New service, Relay, will help banks to meet the new Margin Requirements for Uncleared OTC Derivatives by automatically processing email-based margin calls.
Xceptor, the leading provider of process automation and data management services for post-trade operations, today announced that it has signed an agreement with AcadiaSoft to jointly create a new service, called Relay, which will allow high volumes of margin calls currently transacted by email to be automated through the MarginSphere platform.
AcadiaSoft MarginSphere is the world’s leading electronic margin processing tool, currently used by more than 200 of the world’s largest market participants. AcadiaSoft allows market participants on the platform to communicate vital information on exposures, commitments and adjustments between counterparties in a complete, verifiable and secure manner.
Xceptor is the leading provider of process automation and data management products for post-trade operations, used by a large number of global banks to help transform their back office business processes, particularly for trade confirmation, tax reclaim and collateral management processes.
The new service, called Relay, will leverage Xceptor to automatically process margin calls currently transacted by email through the MarginSphere platform. Underpinned by the data capture capabilities of Xceptor, the service will automatically recognise, capture and process data from counterparties outside the existing AcadiaSoft network.
The service will support banks with the expected increase in margin volumes triggered by the introduction of new margin regulations related to Margin Requirements for Uncleared OTC Derivatives. Relay will speed up the process and remove the burden of manual processing from customers, allowing greater volumes of margin calls to be processed without additional FTE requirements.
Chris Walsh, Chief Executive Officer of AcadiaSoft, said “We are thrilled to partner with Xceptor to provide the Relay service to our AcadiaSoft Hub community. Xceptor’s world-class automation capabilities enable clients to quickly and efficiently onboard Hub services and automate counterparty relationships.”
“We are delighted to be working with AcadiaSoft to develop this new service to complement their existing market-leading product.” said Andrew Kouloumbrides, Chief Executive Officer of Xceptor. “This service will mitigate the impact of incoming margin regulations and the subsequent expected increase in process volumes; we are therefore incredibly proud to be working with AcadiaSoft to bring a solution to market that will relieve this impending burden on the back office”.