ibs news
IBS Journal July – August 2015
Swift’s Sibos show heads to London in 2019
Swift’s Sibos conference is finally heading to London. The Society has announced that in 2019 the jamboree will be hosted in the Excel Centre, to the east of the city. UK delegates usually make up one of the largest contingents at the show and are used to slogging around the globe (this year to Singapore, in October). Mayor of London, Boris Johnson, is among those to welcome the news. His London promotion- al company, London & Partners, was the joint bidder with Excel London. Those with an extremely long associa- tion with the sector (30+ years) may recall a very early Sibos in Brighton, when attendee numbers were in the low hundreds. Until now, Swift has always ruled out London on the basis that there was no exhibition cen- tre with sufficient nearby hotel accommo- dation for what is now usually 7000+ dele- gates. This is also a reason for many other major European cities having missed out to date. In addition, the award is often keenly
contested by banking associations so has become something of a political issue. On
London ©August Brill, Flickr
at least one occasion, one country delega- tion threatened to remove its traffic from the Swift network if it wasn’t selected (it wasn’t successful but didn’t go through with the threat). So while not on a par with FIFA’s world cup tribulations, it has often constituted a thorny challenge for Swift. There are still some air miles to earn
for UK delegates before the show comes to their backyard. After Singapore, the event moves to Geneva in 2016, Toronto in 2017 and Sydney in 2018. As with each of these
four locations, Swift has moved towards the tried and tested with the show, tend- ing to go back to previous locations. It used to be two years in Europe, then one else- where but this pattern was broken a few years
ago.The news is accompanied by pos- itive statements from three of the UK’s larg- est banks, Barclays, Lloyds Banking Group and RBS. Perhaps tellingly, the UK’s biggest bank, HSBC, is absent from this list. It is cur- rently threatening to move its headquar- ters away from the UK.
Murex revamps offering for collateral management
Long-standing France-based systems supplier Murex is rolling out a new collateral management solution at a number of clients. Dubbed MX.3 for Collateral Management, it can be taken as a standalone solution or as an integrated part of the supplier’s wider trading, risk and back office platform, MX.3. Etienne Ravex, Murex’s collateral prod-
uct manager, says 15 customers are current- ly at different stages of deployment, with a first one live in Asia. He expects another five or six to go live before the end of the year. These projects cover all options, so some are upgrades, others are implement- ing as part of new MX.3 projects and some are implementing as a standalone solution. He expects the first standalone user to be live in June of next year. There are a few customers that have the previous collateral management functionality on a standalone basis but from this perspective the new ver- sion is ‘of a different magnitude’, he says.
There is also automatic portfolio reconcilia- tion and connectivity with the likes of Aca- diaSoft, Swift’s collateral messaging suite and TriOptima. Links to other services will be added as they emerge, with this likely to include that stemming from collaborative efforts between the DTCC and Euroclear. The best parts of the previous collat-
Etienne Ravex, Murex The solution is touted as providing a
single framework for OTC, OTC-cleared and securities finance margin process and collat- eral optimisation. It is made up of a margin engine for pre-trade margin calculations, a real-time collateral inventory, and an optimi- sation engine for cheapest-to-deliver deter- mination and collateral assets rebalancing.
© IBS Intelligence 2015
eral management functionality have been retained, says Ravex, with everything else redesigned. Major areas of focus have been workflow, the real-time inventory and stress testing and ‘what if’ capabilities. The system is also ‘settlement aware’, which he defines as taking into account at any point in time whether settlement has succeed- ed or failed. The ongoing implementations are
roughly equally split across North America, Europe and Asia. In the latter, while the
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