MARS Collateral Management: Risk & Vluaaionst Make The .
Risk & ValuationsBloomberg Professional ServicesBloomberg TerminalMARS CollateralManagement:Make the right call.
Contents02 Navigate a changing industry04 Access powerful functionality08 Connect to a holistic solution
Manage collateral,minimize complexity.The wave of reform that followed the 2008 financialcrisis has placed increased emphasis on collateraland highlighted the vitally important role it playsin the market. The amount of collateral required hasincreased significantly, as has the range of productsand market participants covered.The Bloomberg Terminal gives you a powerful toolto manage these constantly evolving changes andmitigate counterparty credit risk. MARS CollateralManagement is an automated, end-to-end solutionthat delivers everything you need to manage andmonitor exposures and positions and take controlin a changing regulatory landscape.
Broad product coveragePowerful analyticsIf you can price a product on the Bloomberg Terminal , youcan manage its associated collateral. With product coverageacross multiple asset classes, including equities, fixed income,commodities and FX, MARS Collateral covers the vast majorityof derivatives.Leveraging the power of Bloomberg market data, front-officepricing calculators and communication tools, MARS Collateralcontains an extensive suite of metrics including configurable IB,collateral risk and an in-system reconciliation tool.Bloomberg Multi-Asset Risk System (MARS)OMS integration Buy-side (AIM) Sell-side (TOMS) Third-party OMSPricing & Data State of the art models Cross-asset library Contract creation Valuations Real-time & snapshot dataFront office riskMarket riskXVAHedge accounting Intraday pricing& greeks F ull revaluation VaR& expectedshortfall V aluationadjustments forOTC derivativesincl. CVA, DVA, FVA& MVA US GAAP & IFRS C ounterpartycredit risk exposuremetrics (PFE) Effectiveness tests EOD & on-demandrisk reports P&L Explain What-if tradeanalysis Pre-Trade XVA& Margin Scenarios& stress testing Portfolio Margincalculations Lifecyclemanagement Projected &stressed Cashflows Regulatory analytics(PRIIPs, SIMM) G reek sensitivities H istorical,hypothetical &predictive stresstests E x ante trackingerror F RTB regulatorycapital B uy & sell-sideregulatoryreporting P re & post-tradeanalytics for allrisk measures R egulatory capitalcalculations(SA-CCR) C ash flow, Fairvalue & Netinvestmenthedge types Measurementreports Cost of hedging Audit reports X VA/PFE pre-tradeanalytics - positionwhat-if & CSAwhat-ifCollateralmanagement Legaldocumentationmanagement Disputemanagement Portfolio margincalculations &workflow (IM & VM) Automatedmessaging Initial marginCalculations(SIMM, CCP IM) In systemreconciliation X VA sensitivities Risk analyticsMARS API Programmatic access C ross-asset data snapshot System integration Custom reporting2
Navigate achanging industry.Posting high-quality assets such as cash and bonds as collateral against derivatives exposures is a long-standing creditmitigation technique used by most sell-side and larger buy-side firms. In the lightly-regulated derivatives space, collateralmanagement was carried out in silos as a back-office function. Since the introduction of regulation designed to increasetransparency and reduce systemic risk in the financial industry, firms have begun to consolidate their operations with theaim of managing their collateral process more holistically and efficiently.Post-crisis challengesThe transition has been accompanied by sizeable challenges,with firms required to address new questions over where theircollateral is held, how it can be optimized, what action to takewhen they do not have eligible collateral immediately to handand how to independently calculate their derivative andcollateral valuations using market-standard pricing models.Bloomberg’s MARS Collateral Management solution directlyaddresses these issues.ChallengeBloomberg solutionTechnologyBCOL GO has a built-in reconciliation tool,RSTN GO , that allows users to perform aproactive portfolio reconciliation to prevent orsolve disputes as well as for regulatory purposes.Calculates, aggregates and displays margincalls across products and legal entities.VolumeTotal outstanding collateral in the marketis expected to dramatically increase.Segregates collateral positions by agreementin distinct portfolios to ensure accuraterecord keeping.FrequencyThe number of margin calls is expectedto significantly increase.Enables you to: Manage collateral agreement details Define the frequency and timing of margin calls Monitor all margin events A utomatically send and receive margin callsvia an electronically generated messageTrackingFirms must have a holistic view into theirinventory to ensure proper allocation andoptimization of collateral.Allows you to track your exposures, collateralpositions and agreement terms in real-time.If a counterparty defaults, you know exactlyhow much collateral you hold for recovery.3
Access powerfulfunctionality.MARS Collateral Management is a multi-product, multi-asset collateral management andstraight-through processing hub, incorporating powerful tools such as Bloomberg RecStation,RSTN GO , for portfolio reconciliation, Bloomberg data for risk analytics and AcadiaSofttechnology for electronic messaging. All these tools are fully integrated into the BloombergTerminal and its wider suite of risk management solutions.ComponentFunctionalityLegal Entity & Documentation ManagerLEDO GO L EDO allows users to enter and monitorterms and conditions of their legal collateralagreements (e.g., CSAs)Exposure ManagementBCOL GO Independent valuations for both initial andvariation margin (regulatory compliant) Netting set creation Bloomberg reference data to value collateralMargin and Dispute Management Margin call management Eligibility and sufficiency monitoring Dispute managementPortfolio Reconciliations P roactive portfolio reconciliationsElectronic Messaging Automated communication of margin callsvia AcadiaSoft or email (MSG)Legal entity managementLegal Entity DetailsLEDO GO Manage your legal entities onLEDO using up-to-date entityinformation such as LEI, legalname, industry and credit rating.4
Legal documentation managementCollateralAgreement DetailsLEDO stores all terms relevant tomargin management — valuationand timings; thresholds andregulatory compliant independentamounts/initial margins;eligibility criteria and interestterms; product coverage.Margin call managementCollateralCall ManagementUse BCOL to manage yourday-to-day margin call process,including sending margin calls,booking collateral, managingdisputes and interest payments.5
Trade managementSeamless integrationBCOL provides direct links totrading systems, which allowsyou to access details of specificcollateralized trades withouthaving to open a new screen.Communications managementSeamless messagingConnect to counterparties andinternal colleagues through BCOL,using MSG, IB, FTP and automatedmargin messaging.6
Portfolio reconciliationPortfolio reconciliationIntegrated portfolio reconciliationtool that allows the user toquickly identify and manage anydiscrepancies between the user’sand their counterparty’s portfolios.Identify & communicate mismatchesIdentify & communicatemismatchesCommunicate reconciliationresults with counterpartiesand internal colleagues usingthe built-in IB messaging tool.7
Connect to aholistic solution.MARS Collateral is built on Bloomberg’s Multi-Asset Risk Systemrisk engine, providing a truly holistic, one-stop solution forcollateral management. MARS consolidates positions fromindividual securities pricers, such as SWPM, OVME, OVML,CDSW and DLIB, into easy-to-manage portfolios. The MARSpricing engine calculates the valuations on these positions,enabling users to run many different types of risk calculationsand analytics.Valuations are fed to MARS Collateral at a portfolio level andthen run through a comprehensive margin calculation process,netting valuations and collateral positions at the collateralagreement level. Users are provided with an event workflowto easily send and receive margin calls, track disputes, settleinterest and reconcile their positions with counterparties.The entire, end-to-end process takes place on the BloombergTerminal — eliminating the need to log-in to and manageseveral disparate applications.MARS Collateral Management connects you to:Real-time data D erivative and collateral positions are valued withaccurate and up-to-date data A ll exposures and positions are calculated usingmarket-leading Bloomberg data, avoiding theneed to buy-in and integrate external resourcesYour documentation Collateral documentation is captured field-by-fieldto ensure accurate calculation of margin calls LEDO GO holds collateral eligibility criteriaand haircut schedules, thresholds, minimumtransfer amounts and initial margin requirementsThe market A uto-filled Bloomberg legal entity information andagency credit ratings in LEDO GO help providereal-time mitigation of credit risk Gain direct access to the latest market data, companynews CN GO and trading systems (e.g., Swap Manager,SWPM GO )The financial community Communicate with internal colleagues and externalcounterparties via Bloomberg’s chat and email tools,IB and MSG Easily add trade information to an IB chat andsend it to internal or external parties, the so-called‘Security Pill’ featureMARS Multi-Asset Risk SystemDataFrontOfficeThe Multi-Asset Risk System provides consistent andconsolidated valuation, product lifecycle analysis,market risk, counterparty risk and collateral management.skRiionatluVaryt RiskrkelibragearrtgarlibagyemoMMaMulti-AssetRisk SystemP r i c i nganCollateral MMARSMARS is powered by Bloomberg’s world-class pricinglibrary, market data and mortgage cash flow engine andenables front-office, risk and collateral professionals toanalyze their trading and investment portfolios, mitigaterisk and prepare for the unexpected.entX VA8
Bloomberg ValuationsOTC derivativesCleared swapsTBARepoListed derivativesBloomberg Collateral ManagementLegal document managerCollateral positionsMargin ll assetinventoryRisk analyticsReportingElectronic arn moreTo learn more about Bloomberg’s risk solutions,visit RISK GO on the Bloomberg Terminalor contact us at riskinfo@bloomberg.net.9
Take the next step.Beijing 86 10 6649 7500Hong Kong 852 2977 6000New York 1 212 318 2000Singapore 65 6212 1000For additional information,press the HELP key twiceon the Bloomberg Terminal .Dubai 971 4 364 1000London 44 20 7330 7500San Francisco 1 415 912 2960Sydney 61 2 9777 8600Frankfurt 49 69 9204 1210Mumbai 91 22 6120 3600São Paulo 55 11 2395 9000Tokyo 81 3 3201 8900bloomberg.com/professionalThe data included in these materials are for illustrative purposes only. The BLOOMBERG TERMINAL service and Bloomberg data products (the “Services”) are owned and distributed by Bloomberg Finance L.P. (“BFLP”)except that Bloomberg L.P. and its subsidiaries (“BLP”) distribute these products in Argentina, Australia and certain jurisdictions in the Pacific islands, Bermuda, China, India, Japan, Korea and New Zealand. BLP provides BFLPwith global marketing and operational support. Certain features, functions, products and services are available only to sophisticated investors and only where permitted. BFLP, BLP and their affiliates do not guarantee theaccuracy of prices or other information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendationsby BFLP, BLP or their affiliates of an investment strategy or whether or not to “buy”, “sell” or “hold” an investment. Information available via the Services should not be considered as information sufficient upon which to basean investment decision. The following are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries: BLOOMBERG, BLOOMBERG ANYWHERE, BLOOMBERG MARKETS, BLOOMBERG NEWS,BLOOMBERG PROFESSIONAL, BLOOMBERG TERMINAL and BLOOMBERG.COM. Absence of any trademark or service mark from this list does not waive Bloomberg’s intellectual property rights in that name, mark or logo.All rights reserved. 2019 Bloomberg 529774 DIG 0719
collateral valuations using market-standard pricing models. Bloomberg’s MARS Collateral Management solution directly addresses these issues. Posting high-quality assets such as cash and bonds as collateral against derivatives exposures is a long-standing credit mitigation te
Venus and Mars Chapter 22 I. Venus A. The Rotation of Venus B. The Atmosphere of Venus C. The Venusian Greenhouse D. The Surface of Venus E. Volcanism on Venus F. A History of Venus II. Mars A. The Canals of Mars B. The Atmosphere of Mars C. The Geology of Mars D. Hidden Water on Mars E. A History of Mars
August 31, 2017 Page 5 Step 4: Launch MARS To launch the MARS software application, click Start All Programs MARS MARS or double- click the MARS desktop shortcut (Figure 1) that was created during installation. Figure 1: MARS desktop icon If the following message (Figure 2) appears upon startup, please use the link to contact MARS Sales,
Venus? Mars is too cold. Why? – What happened to Mars’ greenhouse? – What happened to Mars’ atmosphere – Mars Odyssey/ Search for water Homework 4 is due 6am on Tues, 20 Feb. Goldilocks #1 Venus is too hot; Mars is too cold. Why is the earth just right, not too cold and not too hot?
August 2016: Marketing Collateral Need collateral? All program collateral is free to lead accepting producers. We have a limited amount of collateral available and now is the time to check your inventory and make sure you have enough in stock to hold you for the rest of the calendar year, as
REFERENCES 45 ANNEXES 47 1 Extracts from regulatory frameworks and related collateral and asset requirements 47 2 High-level overview of eligibility requirements for collateral 54 3 Overview of marketable and non-marketable assets within the frameworks of central banks 56 4 Overview of collateral requirements within regulatory frameworks 66
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health care system took inadequate account of the lifelong effects of trauma that is a frequent legacy of a child’s journey into and through the care system. Support for adult care leavers in their thirties and beyond, for example, remains limited. The combined findings of the research techniques deployed by this project has led to a number of recommendations designed to improve the .
