短短5分钟, we’ll explore the world of post-trade financial services by way of new ideas, 洞察力片段, 新兴的趋势, 以及发人深省的问题. 在这一集里, 马库斯Denne, 存vnsr威尼斯城官网登入经理, 贸易信息仓库(TIW), talks about the unique position TIW plays in the credit default swap (CDS) market.
记录:
大家好，我是马库斯Denne. I'm the product manager for the Trade Information Warehouse here at the 存.
在90年代末, credit derivatives became an efficient way for banks, insurance companies and asset managers to manage credit risk of companies and countries without trading the underlying bonds and loans. 然而, it became clear the servicing of these derivatives contracts was very operationally burdensome for market participants. Given the explosive growth in the early 2000s of this market, industry participants and regulators called for the solution to this challenge.
As a leading industry provider of post-trade processing solutions 存 was a natural industry partner. We launched a payment reconciliation service in 2003, and that was followed by the Trade Information Warehouse in 2006 to provide a service for record retention and asset servicing for credit derivatives. We provide three key capabilities: warehousing of the trades themselves, providing a prime record of the confirmed transaction available to market participants, we provide life cycle event processing and a central settlement service through our partnership with the CLS bank.
TIW is uniquely placed as a data source for both bilateral and clear transactions representing the overwhelming majority of CDS trades. 这样做, we can offer reports on CDS market activity and outstanding positions, 使之成为公司的宝贵vns6060威尼斯城官网, 向监管机构, 学术界和广大公众. We also provide a critical role in supporting event processing, corporate actions such as succession events when companies merge or demerge, bankruptcy or failure to pay events and corporate debt restructuring.
在过去的几年里, we've seen a significant increase in the volume of credit events due to both macroeconomic headwinds and, 当然, 大流行的. The TIW has been uniquely placed to assist in supporting market participants with this high credit event volume. In June of 2022, we saw the Russian Federation default on its non-ruble denominated sovereign debt. We were able to play a critical role in supporting market participants in that very significant sovereign default. Most recently, we've seen the first corporate debt restructuring event for several years. 那是景娱乐国际有限公司, 是欧洲最大的连锁影院之一吗. TIW与市场伙伴一起努力工作, 与行业团体合作, 还有我们的客户，为活动做准备. With over six months’ worth of preparations going on, 包括促进行业测试, and making sure that clients experienced the most efficient process through what is generally a very, 非常复杂的事件.
The fact is that these sorts of credit events involve a degree of optionality where parties in the transaction can choose whether or not to participate in the credit event processing. The TIW is uniquely placed to help market participants in exercising their optionality through the course of this event and ensuring that the transactions were amended to correctly reflect the decisions that they make. We're right now in the process of settling that event and again preparing to support the clients through the quarterly index roll that will be taking place in mid-September.
One of the reasons why we are so well prepared to support our clients in these activities and prepare ourselves for the future is the re-platforming that we went through in late 2022. We moved away from legacy mainframe technology and onto a robust and resilient cloud-hosted technology infrastructure that we expect will enable us to continue to innovate and provide the most efficient and cost-effective service to our clients in the years to come. We're continuously looking at ways in which we can serve as an industry leader and leverage our best-in-class technology to support our clients.
我们正在考虑利用雪花, 例如, in order to provide a repository for our reporting capabilities. 我们也在考虑提供api, new and exciting ways for clients to connect to the TIW and get information in real time and on demand when they need it, as well as providing a more modern solution to traditional messaging technologies which have supported the industry for so long.
In addition to making these significant changes to our technology stack, we think this is going to position us to prepare for the further likely increase in credit events given where we are in the economic cycle. And we've seen this feed through to higher interest rates and higher levels of corporate bankruptcies and failure to service their debts.
If you'd like more information on how the TIW can help you in processing credit default swaps, 请直接与我们联系或访问存.点击www.tiw了解更多.