It's estimated that the new Phase 6 of UMR, due to come into effect in September 2022, will affect 1,000 additional entities for the first time.
The partnership between Finastra and CloudMargin will make it easy for Finastra customers using solutions such as Fusion Kondor, Fusion Opics, and Fusion Summit to submit the data needed to comply.
The Software-as-a-Service (SaaS)-based CloudMargin solution is provided with integration to certified ISDA standard initial margin model (SIMM) partners, as well as grid-based methodology support. As well as margin call calculations, it handles counterparty messaging, dispute management, substitutions, settlement, and interest payments, and it optimises bank security inventory for collateral pledges.
By facilitating the processing of derivatives transactions, and all associated collateral management workflows, it's estimated that the use of CloudMargin through Finastra's FusionFabric.cloud platform can result in savings of up to 70% in total cost of ownership in comparison to an on-premise solution.
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