AcadiaSoft partners with OpenGamma to simplify UMR compliance
AcadiaSoft, a provider of risk and collateral management services for the non-cleared derivatives community, has partnered with derivatives analytics firm OpenGamma to simplify the workflow for compliance of Phases 5 and 6 of the Uncleared Margin Rules (UMR).
The partnership will integrate AcadiaSoft’s initial margin calculation and reconciliation service with OpenGamma’s risk sensitivities generation service, both critical steps in the workflow for UMR compliance.
“As we continue to work across the industry to make UMR compliance less burdensome for Phase 5 and 6 clients, this partnership with OpenGamma is a natural fit,” AcadiaSoft Chief Product Officer Fred Dassori says. “Bringing OpenGamma into the AcadiaSoft network will enable our common clients to meet the requirements of the new rules efficiently and seamlessly.”
Clients using OpenGamma’s risk sensitivities service will benefit from automated feeds of their input files in the Common Risk Interchange Format (CRIF), the ISDA SIMM standard format for risk sensitivities, to AcadiaSoft’s IM Exposure Manager (IMEM) for daily reconciliation against counterparties also subject to UMR. IMEM is the industry standard for calculation and reconciliation of regulatory initial margin and is used by all in-scope firms in Phases 1-4.
“We are pleased to be joining forces with AcadiaSoft in our quest to make complex UMR regulatory compliance as easy and cost-effective as possible,” says OpenGamma CEO Peter Rippon. “Bringing together our established services for this common purpose has been well-received by clients and is a testament to our mutual commitment to support industry initiatives designed to integrate proven, best-in-class service providers.”