According to CloudMargin, the relationship “will significantly enhance and streamline Nasdaq Clearing’s collateral-related communications, including issuance of the most up-to-date eligibility schedules, reports, messages and instructions”.
Lee McCormack, head of strategy at CloudMargin, said: “We believe this type of interoperability will set a standard for the industry going forward. CloudMargin’s unique ability to offer a consolidated view and management of collateral needs is increasingly important as the volumes of margin movements rocket for both cleared and uncleared trades.”
“Nasdaq is doing a great service to its market users by facilitating this capability, with benefits for sell-side and buy-side institutions and clearing firms alike.”
Fredrik Ekström, Nasdaq’s head of Nordic fixed income and European clearing, said: “Innovative and capital-efficient solutions are at the heart of what we do at Nasdaq Clearing. CloudMargin’s effective and seamless web-based solution enables our clients to manage margin collateral across clearinghouses and bilateral counterparts.”
“Nasdaq Clearing believes that distribution of risk is a key factor in protecting the financial sector from systemic risks. The CloudMargin offering supports such infrastructure in an efficient way.”