Webinar: ETD

August 19, 2020 | Online


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ETD: A Mark to Market During COVID-19 With a Look Forward
Moderator: Lou Rosato, Director, BlackRock
Erik Barry, Director, Credit Suisse

Julian Bennett, Senior Director, Traiana
Christopher Daur, Managing Director Americas Head Client Coverage Group, Goldman Sachs
Charlie Mottinger, Vice President, Transaction Management, State Street Global Delivery
John Omahen, Head of Product Strategy, FIS Post Trade Technology

Recent increases in volume and volatility highlighted market structure and business process challenges in the exchange traded derivatives market, i.e. Futures and Options. During the heaviest week through March roll period and expiration, trade processing issues were pronounced and resulted in complexity processing trades and margin due to limited real-time workflow and link between clients, executing brokers, clearing firms and exchanges.

The spike in volume and volatility resulted in a disproportionate amount of exceptions centered around antiquated give-up workflows and general lack of real-time trade matching and reconciliation of margin which are highly dependent on manual intervention to resolve exceptions. Additionally, the low adoption of standardized communication and interoperability of workflow and broad ecosystem connectivity continues to be a contributing factor to higher touch workflow and exception rates.

The opportunity going forward will be to align the industry in support of greater real-time processing of all trade details including; fees, commissions and market charges, and reduce the friction between Clients, EBs and FCMs inherent in legacy “Give-Up” workflows from; execution, allocation, confirmation, clearing, margin, reconciliation and reporting. The benchmark will be to drive best-practices and automation following success in the Cleared OTC Market where certainty of clearing and real-time processing with virtually no exceptions is the norm.

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