LONDON, 8 June 2016 – OpenGamma is the first technology firm to partner with CME Clearing to license and deliver CME Clearing’s Deployable Margin Libraries for calculating credit default swaps and interest rate swaps margin requirements. OpenGamma’s hosted multi-CCP Margin Service is already using the CME Deployable Margin Libraries in production for interest rate swaps; on-premise OpenGamma Margining clients can upgrade immediately to use the libraries as well.
CME CORE is an interactive and programmatic margin calculator that enables users to evaluate initial margin requirements for CME Group products. Previously only available via a remote API hosted by CME Clearing, the CME Deployable Margin Library option allows clients and service providers like OpenGamma to host the calculations, providing tighter service level agreements and performance guarantees.
OpenGamma’s hosted service, the first of our Risk-as-a-Service (RaaS) cloud solutions, provides access to margin analysis with no overhead required for data integration or local software deployment. OpenGamma Margining enables customers to compare OTC and ETD margin requirements across multiple CCPs (LCH, CME and EUREX).
“OpenGamma has worked directly with CME Clearing during the planning phase for the Deployable Margin Libraries,” says Kirk Wylie, Founder and Chief Innovation Officer at OpenGamma. “As strategic partners we will continue to work directly with CME Group to ensure that our margin calculation solutions meet the needs of CME customers as well as the rest of the global derivatives trading community.”
“CME Clearing is always striving to expand the set of tools we can make available to service providers and market participants to make clearing with CME as operationally and capital efficient as possible,” said Sunil Cutinho, President, CME Clearing. “Because margin calculations are critical to many front-, middle-, and back-office roles in the life of a cleared transaction, we look for products and services from entities like OpenGamma, which can provide CME tools to our mutual clients.”
OpenGamma helps financial services firms evaluate, understand, and manage market risk in an open, transparent manner. Our software and services enable firms to optimize their businesses in the evolving OTC markets, improving capital efficiency and balance sheet management.
Used by buy-side and sell-side firms, exchanges and CCPs, we bring a new standard of transparency to the industry. We aim to help our customers gain more insight into their underlying risk exposures, better assess the true cost of trading, and respond more rapidly to the ever‐evolving regulatory landscape. For more information, please visit https://www.opengamma.com.
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