Why Margin reform?
Margin Reform helps clients operating in the financial sector to provide strategy, insight and delivery across derivatives, repo and securities lending for the margin, collateral and legal domains.
Our senior industry practitioners and transformative service model reduces the time to market on key revenue ideas, brings clarity to regulatory demands and competitive advantage to your most challenging problems.Margining
Collateral
Legal
The 'Wheel of Pain' highlights the key steps, risks, issues and pitfalls which need to be addressed
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External Comms
Early engagement with clients, vendors and custodians -
External Training
Market impact and outcomes with regulators requirements -
Internal Comms
Central co-ordination to manage your group wide compliance delivery -
Internal Training
Regulatory impact on role and BAU know-how for stakeholders
THE WHEEL OF PAIN
For firms impacted by UMR regulatory change needs to be solved over short period of time. This requires a fundamental re-design of your collateral management model to recalibrate, enhance and optimise your approach from the traditional credit mitigation role and springboard collateral as a key value driver for the firm.
Self disclosure
Identify subjected products and trades, calculate your group AANA and formally self-disclose all impacted relationships to the industry.
Client Engagement
Determine your trading partners, establish jurisdictional compliance and exchange responses for your bilateral margin requirements.
Rule Distillation
Complete an internal examination of the rules per jurisdiction, identify gaps, risks and create mitigation plans as part of self-attestation.
Legal Agreements
Negotiate and match eligible collateral schedules and utilise golden terms to drive processing.
Custodial onboarding
Agree how to pledge Initial Margin through your custodian and onboard with your counterparty's agent. Negotiate, execute, test and configure internally and externally.
Technology
Determine the impact on collateral processing, settlement, reconciliations, connectivity to internal functions and the external collateral ECO system.
Operations
Operating model design and implementation to support new processes, increased volumes and the management of risk and compliance.
Optimisation
Understand the impact of collateral usage on your balance sheet, funding and liquidity metrics. Transform and mobilise collateral in support of P&L generation.
IM Model Governance
Determine the IM model and calculation approach. Develop, integrate and test all requirements including any backtesting, benchmarking, documentation, governance and validation.
THE WHEEL OF PAIN
For firms impacted by UMR regulatory change needs to be solved over short period of time. This requires a fundamental re-design of your collateral management model to recalibrate, enhance and optimise your approach from the traditional credit mitigation role and springboard collateral as a key value driver for the firm.
Self disclosure
Identify subjected products and trades, calculate your group AANA and formally self-disclose all impacted relationships to the industry.
Client Engagement
Determine your trading partners, establish jurisdictional compliance and exchange responses for your bilateral margin requirements.
Rule Distillation
Complete an internal examination of the rules per jurisdiction, identify gaps, risks and create mitigation plans as part of self-attestation.
Legal Agreements
Negotiate and match eligible collateral schedules and utilise golden terms to drive processing.
Custodial onboarding
Agree how to pledge Initial Margin through your custodian and onboard with your counterparty's agent. Negotiate, execute, test and configure internally and externally.
Technology
Determine the impact on collateral processing, settlement, reconciliations, connectivity to internal functions and the external collateral ECO system.
Operations
Operating model design and implementation to support new processes, increased volumes and the management of risk and compliance.
Optimisation
Understand the impact of collateral usage on your balance sheet, funding and liquidity metrics. Transform and mobilise collateral in support of P&L generation.
IM Model Governance
Determine the IM model and calculation approach. Develop, integrate and test all requirements including any backtesting, benchmarking, documentation, governance and validation.
MANAGEMENT TEAM
Shaun Murray
Managing Director,
CEO
Shaun Murray is the Managing Director, CEO of Margin Reform. The former head of Collateral Strategy at RBS and SCB, Shaun is a seasoned professional with over 30 years of international experience. They have been spent focused on enterprise-wide collateral management, credit risk, funding, liquidity, and strategy, working in Europe, Asia, America, and Australia at Tier one banking institutions.
Chetan Joshi
Founder,
COO
Chetan Joshi is the Founder, COO of Margin Reform. Chetan has over 20 years’ experience across the Margin, Collateral and Legal domains, having held roles at RBS, JPMorgan Chase, Barclays, Bank of America Merrill Lynch and SCB in operations, change management, technology and front office and a previous consultancy role with Baringa Partners.
Shaun Murray
Managing Director,
CEO
Chetan Joshi
Founder,
COO
Shaun Murray
Managing Director,
CEO
Chetan Joshi
Founder,
COO

InitialMargin.online
InitialMargin.online and Margin Reform have joined forces to offer a packaged consultancy model that will enable clients to work on all aspects of their UMR compliance. The partnership supports firms through the AANA calculation and validation into IM model calculations under Regulatory Grid/ ISDA SIMM and Initial Margin Threshold Monitoring backed by specialist collateral, margin and legal consultancy experts.

Cassini Systems
Cassini’s software services enhance front office trade decisions with visibility and analytics of post trade costs, and also provide post trade optimization and estimation tools for treasury and operations.

CloudMargin
CloudMargin collaborates with Margin Reform to offer professional services clients a highly flexible, scalable and affordable cloud-based collateral management software.

CubeLogic
CubeLogic delivers business intelligence enabled enterprise risk management solutions for all market risk, credit risk, liquidity risk and regulatory compliance exposures in energy, commodity and financial markets.

D2 Legal Technology
D2 Legal Technology (D2LT) is an award-winning legal data and change consulting firm acting as a trusted advisor to financial institutions on process, data and the use of technology to unlock business value through legal change.

OpenGamma
OpenGamma is a derivatives analytics firm with unparalleled expertise in OTC and ETD margin methodologies, backed by CME, JSCC, Accel and Dawn. Their team brings together a unique mix of practitioner, quantitative and software engineering expertise

OpenRisk Technologies
OpenRisk Technologies, Inc., is a provider of enterprise platform with a complementary suite of business-centric products to digitize, rationalize, and harvest any kind of complex unstructured data and events, enable process automation with rationalized data, and generate deep insights and connected data analytics. OpenRisk Margin and Collateral Management solution offers a near-zero-touch margin workflows on a chosen DLT along with interoperation between traditional and DLT applications.

Pirum
Founded in 2000 with the aim of developing the most comprehensive, highly functional and reliable range of electronic services for the wholesale securities finance market. Pirum serves as the central hub of a complex network of market participants, tri-party agents, CCPs, market data vendors and execution venues.
Servicematrix
Poor outcomes with service partners and other counterparties are a fundamental drag on realising your firm's strategic ambitions and mitigating risk. Uncover the critical service gaps with authoritative ServiceMatrix benchmarks.

SteelEye
SteelEye works closely with Margin Reform to reduce the complexity and cost of financial compliance by enabling clients to manage their regulatory obligations on a single platform and make better use of their data.