IHS Markit and BNP Paribas expand collaboration for UMR
10 February 2022 Europe
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BNP Paribas Securities Services has added IHS Markit as an initial margin calculation source to its existing service for clients that are in-scope for uncleared margin rules (UMR) in derivatives markets.
IHS Markit provides sensitivities fed into BNP Paribas' middle-office platform through a Common Risk Interchange Format (CRIF) file, to perform initial margin (IM) calculations and reconciliation.
As market participants prepare for the go-live of Phase 6 of UMR in September 2022, the collaboration enables a smooth transition process for clients of BNP Paribas.
Julie Mostefai, global product manager for over-the-counter (OTC) and collateral services at BNP Paribas Securities Services, comments: "We are extending our collaboration with IHS Markit to develop our initial margin services around the world. This extension enhances our IM calculation offering with global coverage support and allows us to prepare for upcoming regulatory back-testing changes for our clients."
Cristina Grigore, director of derivatives data and valuations services at IHS Markit, adds: "Our expanded collaboration with BNP Paribas Securities Services will provide their clients with access to a seamless compliance solution that is powered by processes and services between our firms.
"As in-scope market participants prepare for the additional requirements that Phase 5 and Phase 6 of the uncleared margin rules bring, we are proud to offer a solution powered by data that can ease the complexities of initial margin calculation."
The calculation service from IHS Markit is available as part of an end-to-end initial margin ecosystem. Calculations are based on OTC derivatives data sources and are SSAE18 certified.
IHS Markit provides sensitivities fed into BNP Paribas' middle-office platform through a Common Risk Interchange Format (CRIF) file, to perform initial margin (IM) calculations and reconciliation.
As market participants prepare for the go-live of Phase 6 of UMR in September 2022, the collaboration enables a smooth transition process for clients of BNP Paribas.
Julie Mostefai, global product manager for over-the-counter (OTC) and collateral services at BNP Paribas Securities Services, comments: "We are extending our collaboration with IHS Markit to develop our initial margin services around the world. This extension enhances our IM calculation offering with global coverage support and allows us to prepare for upcoming regulatory back-testing changes for our clients."
Cristina Grigore, director of derivatives data and valuations services at IHS Markit, adds: "Our expanded collaboration with BNP Paribas Securities Services will provide their clients with access to a seamless compliance solution that is powered by processes and services between our firms.
"As in-scope market participants prepare for the additional requirements that Phase 5 and Phase 6 of the uncleared margin rules bring, we are proud to offer a solution powered by data that can ease the complexities of initial margin calculation."
The calculation service from IHS Markit is available as part of an end-to-end initial margin ecosystem. Calculations are based on OTC derivatives data sources and are SSAE18 certified.
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