text: Post-Trade Initiative of the Year » FN Trading & Technology Awards 2016 - FN Trading & Technology Awards 2016
  GlobalCollateral Ltd: Euroclear and Depository Trust and Clearing Corporation
  Few problems plague the plumbing of the financial markets as much as the movement of collateral. Firms have even been warning for years of an impending 'collateral crunch', where the availability of high-quality, investment grade collateral will dry up in response to additional regulatory requirements. Euroclear and the Depository Trust and Clearing Corporation have developed a way to ease the movement of collateral across European and US borders through their GlobalCollateral joint venture as a result. The JV's latest project is the Margin Settlement Messaging Service, which allows for technology-enabled processing of margin calls. The project has been adopted by prominent buyside firms, including State Street and Northern Trust, and aims to reduce the reliance on the manual processing of these messages, which can expose trading firms to operational risk and human error.
  ISA Direct: Eurex
  LCH Spider: LCH.Clearnet
  TRADExpress RealTime Clearing: Cinnober
  Significant efforts have been made in recent years to move risk management to a near-real-time process, but the challenges are enormous, not least of all in terms of the raw computing power needed to run Monte Carlo and what-if simulations on portfolios. Cinnober's TRADExpress RealTime Clearing has been designed specifically for this purpose and for institutions whose core business is managing risk – clearing houses. The system provides an immediate and complete view of risk exposures across markets, enabling more efficient use of capital better operational processes across listed and OTC flows. First launched in 2009, it is in use at Brazilian exchange BM&F Bovespa, LME Clear and Johannesburg Stock Exchange. At the beginning of 2016, the Japan Exchange Group also chose the system to both replace its listed derivatives clearing system, and to supply a risk management system that will monitor risk across the entire Japanese market of equities, bonds, futures and options.