Mandatory Collateraisation of Uncleared OTC Derivatives (Variation Margin)
It goes without saying that one of ISC's core strengths is project management, enabling the effective delivery of regulatory change within your organisation at a programme or project level as necessary.
The client requested that ISC provide a skilled and pragmatic Project Manager to lead a project to establish the mandatory collateralisation of uncleared OTC derivatives.
The project needed to establish a function that did not already exist at the client and was therefore 'new ground'. This included not just the people, processes and data essential to establish the capability, but also the onboarding of external provider technology to calculate, reconcile, and pay/receive collateral. This had to be done by the imperative date in Q1 2017.
Our Role & Value
ISC’s role was to supply a Project Manager to identify the required resource, recruit, and then manage the project to completion. This included reporting to various levels of management, working closely with key operational areas, as well as Compliance Advisory, and chairing the Steering Committee.
The client achieved regulatory compliance for its uncleared OTC derivatives, although for FFX, the regulatory imperative 'went away'. Despite this, the collateralisation of all such positions (as is good market practice) was implemented successfully and cost effectively.
“Over the last 15 years my colleagues at ISC and I have seen the Investment Management industry through the best and the worst of times. We take great pride in the fact that we have helped our clients to manage the changes brought about by such tectonic shifts.”
Investment Solutions Consultants
ESG now more important than ever before Investors are increasingly looking for environmentally and socially aware investments and the need to build ESG products is rapidly growing. Providing solid returns whilst adhering to ESG principles is now a necessary offering for Investment firms not wanting to fall behind the curve. At ISC we have experience…READ MORE
Is your organisation thinking about Operational Resilience? The ever-increasing complexity of the Investment Management business require managers to put in place structures and controls. Regulators including the FCA are increasingly interested in ensuring strong governance and management information over operational resilience, as witnessed by the FCA Policy Statement of 31st March 2021. With requirements for…READ MORE
ISC: IR35 – Fixed Term Contracts – ‘Pre Vetted Candidates’ Companies within the Investment Management sector have grown used to using an army of contractors to supplement permanent staff, helping to facilitate change. What options do these companies have following the IR 35 changes? Why employ permanent staff when you can access the best people,…READ MORE
Simon Harris retiring April 2021 ISC bid farewell to Simon Harris, Director of ISC who is retiring from the City. Simon’s long and illustrious career in the City started at Legal & General. Over the years his career has touched almost every aspect of the investment management industry. We wish Simon all the best! We…READ MORE
ISC: Regulatory Change Forum Meeting ISC hosted another successful regulatory forum where Heads of Regulatory Change gathered to share their experiences and challenges implementing regulatory change in the investment management landscape. Topics discussed included: Reporting challenges with vendors and repositories Emerging Regulatory Solutions from Big4 Consultancies PRIIPS / KIDS Data Governance / Data Stewards /…READ MORE
IR35 Solution With the new tax year bringing the temporary suspension of the IR35 rules to an end, many clients and contractors may find themselves making difficult choices about resourcing and continuation. ISC provides an IR35 solution which allows clients to keep critical resource in place, de-risking the impact of IR35. Contact us now to…READ MORE
ISC: SFDR Deadline Approaching SFDR (Sustainable Finance Disclosure Regulation) will apply to products marketed and sold in the EU, and the first imminent deadline of 10/3/2021 is fast approaching. Whilst it is true that regulators may be re-thinking the stringency of the immediate regulations, have you classified your products under the various articles, have you…READ MORE
ISC: Regulatory Forum – Inaugural Meeting ISC hosted its inaugural regulatory forum where Heads of Regulatory Change gathered to share their experiences and challenges implementing regulatory change within the investment management landscape. Topics discussed included: Operational Resilience regulation SFDR/ESG challenges Regulatory Reporting – not just new regimes but also remediation of existing regime reporting Brexit…READ MORE
Fundipedia and ISC announce partnership to deliver data software solutions and consultancy to asset and wealth managers
Fundipedia and ISC announce partnership to deliver data software solutions and consultancy to asset and wealth managers Fundipedia and ISC are pleased to announce that they have entered a strategic partnership by joining forces to deliver Fundipedia and associated data consultancy services to global financial firms. The two organisations provide complimentary services and their partnership…READ MORE
ISC: Remote working through the Covid-19 pandemic ISC are a virtual office so remote working is not new for us but as we are not able to meet in person, we have been doing lots of teams/zoom calls to keep in touch. It is important that as a team we make that our communications with…READ MORE
Contact us to find out more
ISC is all about helping our clients be successful. Clients receive a personal relationship with our talented and pragmatic consultants, whose goal is to help them achieve success.