Leading UK bank selects CloudMargin for OTC Derivatives, Repo Collateral Management with EMIR trade reporting
Industry first for adoption of cloud technology
Leading UK retail bank improves efficiency, increases control and complies with EMIR reporting requirements through automated collateral management technology platform CloudMargin. This is the first time a regulated bank has adopted cloud technology to realise significant cost-savings in collateral management.
CloudMargin, the low-cost high-performance collateral management platform, today announced that it has successfully completed the onboarding of a leading UK bank onto its revolutionary cloud based platform. The
Bank is using CloudMargin to manage collateral for their OTC derivatives and Repo portfolios and comply with EMIR trade repository reporting obligations.
CloudMargin was selected to bring increased efficiency, control and insight to The Bank’s OTC derivatives and repo portfolios and delivers state of the art capabilities at a fraction of the cost of traditional on-premise or ASP solutions.
In an industry first for CloudMargin, founded in London in 2013 by a team of collateral management and technology experts, The Bank’s collateral is now being managed on a true Cloud Technology platform, something no regulated bank has ever done before.
Furthermore onboarding was completed in well under a month, a timeframe previously unheard of in the collateral management industry.
Andy Davies, founder and CEO of CloudMargin said, “It is a great honour for CloudMargin to have been selected by a leading bank and reinforces our belief that the Collateral Management world demands cutting edge innovation and is increasingly rejecting outdated technology platforms to slash IT costs. Our new client joins our existing network of hedge funds, asset managers, insurers and corporate treasurers.”
Stuart McHardy, co-founder and COO of CloudMargin added, “Being a regulated bank takes information security requirements to a new level and I’m delighted that CloudMargin’s fortress-like security model has been successfully validated. In addition we were able to complete the onboarding in a matter of weeks taking the effort away from our client allowing them to focus on running the bank rather than managing an integration.”