices in Sydney, London and New York supporting a rapidly expanding, global customer base.
pa|Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with , the financial Transaction Lifecycle Management (TLM®) solutions provider, to help financial institutions comply with BCBS-IOSCO margin requirements for uncleared OTC derivatives. defines rules for margin requirements on Uncleared Over-the-Counter (OTC) derivatives known as . ISDA has developed a Standard Initial Margin Model (SIMM) that can be used by market participants to provide a transparent and standardised margin methodology of bi-lateral trades. The roll out of UMR rules has now reached the buy side with phase 4 firms coming into scope in September 2019, and phase 5 firms in September 2020. SmartStream’s TLM Collateral Management provides firms with automated data management to reduce operational risks associated with collateral management. This partnership will integrate Cassini’s analytics platform to provide complete SIMM calculations on OTC derivatives for clients in scope for phase 4 and 5. This gives TLM clients the ability to reduce counterparty disputes and operational costs, while having transparency over the SIMM components and underlying risk of the portfolio. “SmartStream’s TLM Collateral Management platform is proven to manage credit and operational risk through collateral management. We are delighted to be working alongside Cassini, whose expertise will complement our ability to manage complex business and regulatory requirements in this space”. “As the roll out of UMR reaches phase five and impacts the full range of buy side firms, the need for a complete and flexible, front to back SIMM calculation, including the generation of sensitivities, is fundamental. Integrating Cassini’s comprehensive margin and SIMM calculation capabilities will enable SmartStream to solve the regulatory IM requirements for its clients with a fully integrated and seamless solution”. *** Tags: , , , , , , , , , , , , , ,

st|London and New York – March 20th, 2019 – Jason Ang, Program Manager for Collateral Management, SmartStream, states: Liam Huxley, CEO of Cassini Systems said:
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pa|International regulators use the AANA to determine whether a firm falls in scope for each phase of UMR, with Phase 5 scheduled to take effect in September 2021. In-scope entities are subject to a mandatory exchange of Initial Margin (IM) with their counterparties for their bilateral over-the-counter (OTC) agreements over the $50 million IM threshold per counterpart. While the consecutive three-month period for officially determining in-scope status for Phase 5 will be in 2021, SGX and Cassini are offering the service in advance so firms potentially meeting the $50 billion AANA threshold can take steps now to assess their status, adjust their positions and look for alternatives to certain non-cleared products. Firms affected by Phase 5 include banks, asset managers, hedge funds and pension funds. Phase 6, scheduled to take effect in September 2022, has a threshold of $8 billion AANA. SGX and Cassini will also team up to educate and raise awareness among market participants on the process for complying with UMR, through webinars that will take place in the coming months. “By September 2022, more than a thousand firms will be impacted by UMR, thus it is important to start planning for it now. Cassini is a natural partner for us in this effort to help our market participants with a best-of-breed solution. Once a SGX market participant provides us with information on its OTC positions, we will work with Cassini to turn around a timely and comprehensive analysis. UMR will inevitably increase the cost burden for many of our clients. SGX’s FX Futures (including FlexC FX Futures) that are traded and cleared on exchange was our first solution offered to clients to help them manage UMR. We are now taking a step further by assisting them to take steps to lower their AANA, simply by understanding how they can alter the balance of exchange-traded and non-centrally cleared products within their portfolios.” “Those firms that conceivably could fall in scope for Phase 5 should immediately begin efforts to understand their AANA and strategize on how they might identify opportunities to re-allocate their portfolio, reduce their margin obligations to potentially achieve substantial cost savings and delay falling in scope while still meeting their trading goals. If they wait until it’s time to report the information to the regulator, it’s often too late to make these adjustments. We commend SGX for taking this initiative and are delighted to provide our expertise to the exchange and the world’s major institutions across the globe that rely on its markets every day.” In April, Cassini announced the establishment of its first physical Asia Pacific presence with the and plans to grow its client base in the region.

st|– (SGX), the world’s largest and fastest-growing Asian foreign exchange (FX) futures marketplace, and , the leading provider of pre- and post-trade margin and collateral analytics for derivatives markets, have partnered to provide a free service for SGX market participants, to help them prepare to meet the Uncleared Margin Rules (UMR) requirements. Under the agreement, SGX will leverage Cassini’s domain expertise to provide market users with complimentary analyses to determine their average aggregated notional amount (AANA), representing the gross value of open, non-centrally cleared derivatives positions. KC Lam, SGX Head of FX and Rates, said: Liam Huxley, CEO and founder of Cassini, said: About Cassini Systems Contacts: For Cassini Systems:
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bo|SINGAPORE / LONDON – 26 August 2020 About SGX
em|Singapore Exchange is Asia’s leading and trusted market infrastructure, operating equity, fixed income and derivatives markets to the highest regulatory standards. As Asia’s most international, multi-asset exchange, SGX provides listing, trading, clearing, settlement, depository and data services, with about 40% of listed companies and over 80% of listed bonds originating outside of Singapore. SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN and offers commodities and currency derivatives products. Headquartered in AAA-rated Singapore, SGX is globally recognised for its risk management and clearing capabilities. For more information, please visit . Founded in 2014, Cassini Systems offers an award-winning derivatives margin analytical platform that provides the industry’s only front-to-back margin and cost analysis across the entire lifecycle of a trade. Cassini users can calculate any margin on any cleared or uncleared derivatives asset;margin exposure; reduce Initial Margin levels;the firm’s industry leading, advanced algorithms. Cassini services have a proven track record of enhancing portfolio returns at every point in the daily business cycle, empowering traders and portfolio managers with the ability to analyze instantly in the pre-trade stage the all-in, lifetime cost of a transaction. Top-tier hedge funds, asset managers and Tier 1 banks rely on Cassini for powerful, flexible, automated tools to manage their portfolios of over-the-counter and exchange-traded derivatives products. For more information, visit . Ellen Resnick Crystal Clear Communications +1-773-929-9292; +1-312-399-9295 (mobile)