Case study
A New Path to Clearing.
Standing up a greenfield central counterparty that clears at scale, without interruption.
A new clearing house had to stand in the middle of every trade from day one, and never miss a beat.
A central counterparty concentrates risk by design. It only works if participants trust it absolutely, which means it has to clear at volume, manage margin as the book moves, and stay up. There is no acceptable amount of downtime for clearing infrastructure.
This was a greenfield build, so the system had to earn that trust without a track record to point to.
We deployed AvenirCCP for novation and clearing, paired with AvenirRisk for real-time margin and exposure. Clearing rules, eligible collateral and the default waterfall were configured to the market and its regulator.
Margin, position limits and open interest were tracked as positions changed, so risk was monitored continuously rather than reconstructed overnight.
- Novation and clearing for cash and derivatives
- Real-time margining
- Position limits and open interest
- Collateral management with live valuation
- Default waterfall and workflow
- Clearing-member management
The clearing house went live and stayed live, at volume.
A greenfield clearing house can be both fast to launch and rock-solid in production. Real-time risk is not a luxury, it is how a modern CCP earns trust.
More from the track record
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Tomorrow’s markets, built better.
If you are standing up a market, or modernising one, we should talk.
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