The Cassini Workbench becomes your primary system for monitoring and booking OTC trades. The workbench provides full control of all aspects of OTC trading, and provides visibility on all costs associated with the whole life of a trade, including funding and collateral.
Core platform components: - Efficient Trade Recommendation - Intraday Dashboard - Limits Monitoring - What-If Analysis
Cassini provides a live dashboard that combines risk with collateral, limits, fees, and funding information to give a truly integrated view of the portfolio and all associated costs and limits. This is updated intraday as the portfolio or collateral changes.
Complex Limit Monitoring
Cassini has a complex limits engine integrated with its back end processing. Custom limits can be defined against any level of the hierarchy from portfolio to counterparty, and down to asset class and currency. Example limits supported are CCP trading limits, internal risk and back office operatio
Cassini is targeted at the rates products for its first release, to include:
- Interest Rate Swaps
- Deliverable Swap Futures
- ERIS contracts
- Bonds and Bond Futures
Future releases will expand coverage to include CDS, CDX, NDF, and broader Options and Futures trades
What If Analysis
Book proposed trades into a Cassini blotter and these are analysed for costs, risk, and compliance with limits. Cassini then displays the lifetime costs of holding the position as well as any limits that generate alerts.
In addition Cassini examines all available alternative trades that provide equivalent exposure, whether that is using different assets or a different clearing venue, and recommends the most efficient alternative trade.
If the goal is pure hedging, then you can enter the hedge requirement, such as duration into Cassini. Cassini will examine all available assets that can provide that hedge and recommend the cheapest.
Cassini plugs into your existing internal systems for data such as trade confirms, valuations, risk, collateral inventory, etc. Cassini has an open integration architecture meaning it can connect to any type of upstream system whether its by web services, custom API, messaging, file transfer etc
Answer questions such as
- What does it cost to fund this trade?
- Is there an alternative that is cheaper to execute?
- Is my collateral eligible and sufficient?
- Which FCM/CCP is the best venue for the trade?
- Am I compliant with all CCP requirements
Calculating a projected lifetime cost of a trade before execution ensures that a true P&L is known and more efficient trades can be executed where available
Better use of collateral
By using Cassini to book the what-if trade you can identify the best FCM or clearing venue to use to ensure best use of available collateral. Collateral selected by Cassini can then be notified to the back office collateral management team for end of day pledging.