back Back

HDFC Bank adopts Bloomberg MARS SIMM to comply with Uncleared Margin Rules

By Leandra Monteiro

September 29, 2022

  • Asset Management
  • Bloomberg
  • Bloomberg MARS SIMM
Share

HDFC BankBloomberg announced that HDFC Bank, India’s largest private sector bank, has adopted Bloomberg MARS SIMM solution to calculate initial margin requirements for non-centrally cleared derivatives and ensure compliance with the Uncleared Margin Rules (UMR). The Bank is already using Bloomberg’s Multi-Asset Risk System (MARS) to support its transition to risk-free rates (RFR).

These margin solution covers single-security, portfolio and collateral management workflows, supported by a powerful suite of derivatives functionality on the Bloomberg Terminal, including Bloomberg’s MARS. Bloomberg has implemented the SIMM methodology in line with ISDA SIMM Methodology guidelines.

With the deadline of September 2022 for the ‘Phase VI Uncleared Margin Rule’ approaching, HDFC Bank will be able to utilize the Bloomberg SIMM solution to monitor the initial margin requirements effectively. MARS SIMM comes integrated with live market data and provides the end of day SIMM numbers, intra-day or pre-trade analytics and back-testing.

In addition, Bloomberg recently announced the expansion of its post-trade integration with Acadia to include pre-trade data. The integration between MARS SIMM and Acadia’s IMEM (Initial Margin Exposure Manager) module for SIMM enables clients to run pre-trade analytics through MARS SIMM using Acadia’s IMEM CRIF data capabilities.

“HDFC Bank has always been very proactive in ensuring regulatory compliance with the best possible solutions. Bloomberg’s SIMM Solution with us provides access to margin calculations, legal entity and agreement data, inventory, reconciliations, risk analytics and other relevant information. The functionality and data integration capabilities will help maximize workflow efficiency and reduce operational and credit risk,’’ said Bhaskar Panda, Executive Vice President, Overseas Treasury, HDFC Bank.

“We are focused on providing our clients with enhanced risk management tools and functionality through Bloomberg MARS that optimize their workflows, while helping them comply with regulatory requirements. Our award-winning SIMM solution seamlessly integrates with live market data to provide our clients with reliable margin analytics and ensure regulatory compliance,” said Dharrini Bala Gadiyaram, Global Head of Risk Products, Bloomberg.

MARS SIMM is accessed through Bloomberg’s Multi Asset Risk System (MARS), a comprehensive suite of risk management solutions. MARS, which is delivered on the Bloomberg Terminal and via APIs, provides risk analytics for cash and derivatives securities, from vanilla to complex and cash structured products. Bloomberg Risk solutions cover all traders and portfolio managers’ front-office needs across market risk, XVA, credit risk, collateral and SIMM among others, which are built on a common pricing library to provide consistency across client workflows.

Previous Article

September 29, 2022

valU and Heliopolis partners to offer payment solutions for new club members

Read More
Next Article

September 29, 2022

VeraScore introduces a SaaS model for lenders

Read More










IBSi Daily News Analysis

Gen Z, Banks

December 05, 2022

Asset Management

Banks must keep up with Gen Z’s high expectations, thanks to Neobanks

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Arbuthnot Latham selects Clausematch to digitise compliance framework

Read More

Today

Jocata launches ‘SME DNA’ score for banks and NBFCs across India

Read More

Today

spocto launches Innovation Lab focusing on debt collection ecosystem

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022