Consultancy agreement with P&C RM will enable local sales team to connect with client base in Korea
Tokyo, October 20, 2020 - AcadiaSoft Inc., the leading industry provider of risk and collateral management services for the non-cleared derivatives community, today announced a partnership with Korean IT vendor P&C RM. The partnership will allow AcadiaSoft to engage with Korean firms due to be in scope for Phases 5 & 6 of the uncleared margin rules (UMR) through a local vendor. This is the first formal vendor partnership in Korea for AcadiaSoft.
UMR is a regulatory framework established by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO). The rules require financial firms and systemically important non-financial entities to post initial margin (IM) and variation margin (VM) when trading uncleared OTC derivatives. The rules have been released in waves, with Phase 1 firms going live in September 2016 and subsequent phases each September with Phase 4 go live in September 2019. Owing to the Covid-19 pandemic, a delay of one year for Phase 5 and 6 firms (by far impacting the largest number of firms) has been granted. The rules apply to all firms that have an aggregate average notional amounts (AANA) of uncleared OTC derivatives in excess of $8BN.
Our collaboration with P&C RM provides Korean firms with access to a local vendor to leverage industry standard tools from AcadiaSoft, Takashi Nagai, Head of Asia-Pacifc Business Development, AcadiaSoft said. We're looking forward to working closely with P&C RM to help them provide guidance and support to Korean firms as they work towards UMR compliance.
AcadiaSoft will share expertise and service knowledge with P&C RM to enable them to present UMR solutions, including the AcadiaSoft solution set, to Korean firms subject to the rules.
AcadiaSoft support allows us to bring UMR expertise to clients in Korea, Pilgyu Choi, CEO at P&C RM said. Our combined risk management capabilities coupled with AcadiaSoft experience as the leading provider of solutions for UMR compliance will be essential for Korean firms subject to the rules.
AcadiaSoft, Inc. is the leading industry provider of risk and collateral management services for the non-cleared derivatives community. AcadiaPlus is a new generation open platform that provides the sell-side, the buy-side and fund administrators with specialist applications and a third-party partner ecosystem for the straight-through processing of the entire risk mitigation lifecycle. Backed by 16 major industry participants and market infrastructures, AcadiaSoft is used by a community of more than 1350 firms exchanging approximately $700B of collateral on a daily basis via its margin automation services. AcadiaSoft is headquartered in Norwell, MA, and has offices in London, New York and Tokyo. For more information, visit acadiasoft.com. Follow us on Twitter and LinkedIn.
About P&C RM
Starting with the development of package solutions for risk management since its establishment in May 2003, P&C RM has secured more than 30 domestic and foreign financial institutions as its customers, leading the domestic risk management system sector. Based on its experience in building various systems, it has been recognized as a financial SI company. As a financial SI company, P&C RM develops and supplies risk management services, financial information consulting, and implementation services. P&C RM also leads the financial market with capabilities equipped with experience and technology to meet the needs of various customers through financial total outsourcing.
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