Four banks, Euroclear and the DTCC bought into AcadiaSoft on Tuesday
A consortium of the world’s
top dealing banks and clearing firms have started testing a new
platform for swaps margin timed to coincide with the planned
introduction of rules requiring firms to post margin on complex
derivatives in September 2016.
Some 13 investment banks and clearing
experts Euroclear and the DTCC said on Tuesday they were
working with AcadiaSoft, a tech vendor owned by those firms, to
build an industry-wide solution for electronic margin
processing of non-cleared over-the-counter derivatives.
Chris Walsh, the chief executive of
AcadiaSoft, told FOW: "There is a significant amount of work
that needs to be done before September 2016 so, with that in
mind, we have already started testing the Hub."
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