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Clearing solutions for listed and OTC derivatives

Clearing of OTC derivatives will be progressively mandatory in Europe from 21 June 2016 as systematic use of collateral. The more demanding requirements on collateral quality and liquidity will translate into an increasingly short supply. CACEIS anticipated these changes and has enhanced its collateral management expertise, taking into account not only current and future regulations but also requirements linked to the optimisation of collateral usage.


CACEIS clearing services for listed and OTC derivatives cover all listed futures and options on Equity, Index, Fixed Income, and OTC Interest Rate Swaps (IRS). CACEIS is Global Clearer on the leading European, American and Asian markets (Eurex, Euronext, ICE, NASDAQ OMX, CME, CBOT, SGX, TSE, etc). For interest rate swaps (IRS) clearing CACEIS has selected SwapClear (LCH Clearnet) to help its clients comply with the new regulatory requirements (EMIR). Clients benefit from a single entry point from clearing to custody, with single cash and securities accounts to increase operational efficiency. As a result, CACEIS’s model allows full STP with instructions automatically integrated in its fund administration and custody systems.


Although buy-side operators already have experience with collateral management, this will become far more complicated in the near future with the introduction of initial and variation margins required by the CCPs for the central clearing of OTC derivatives transactions. These changes will raise issues about the processing and optimisation of collateral and the associated costs. It will be paramount to find an appropriate balance between costs and safety.

With CACEIS, clients can choose between cash or securities for initial margin and collateral deposit. A broad range of eligible securities (government and corporate bonds, equities and funds) is accepted as collateral that allows client to benefit from a better cash optimisation. For more asset safety, the collateral is recorded in segregated accounts by client or fund, and is not reused for lending purposes.

In order to provide a complete collateral management policy, CACEIS’s trading room offers collateral reinvestment and transformation services that comply with ESMA’s new requirements for UCITS and AIFs. 

CACEIS is a depositary bank with a conservative risk management culture and its core capital is exclusively dedicated to protecting clients' assets. Indeed, CACEIS enjoys a very low risk profile, which is very unique in the clearing industry. As a result, clients find a reliable and solid partner that potentially avoids them to subscribe to the CCP individual segregation while saving the associated costs.