peterevans, leading solutions provider for financial services firms, today announced the launch of xanite Margin Engine (xanite ME), peterevans' new solution for managing and calculating daily margin exposure for both House and Client account structures. xanite ME provides corporations with greater transparency for the trading risk profile of non-clearing members and reduced margin risk exposure. The new solution will be used by one of the leading global investment banks.
xanite ME reconciles initial and variation margins which have been calculated by the Central Counter Party (CCP) for General and Individual Clearing Members (GCMs/ICMs) The application then takes the overall margining to the next level down and calculates the theoretical margin requirement at the non-clearing member level in total and by market. This allows the GCM greater visibility and control of their client risk and increases operational efficiency whilst reducing margining errors.
xanite ME's features include capture of gross execution level trade information and net open positions, calculation of consolidated CCP margin figures across multiple trading venues as well as reporting of individual non-clearing members margin calculations.
Using a multi-tier distributed architecture running on Microsoft SQL Server 2008, xanite ME can be deployed self-hosted or as a SaaS (Software as a Service) fully hosted by peterevans. The xanite product family has been engineered to provide flexible and responsive thin-client solutions which require minimum IT support.
xanite ME will offer comprehensive market coverage of the leading stock and securities exchanges including LSE, NYSE Arca, SIX Swiss Exchange, Chi-X, BATS Europe and Turquoise. xanite ME also provides a user interface with the ability to display, print or export margin reports. Users can pull accounts together into user-defined groupings.
Mike Foley, CEO of peterevans commented that "xanite ME is the logical extension to our front- to back product offering reducing our clients' exposure to margin risk through greater transparency. peterevans' technology and support offerings are second-to-none, and our clients will benefit from the increased operational efficiencies our fully automated solution affords. We will continue to invest in our technology to provide the highest level of quality and service to our customers, and to tailor our product offering to the market's specific needs."