Accenture Collateral Management Services

Accenture Collateral Management Services Achieving high performance through collateral management transformation

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Collateral Management

Figure 1. Convergence of new operating requirements driven by cost drivers, regulation and next-wave technology capabilities. Pressure to bolster operating margins with cost savings through efficiency

Increased regulatory scrutiny

Collateral management next generation architecture

The collateral management function performs a range of important and unique roles within a capital markets firm. The process of making calls for collateral (or “margin calls”) is a welldefined and operationally sophisticated set of business processes and workflows. Effective collateral management starts with design, negotiation and set-up of new collateral legal agreements (CSAs), and continues with operations to collect and return cash and collateral, recall and substitute collateral, mark collateral to market, asset-service collateral and meet the demands to finance new types of products. Collateral is a key component of credit risk mitigation. Coupled with other techniques such as traditional credit analysis, capital-reserving strategies, netting, selective termination and use of credit derivatives, collateralization is part of an increasingly sophisticated toolset available to credit risk managers.

Availability of next wave technology

The implementation of global regulations such as Basel III, the Dodd-Frank Wall Street Reform & Consumer Protection Act and EMIR/Mifid II will bring increased capital and reporting requirements that squeeze operating margins, while collateral managers are increasingly being required to become active participants in their firm’s profitability and pricing strategies. Industry initiatives include offering “consolidated margin calls” across cleared/uncleared derivatives products, collateral optimization and transformation to reduce margin requirements/improve liquidity control, sophisticated cross-border capabilities and more effective use of assets under custody with the extension of tri-party services. In order to provide this functionality, collateral managers must innovate to improve collateral management functional, data and system capabilities.

At Accenture, we believe that collateral management processing will benefit from a convergence of new operating requirements driven by cost drivers, regulation and next-wave technology capabilities like service-oriented architectures and cloud computing (see Figure 1). These drivers will finally take down the walls between investment banking departments, and will force unprecedented synergies across operations for cash-settled securities and OTC derivatives. Services and information models will converge, enabling better cost management and capacity that expands or contracts along with business demand.

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Industry Drivers for Change

The credit crisis has brought two issues into sharp focus: that of counterparty credit risk and the importance of the collateral management function. These issues present challenges and opportunities for collateral actors, especially central counterparties and banks that offer—or wish to offer—OTC derivatives clearing. As the complexity and volume of regulated collateralization processing increases, there is a strong argument for overhauling collateral management processing across the industry.

Margin requirements In the United States and Europe, the Dodd-Frank Act and the European Markets Infrastructure Regulation (EMIR) have provisions for central clearing and margin requirements.

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Further, these regulations and globally proposed central counterparty clearing (CCP) models will lead to liquidity demand of high initial margin, daily variance margin, primarily in the form of cash and increased margin requirements for bilateral OTC transactions.

Changes to credit and risk calculations Recent Basel III draft proposals bring changes to credit and counterparty risk calculations. They also call for additional collateral and margin requirements for large, complex and illiquid derivatives. Thus, regulatory focus on expanding capital requirements will require banks and buy-side firms to focus on Collateral Optimization across Front Office, Treasury and Operations to maintain liquidity for their trading business.

Managing across borders The Undertakings for Collective Investments in Transferable Securities (UCITS) IV directive was implemented in late 2010, making it easier for fund management firms to operate across borders. As such, fund managers now need to manage exposure by applying credit risk mitigation practices—including optimized collateral management—to their cross-border derivatives dealings.

Increased use of OTC derivatives The size of the OTC derivatives market, as reported by the International Swaps and Derivatives Association’s (ISDA) 2011 Margin Survey, indicates that over the ten-year period from 2000 to 2010 the amount of collateral for OTC derivatives transactions has grown at a 30 percent

Case Study

Best-in-Class Collateral Management Assessment The challenge Our client, a global investment bank, wanted to develop a best-in-class collateral management capability. Secondary objectives included nearterm foundational improvements for immature capabilities and the incorporation of regulatory imperatives into the target state.

Our approach Current state assessment. We leveraged the Accenture maturity model, enabling us to identify immature capabilities. Visionary and foundational requirements gathering. By leveraging the current state assessment to solicit visionary

and foundational requirements across all functional areas, we defined bestin-class capabilities and highlighted foundational changes needed for immature capabilities. Regulatory impact assessment. We pinpointed capabilities that will be impacted by upcoming regulatory changes. Target state definition. We combined visionary requirements and regulatory impact assessment to define the target state.

• A clear vision to enable capability

maturity and evolution in lockstep with regulatory changes. • Ability to secure funding for capability transformation with supporting business cases. • Enabled top-management dialogue between business and technology, allowing IT to drive the design of concrete plans to enable the target state.

Transformational roadmap. We defined a series of change initiatives to evolve capabilities from current state to desired target state along with supporting business cases.

compound annual growth rate, while gross credit exposure has grown at a 14 percent compounded annual rate. In addition, the survey indicates that 70 percent of OTC derivatives trades were reported by respondents as subject to collateral agreements.

There are other indications of the need to overhaul collateral management processing. Consider:

Robust repurchase agreement (repo) market

• Approximately 80 percent of the

The International Capital Market Association European Repo Council reported in its June 2011 survey that repo markets have continued to follow a steady growth trend, providing muchneeded liquidity to borrowers. The contracts outstanding on the books of the 59 institutions that participated in the latest survey was EUR 6,178 billion, compared to EUR 5,908 billion in December 2010.

Client benefit

• A comparison of the aggregate

returns from a constant sample of institutions showed growth over the last 6 months of 20.2 percent. overall OTC trade population of the 14 largest dealers is subject to collateralization. • Cash now stands at over 81 percent

of collateral received and 80 percent of collateral delivered. • Hedge funds are the largest

collateralized client sector. • There is an increasing range of

• The increasing requirement by

buy-side clients to segregate their collateral with third parties such as custodians means calculations, reconciliations and reports need to account for these separate pools of assets.

Emerging industry self-regulation initiatives In addition, implementation of industry standards such as ISDA Collateral Best Practices, integration of Electronic Margin Messaging standards, the new Dispute Resolution Protocol and Standardized Collateral Agreements are additional focus areas in the bilateral OTC Collateral Management world.

“other collateral” assets deemed acceptable by market participants, including corporate bonds, equities and government agencies, and some CCPs have recently announced the acceptance of gold as collateral.

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Key Challenges in Current Collateral Management Processes Figure 2. Overview of current collateral management processes. Periodic processes Set policy for business/credit/ regulators

Daily process Negotiate and approve trade and/or master agreements

• Maintain/

Maintain counterparty margin accounts • Perform new client/account set up • Perform client/ account close out

Prepare to calculate margin

Capture terms of agreement receive details of negotiated agreements to ensure ongoing margin compliance

Optimizing collateral management processing offers businesses significant opportunities to drive growth and manage risk (Figure 2). However, there are also some key challenges. • Collateral legal agreements are

often not integrated; they are stored independently of the margin management system. • Inaccurate, insufficient and untimely

information is fed down from frontoffice systems. • Stale data can result in inconsistent

price feeds or instrument valuations.

• Gather

data required for margin calculation

Calculate margin

• Aggregate

positions, prices, static data • Match For example: trades to • Trade capture agreements • Calculate • Gather mark available to market (MTM) position margin • Determine thresholds • Gather up-fronts • Gather MTM collateral • Gather cash • Collect interest rates • MTM exposure calculation • Trade consolidation

Make margin call

• Review

initial margin calculation • Monitor compliance with agreements • Margin call management • Make margin calls • Receipt of client instructions • Review outstanding calls • Negotiate collateral • Dispute management /port recs • Close outstanding calls

• Margining methodology and haircuts

are not transparent for trades that are hard to value. • Incomplete product or asset class

coverage leads to siloed manual processes. • Consolidated data from multiple

operations systems are supplied in batches, not intra-day. • Limited ability to produce intra-day

collateral valuation (for Front Office, Regulators). • Value-added client service channels

are scarce.

• Manual processes create inefficiencies:

• Audit trails are not maintained.

for example, sending out margin calls by fax or e-mail, and manually maintaining instrument prices and receiving counterpart margin calls.

• Collateral reporting lacks detail.

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• Multi-person review of results

or proposed actions (“four-eyes” checks) are often not conducted.

Record margin in books and records • Make appropriate entries to update client accounts • Settlement

Deliver exposure reports to business/credit/ regulators • Deliver reports to appropriate areas

Action reports

• Few skilled resources in the market-

place results in a talent deficit. • Firms have limited or no capabilities

for adopting emerging central counterparty clearing infrastructure and computing complex margin calculations. • The ability to produce simulations of

margin calls/pre-trade initial margin estimates and cost of margining to assist the Front Office in pricing of trades is limited. • Limited cross-product netting

capabilities. • Limited use of PFEs for exposure

calculation. • Limited cross-asset collateral

inventory views.

Case Study

Collateral Management Re-Engineering for Prime Services Businesses The challenge Our client is a leading global investment bank. The Dodd-Frank Act signifies a market shift in how derivative products are cleared and is expected to lead to near-universal uptake of Central Counterparty Clearing (CCP) for Over-the-Counter derivatives (OTC) traded products. The bank’s Prime Services (PS) business is seeking to take advantage of this operational shift by offering its clients an enhanced Collateral and Margin offering for both CCP cleared and uncleared bilateral products, through cross-netting, cross-product margining, collateral transformation services, etc. The current business processes and IT infrastructures are ‘silo based’ by product and region. Investment was needed to provide clients with the enhanced collateral and margin client offering.

Our approach • Analyzed and documented Prime

Services’ current collateral and margin processes across all business streams and products. • Identified and documented the

business requirements PS needed to become a Clearing provider and provide clients with an advanced collateral and margin client offering.

• Provided project management to the

Global Collateral and Margin Change Management Team to facilitate the development of the OTC-CCP client offering. This included owning management reporting on project status, risks and issues at both a Business sponsorship and Program Steering Committee level.

• PS has the operational framework

to accept certain CCP ineligible collateral to meet CCP margin requirements, transform the collateral, post it to the CCP and charge its clients accordingly.

• Coordinated various Collateral and

Margin projects within a wider Strategic OTC-CCP Program. This included working with separate change teams from various functions, e.g. Treasury, Risk Management, Sales, Legal, IT, Product Development, Client Management, etc.

Client benefit Following the delivery of this project: • Prime Services can provide clients

with a Consolidated Margin Statement for all their cleared and uncleared bilateral positions across products, CCPs and legal entities. • PS clients can meet their margin

calls across all products and legal entities with one single payment/ delivery (subject to legal documentation and related legal opinions), reducing the pressure on funding and their operational costs. • PS clients can receive margin relief

and reduced margin calls by benefiting from cross-product margining and recognizing risk offsets (subject to legal documentation and related legal opinions). This will provide them with reduced funding cost.

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Collateral Management Next Generation Service Architecture Figure 3. Collateral management next generation service architecture. Enterprise services Client and counterparty data, reference data, pricing and analytics

Exception management

Portal Internal applications

Client service and self-service

Sales and client onboarding

Front office services Front office trading

Front office P&L and market/ counterparty credit risk

Market Infrastructure Interfaces Execution services

Integration zone Trade event processors

P&L and risk services

Clearance, settlement payments

Operations Operations services

Collateral management services:

Trades and position keeping information services

• Workflow control • Margin call engine

Legal and compliance

Finance

Regulatory reporting services

Enterprise risk

Management platforms

Compounding operational challenges, a typical bank has dozens of systems, hundreds of flows and, often, no consistent information model. In light of this, how is it possible to transform the collateral management function? The basis of transformation is a next generation service architecture. The Accenture capital markets next generation service architecture (Figure 3) is a set of services underpinned by a consistent information model, as well as standardized workflows from front to back, and across cash-traded and OTC derivatives products. We offer management consulting services to help businesses get started with this transformation, as well as with technology services along the way. The capital markets next generation architecture features:

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• Consistent and federated information

architecture. • Standardized messaging for processing

trade, operations and other key information. • Straight-through processing market

infrastructure that leverages industry standard protocols.

next generation service architecture uses streamlined workflow and consistent information models to capture client/counterparty data and margin requirement parameters from contracts. Outcomes: • Time to trade is reduced.

Within this architecture, Accenture features next generation collateral management services. Figure 4 shows how collateral management fits into the overall architecture. Key aspects of the next generation collateral management services are:

Setup and maintenance Collateral managers collaborate with sales, trading, risk, and legal and compliance to determine agreements with clients and counterparties. The

• Margin agreement terms are recorded

electronically, facilitating margin process automation and workflowbased updates are sent to downstream users as and when changes take place— even for complex OTC derivatives.

Margin processing Collateral requirements and margin calls become intra-day, fed by continuous processing of new trades, settlements, payments and margin calculations.

Figure 4. Collateral management fits into the capital markets next generation service architecture. Trading desks prime services

Sales, credit, client onboarding Margin interface

Client/ counterparty data interface

Client/counterparty, reference data, pricing

Client service and self service

Agreement interface

Compliance services

Margin interface

Compliance interface

Rule-driven workflow services Collateral agreement process

Margin Calculation Services: • RegT, portfolio, etc. • Overall requirement calc

Collateral management data view

Margin interface

(integrates risk)

Portfolio reconciliation Enterprise data stores

Collateral Management

Feed Integration Services Trade event interface

A&R data interface

Collateral Inventory Management Services Selection Returns

Transaction interface

Exceptions

Margin call process

Reference data interface Official pricing (market, firm MtM) interface

Business exceptions interface

Substitution Netting

Rehypothecation

Settlement

Trades and positions interface

Trades and position keeping information services

Fails

Risk data interface

Margin call electronic messaging interface Transaction interface

Clearance, settlement, payments

Analytics and reporting Risk services for collateral (valuation, PFE, risk-based margin) Market infrastructure: depots, nostros CCPs, registries, bilateral, counterparties, triparty

Transactions data stores

Outcomes: • Dispute management for OTC

derivatives margins is streamlined. • Position valuation and margin call

calculations are standardized in response to the requirements of regulators and central counterparties.

Analytics services for sales, CVA trading, limits management and compliance Analytics provide real-time snapshots, trending and business intelligence for key stakeholders. For example: • Trade pricing, including collateral requirements. • Collateral and re-hypothecation optimization. • Counterparty behavior, including dispute data, fails and changes to parameters such as ratings, accounting for netting sets and enforceability.

• Limits analysis against aggregated cash margin and credit support annex agreements.

Feed Integration Services for collateral management Collateral management functions utilize dozens of inbound feeds. In the next generation architecture, these feeds are managed by Feed Integration Services (FIS). FIS comprises interfaces, methods and run-time environment. It facilitates the integration and workflow orchestration of trade, analytics and finance data for inbound and outbound streams in a bank’s front-, middle- and back-office.

Supporting technology The next generation service architecture is supported by robust technical models and capabilities harvested from Accenture’s deep technology engagement experience in capital markets:

Trade and analytics meta-model. This generic object model maps feed data into a consistent enterprise business model for trading, risk quantification, valuation and risk reporting. Rules model. Our rules model captures business rules across trades, analytics, risk measurement and risk aggregation. Data orchestration capabilities. This toolset links reference data, pricing, trades, transactions and analytic components in semantic relationships. Process workflow capabilities. These tools are used to implement workflows that are driven by business events. Data cloud capabilities. This toolset complements the Feed Integration Framework as the platform for cloud computing and forms the foundation of capacity management. Feed services. This toolset provides connector services to data suppliers and consumers.

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Accenture Can Help Collateral management transformational programs are large, complex and often span multiple years. Legacy and vendor systems must be integrated or consolidated, then linked to the next generation architecture through a carefully planned series of projects. The result is a new level of sophistication and automation in the collateral management process. This enables collateral managers and credit risk managers to view aggregated exposure and collateral—globally and in real

time—by entity, product or counterparty. This view, coupled with new analytics, can yield insight into new business uses of collateral and more competitive products to finance trading. Accenture’s robust capabilities in management consulting and technology services enable us to assist businesses with this transformation process.

Case Study

Collateral Management Securities Valuation Estimation The challenge

Our approach

Client benefit

Our client, a major settlement intermediate company, wanted to improve its collateral management infrastructure. The Securities Valuation Estimation (SVE) project consisted of an enhancement of the overall SVE process compliant with the local Banking, Finance and Insurance Commission’s recommendations.

Based on the high-level business requirements and functional design, Accenture clustered the design and build work into four work packages: screens, manage parameters, valuate collaterals and non-core processes.

• Low-cost development.

Goals included:

Our approach included application outsourcing, including offshore development:

• Improve collateral valuation.

• Re-use of India delivery centre

• Improve control environment. • Improve maintainability. • Control cost.

resources. • Re-use of offshore operating

model. • Jump-start of offshore development.

• Providing a maintenance option at low cost.

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• Reduced interaction with offshore

resources by applying the offshore operating model. • Application of CMMI Level 3

Procedures.

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Our Services

Accenture helps clients optimize the collateral management process by leveraging our services in management consulting, technology consulting and business process outsourcing (BPO). Figure 5 shows Accenture’s roles in all phases of collateral management capabilities transformation.

• Maturity and capability assessments

using our Collateral Management Framework (Figure 6) and Scales of Mastery. • Operating model and organizational

structure analysis. • Business case definition. • Program management.

We have several thousand consulting resources worldwide dedicated to serving our capital markets industry clients. We have deep capital markets expertise in the world’s major financial centers. Our capital markets delivery centers in Madrid and India are among a network of more than 50 delivery centers distributed around the world.

Management Consulting Our capital markets Management Consulting group initiates collateral management transformation programs, providing:

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• Business process analysis. • Business requirements documentation

and buy vs. build assessments. • OTC to CCP Collateral change

program services. • Collateral Optimization services. • Portfolio Reconciliation services.

Accenture Management Consulting also provides or shares program management duties with the client and with Accenture technology consultants.

Technology Consulting Accenture Technology Consulting brings together our capabilities and services—systems integration, technology consulting, alliances, application outsourcing and infrastructure outsourcing—to provide clients with fully integrated package or custom technology solutions for collateral management. Our technology consultants in capital markets bring deep domain skills and product knowledge to client projects.

Business Process Outsourcing High-performance businesses are always seeking new ways to outpace competitors. BPO provides just such an opportunity. We can help businesses hold down overall operating costs through strategic use of BPO services. Accenture provides a number of BPO services for our capital markets clients globally, including asset servicing, research, and analytics.

Figure 5. Accenture’s capabilities in collateral management transformation.

Phase 2

Assessment/business diagnostic

Solution design

Collateral management process

Target operating model

Technologies assessment

Business operating model

Organization review

Cost anatomy

Architecture design

Risk assessment

Implementation

Deployment

Detailed business and technical requirements GAP analysis

Business case

Business service introduction

Build IT service introduction

Test

Quick wins

Maintenance

Phase 1

Project management

Tasks

Deliverables

• Review of the collateral management process

and interactions • Assess current technology architecture and challenges • Define the organization structure • Evaluate the risk policy through the collateral management framework • Review the operating, transaction and maintenance costs • Process and organization architecture • Technology architecture • Risk assessment matrix • Cost analysis

• Establish target operating model blueprint • Assess gaps through deep diagnostics • Prioritise transformational initiatives • Investigate alternative sourcing models (pure

• Package selection • Define detailed business requirements • Create detailed functional and technical designs • Develop, test and deploy • Manage releases and waves of change • Train key business and IT resources • Define service level agreement • Support maintenance request

• High level target operating model • Architecture blueprint • Business case description • Quick wins ready to launch

• Detailed functional design • Detailed technical requirements • Test and launch scenario • Migration plan • Service introduction plan • Training and communication plan • Support materials • Organization design

internal, co-sourcing, application maintenance, application outsourcing) • Set and validate business case • Identify quick wins for immediate use

Figure 6. The collateral management function must be assessed in light of the overall framework to identify current gaps and risks. Input data Instrument

Product desks Securities financing (repo, lending/borrowing)

OTC derivatives

Treasury (cash management)

Risk management Market risks

Static data Corporate actions

Market Market data

Legal

Reporting Internal reporting

Valuation Exposures valuation Collateral valuation

Client/ counterparty Positions and balances

Client reporting

Exposures management Trade recognition

Exposure matching

Exposure netting

Liquidity risks

Matching Matching with counterparty

Collateral management Risks parameters

Collateral allocation

Margin call

Cash management

Dispute process

Reconciliation

Inventory management

Interest process

Contracts setup

Legal agreements

Client data (settlement instructions, risk rating)

Output data

Operations Settlement

Matching with custodian Credit risks

Matching with third party

Feeds to FO/ CVA Trading Operational risks

CSA data/ changes Netting/ aggregate exposures

Accounting

Connectivity Market access (phone, email, Web)

Settlement/payment links

CCP connectivity

Third party report interface

Collateral electronic messaging

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Alliances As capital markets firms upgrade their technology platforms to reduce credit, operational and liquidity risk, collateral management product vendors are aligning to meet the demand. These vendors are presenting offerings in the market that can be leveraged as components that integrate with client legacy systems and with new services in the next generation architecture. Accenture has alliances with a number of industry-leading vendors who offer collateral management capabilities.

Murex Murex provides a suite of collateral management and margining solutions for a variety of financial institutions: MX Collateral Manager comprises functional offerings for capital markets & treasury (OTC derivatives, repos and securities lending), enterprise-wide trading and banking book collateral management, central clearing (clearers, clearing member brokers and broker clients), energy markets and leveraged margin trading. Accenture teams around the globe have worked on successful Murex projects for nearly 15 years and have experience with all generations of Murex solutions. Accenture is a global preferred partner of Murex and operates a joint training program with Murex in Murex’s central office in Paris.

Calypso Calypso provides global application software that delivers an integrated suite of trading applications to the capital markets industry. Calypso’s comprehensive Collateral Management, with its powerful collateral optimization capability, is fully integrated into the platform supporting Equities, Fixed

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Income and the full range of OTC derivatives including CCP margin calculations for many central clearers. Accenture is a global implementation partner for Calypso and has more than five years of extensive experience with the Calypso Trading and Risk Management Platform. We also have a large pool of resources around the world with deep Calypso expertise, and have contributed to the development of Calypso Fast-Track.

Accenture also has a successful track record of working with other marketleading software vendors in the collateral management space, including Sungard, Algorithmics, Lombard Risk and Omgeo, who, while not formal alliance partners of Accenture, have been supportive in the delivery of joint client engagements over the years.

Case Study

Enterprise Collateral Management Consolidation and OTC Collateral Optimization The challenge Our client, a top 10 US bank, was anticipating 300 percent growth in five years. As part of a global enterprise risk and Basel II program, Accenture was requested to complete an assessment of the bank’s ability to manage, value and monitor collateral for the following lines of business: • Capital markets: OTC derivatives and

repos • Lending: Wealth, commercial and

commercial real estate Each line of business managed and maintained their own tools, processes and methodology for collateral management and monitoring. As a result, each had a different culture in managing collateral and perspective on business value.

Our approach As-is assessment. This included evaluation of the existing controls, assessment of the activities and associated full-time equivalent (FTE) headcount supporting the collateral management process, assessment of current technology tools supporting the process, and review of calculation methodology and tools for collateral valuation.

The project. Accenture worked with the client to develop a series of tools and solutions to optimize collateral, including Enterprise Collateral Monitoring Solution, OTC Derivative Contract Tracking Tool, and integrated solutions within lending and capital markets risk infrastructure.

Client benefit • Provided a consolidated framework

to track $5.5 billion in marketable security collateral and aggregate collateral across desks by counterpart. • Created efficiency gains through

consolidation of operations groups. Application architecture supporting the collateral monitoring and margining processes generate cost savings of over of $2MM per year. • Examined and re-wrote every ISDA

agreement across the enterprise, reducing capital requirements by over 50 percent and reducing potential exposure to exotic product collateral. • Identified over $100MM of over-

pledged collateral upon consolidation of portfolio. • Generated $6MM in interest income

through improved valuation and maintenance across the portfolio.

To be assessment. We developed a future state operating model, shared service organization model, common enterprise processes, procedures, valuations and application architecture.

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Contact us Rajesh Sadhwani Senior Manager, Accenture Capital Markets 30 Fenchurch Street, London, EC3M 3BD +44 20 7844 9887 [email protected]

Tracey McAllister Senior Manager, Accenture Capital Markets 5221 N. O’Connor Blvd, Suite 1400, Irving, TX 75039 +1 469 665 6232 [email protected]

Courtney Adante Senior Manager, Accenture Capital Markets 161 N. Clark, Chicago, IL 60601 +1 917 593 4189 [email protected]

Thomas Syrett Senior Executive, Accenture Capital Markets 118, Avenue de France, 75636 Paris Cedex 13 +33 1 56527120 [email protected]

Copyright © 2011 Accenture All rights reserved.

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