XXXX? Central Counterparty Clearing
Market Trends
A rash of new government OTC initiatives being proposed to the market are designed to restore integrity and stability to the financial markets, across asset classes and geographies. These new initiatives are aimed at pushing all standard OTC Derivatives from bilateral agreements to Central Counterparty Clearing (CCP). The CCP model for OTC – similar to the familiar model used in futures markets – acts as a stabilizing element to reduce global systemic risk. Adoption of the Central Counterparty Clearing model provides:
? More robust risk controls and capital adequacy
Reduced systemic risk (spill over)
Enhanced market liquidity, transparency
Improved operational efficiency
As a result, the major Clearing Houses and Exchanges have published targets for OTC trades to move to a CCP model. A number of new OTC Clearing Platforms have been launched globally to support these regulatory initiatives (for example: CME, ICE, EUREX, SGX, LCH).
The XXXX Solution
In response to the migration of major portions of the OTC market to a CCP model, XXXX Technology has been working intensely with a number of Clearing Houses to develop software solutions for trade capture and life-cycle processing and for meeting specific risk margining requirements of the CCPs. Several clearers are users of the XXXX system and have been driving development of new functionality.
OTC clearing is supported on the XXXX platform for over one hundred product types. XXXX Technology provides the following OTC Derivative solutions:
Account modelling – via accurate capture of clearing member details and the details of their clients if needed
Margining and risk methodology for OTC trades
Trade integration to market standard platforms
Real-time incremental risk/collateral checking
Clearing model – validity checking, limits, clearing cycles, workflows
Post clearing workflow for life-cycle actions and events
Agent settlement model for processing and netting payments, including fees and price alignment interest
Clearing Member Services – reports and tools for members
Member default – management for hedging, auctioning, and unwinding of the positions
Credit risk is always a factor when two parties are involved in negotiating transactions in the derivatives and equities markets. Central Counterparty Clearing Houses (CCP) benefit both seller and buyer by bearing most of the credit risk for the transaction. Once the counterparties have agreed to the terms of the trade, the CCP uses well defined templates to match the product
XXXX CCP Benefits:
Deep expertise in OTC Derivatives and Clearing Houses
Full cross-asset coverage and market standard pricing models
Supports flexible business rules in workflow for validating and creating cleared trades
Margin service on workflow, real-time messaging, and settlement processing
Supports the life-cycle events processing on all products
Industry standard OTC trade calculation methodology for risk exposures
Battle tested default management tools
Integration with external systems (MarkitWire, DTCC) for communicating trade information
XXXX?中央对手方清算系统
市场趋势
当前一大批新的柜台交易（OTC）政府倡议都是为恢复金融市场的诚信与稳定而提出的，它们跨越了资产类别和地理界限。这些新倡议旨在推动所有标准的OTC金融衍生品交易从双边协议制转向中央对手方清算制（CCP）。为OTC开发的CCP模型类似于期货市场上广为人知的模型，它形成一种起到稳定作用的构件，以减少全球系统风险。采用CCP清算制模型可以达到如下效果：
加强风险控制，提高资本充足率；
减少系统风险（溢出效应）；
增强市场流动性和透明性；
提高营运效率。
因而，主要的票据交换所与交易所都公布了将OTC交易转为CCP模型的目标，全球各地推出了一大批新的OTC清算平台，以支持这些调控性倡议的实施（例如芝加哥商品交易所（CME）、洲际交易所（ICE）、欧洲期权期货交易所（EUREX）、新加坡交易所（SGX）、伦敦清算所（LCH））。
XXXX解决方案
鉴于OCT市场大部转向CCP模型的趋势，XXXX科技公司一直在与大批清算所密切合作，以开发软件解决方案来进行交易捕捉、生命周期处理，并满足CCP清算制特定的风险按金要求。有好些清算公司都是XXXX系统的用户，并一直在推动软件新功能的开发工作。
XXXX平台支持一百多种产品的OTC清算。XXXX科技公司提供以下OTC金融衍生品的解决方案：
核算建模——通过精确捕捉清算成员详情来建模，必要时还会捕捉它们客户的详情；
OTC交易风险按金计算；
按市场标准平台进行交易一体化；
实时核查新增风险/质押；
清算模型——有效性核查、限额、清算周期、工作流；
生命周期动作与事件的清算后工作流；
用于支付处理与轧差的代理结算模型，包括费用和价格的匹配；
清算成员服务——供成员使用的报告和其它工具；
成员默认功能——管理对冲、标售及平仓。
在两方进行金融衍生品和股票市场交易谈判时，始终会遇到信用风险的问题。“中央对手方清算所”（CCP）为交易承担大部分的信用风险，从而使买卖双方均可受益。一旦对手方统一交易条件，CCP便会采用定义精确的模板来匹配产品。
XXXXCCP的优点：
精通OTC金融衍生品与交易所方面的事务；
覆盖交叉资产的全部范围，并提供市场标准的定价模型；
在工作流中为验证和创建已清算交易而支持灵活的交易规则；
在工作流、实时消息传递和结算处理过程中提供按金服务；
对所有产品都支持生命周期事件处理；
行业标准的OTC交易风险敞口计算法；
屡经考验的违约管理工具；
与外部系统（MarkitWire、DTCC）整合，从而实现交易信息互通。
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