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
All products exchange-traded, cleared and uncleared derivatives, repo and securities lending needs to be led by well-defined business objectives supported by efficient and cost-effective technology.
Risk and operational functions need industry connected systems to support straight-through processing and an environment where governance, controls and regulatory compliance are paramount and understood.
.
Collateral
Margin Reform will bring clarity to your understanding of all aspects of collateral such as pricing, funding, liquidity, optimisation, operational capacity and risk.
Whether to support business P&L, cost drivers, regulations, or enhancing existing processes and requirements such as Clearing, Initial Margin, Reporting, Custody and Optimization are a necessity.
Legal
The complexity and far-reaching impact of G20 regulatory reforms (Clearing, UMR, SFTR, CSDR & IBOR) have led to a market understanding that data is critical and this requires improved negotiation techniques, smarter technology and increased digitisation.
Margin Reform is at the forefront of these solutions and can help you deliver the required technological and business process models.
months required to complete a UMR project
revenue opportunity p.a. for every €1bn of lent assets
of €20.6 trillion assets globally have been lent across asset classes*
*At Q3 2019 www.isla.co.ukNumber of data fields required for SFTR compliance
Number of firms expected to be impacted by SFTR
Number of new relationships subject to Phases 5 and 6 of UMR
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 Ownership
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 Ownership
Determine the IM model and calculation approach. Develop, integrate and test all requirements including any backtesting, benchmarking, documentation, governance and validation.
Meet our 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.
Sue McGillion-Moore
Americas
Partner
Sue McGillion-Moore is a Partner and the Americas Practice Lead for Margin Reform. Sue has over 25 years' of experience in Margin and Collateral Management, having held various senior level collateral roles at JP Morgan Chase, Bank of America Merrill Lynch, Bear Stearns, UBS, AIG, and KPMG supporting over the counter derivatives, exchange traded products, secured transactions, prime brokerage, fx, consumer and commercial insurance products. Sue specializes in defining and building out target operating models with respect to organization, governance, function, process, technology, people, and skill.
John Southgate
Senior,
Consultant
John Southgate is a senior consultant bringing over 20 years of banking experience in various front-office prime brokerage roles within global investment banks, including Salomon Brothers / Citigroup, Lehman Brothers, Nomura and most recently as head of derivatives & collateral product management for EMEA at Northern Trust.
With a very strong client-focus and experience across a range of businesses and client segments, John is passionate about helping clients navigate the plethora of direct and indirect challenges being faced as a result of increased regulatory intervention, whilst also keenly driving efficiencies within their operating models.
Dess Kabakova
Senior
Consultant
Dess Kabakova a senior consultant with over 15 years of consulting and operational experience, having worked with both buy and sell-side institutions focused on business transformation strategy and functional engineering and processing. In the collateral and margin domains, Dess has completed various technical design and implementation projects including T2S, central bank and asset management optimisation programmes. Dess leads European Business Development.
Christos Kalapothareas
Senior
Consultant
Christos Kalapothareas is a senior consultant with over 15 years’ experience in legal documentation. Holding roles with a mixture of Tier one banks and buy-side organisations, supporting Financial Markets and Treasury functions in derivatives and securities lending markets with playbooks and analytics for BAU and regulatory compliance projects such as MiFID, EMIR, UMR and IBOR.
Swati Joshi
Business
Manager
Swati Joshi a Business Manager of Margin Reform. Swati has over 20 years’ experience helping businesses operate in an efficient and cost-effective way. She has worked in multiple sectors, including financial services, telecommunications, and health care. She exemplifies strong best practices with a focus on client care.
Simon McKernan
Senior
Consultant
Simon McKernan is a senior consultant with over 20 years’ experience across Investment Banking and Wealth Management. The former Head of Collateral Operations at RBS, Simon has covered all aspects of collateral management operations, prime services, clearing, risk and regulatory change programmes. He has led and sponsored technology change and process agility across a range of Tier one institutions.
Sakti Narayan
Senior
Consultant
Sakti Narayan is a senior consultant with 16 years’ experience in technology, operational risk and business process optimisation across Investment Banking and Asset Management sectors. Starting in business intelligence software development, Sakti developed strategies to identify and optimise front office processes, and recently managed a greenfield project to design and implement an in-house securities lending programme for an investment manager.
Juliet Carter
Marketing
Consultant
Juliet Carter has over 14 years’ experience working within the financial, technology and not-for-profit sectors. She is a B2B marketing specialist with a track record in leading marketing strategies that win customers and drive sales and profit. Founder of Carter Consulting, a B2B marketing consultancy for start-ups and SMEs, advising numerous small to medium-sized companies with digital and offline business growth strategies. Juliet leads Strategic Marketing.
Yannick Lucas
Senior,
Consultant
Yannick Lucas is a senior consultant with over 30 years’ experience. Most recently Head of European Fixed Income at RBC, Yannick has held senior executive positions at several Tier one institutions. Yannick develops securities lending capabilities for Asset Managers and Pension Funds to generate Alpha and optimise their performance. Which includes trading, risk, legal, operational and regulatory issues.
Shaun Murray
Managing Director,
CEO
Chetan Joshi
Founder,
COO
Sue McGillion-Moore
Americas
Partner
John Southgate
Senior,
Consultant
Dess Kabakova
Senior
Consultant
Christos Kalapothareas
Senior
Consultant
Swati Joshi
Business
Manager
Simon McKernan
Senior
Consultant
Sakti Narayan
Senior
Consultant
Juliet Carter
Marketing
Consultant
Yannick Lucas
Senior,
Consultant
Shaun Murray
Managing Director,
CEO
Chetan Joshi
Founder,
COO
Sue McGillion-Moore
Americas
Partner
John Southgate
Senior,
Consultant
Dess Kabakova
Senior
Consultant
Christos Kalapothareas
Senior
Consultant
Swati Joshi
Business
Manager
Simon McKernan
Senior
Consultant
Sakti Narayan
Senior
Consultant
Juliet Carter
Marketing
Consultant
Yannick Lucas
Senior,
Consultant

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