Friday, Mar 29 2024 | Time 10:37 Hrs(IST)
image
Press Releases » Business Wire India


Wipro and Quaternion Partner to Launch Standard Initial Margin Model (SIMM) Solution

Business Wire India
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced a partnership with industry-leading Standard Initial Margin Model (SIMM) vendor, Quaternion Risk Management. As part of the collaboration, Wipro will offer SIMM-in-a-box to financial institutions covered under Uncleared Margin Rules (UMR).
 
The offering will allow financial institutions to calculate trade sensitivities, generate CRIF (Common Risk Interchange Format) file and calculate initial margin in-house. The solution simplifies compliance procedures by including back testing, benchmarking and preparing documentation required for regulatory approval. It also offers independent model validation of a firm’s own internal SIMM solution, AANA (Aggregate Average Notional Amount) calculation, and Initial Margin exchange threshold calculation/simulation. The partnership aims to provide cost efficiencies and seamless integration with clients' internal systems, while maintaining full control over sensitive trade information.
 
Keyur Maniar, Senior Vice President and Global Head, Capital Markets, Wipro Limited said, “The uncleared margin rules offering from Wipro demonstrates our deep understanding of our clients’ business imperatives, and our ability to combine strong industry knowledge with global best-of-breed technology solutions for smart execution. SIMM calculation is a complex area with a significant role in regulatory compliance. Our compelling proposition and partnership with Quaternion promises to abstract away these challenges and let our clients focus on their core business.”
 
SIMM-in-a-box is a "future-proofed" SIMM solution that uses the same high-grade analytics as the world's largest dealer banks. The solution is built on Quaternion’s ORE XML that has evolved as the market-standard for non-cleared derivatives trade representation. The partnership also leverages Quaternion’s established quantitative library to determine trade sensitivity for CRIF generation and SIMM calculation.
 
“Quaternion is delighted to partner with Wipro to help bring SIMM best practices to every corner of the financial services industry,” said Scott Sobolewski, Principal at Quaternion. “As companies prepare to implement the final phases of the Uncleared Margin Rules, the combination of Quaternion’s deep experience building one of the industry’s most comprehensive derivative pricing libraries and Wipro's unmatched expertise in IT consulting can alleviate many of the traditional 'plumbing' and middleware headaches associated with analytics integration. Clients will achieve quick and cost-efficient benefits from a proven solution to SIMM compliance.”
More News
Motorola’s New TVC Brings Alive ‘Intelligence Meets Art’ Starring Brand Ambassador Kriti Sanon and Introducing Babil Khan as moto AI Ally for the Launch of motorola edge50 Pro

Motorola’s New TVC Brings Alive ‘Intelligence Meets Art’ Starring Brand Ambassador Kriti Sanon and Introducing Babil Khan as moto AI Ally for the Launch of motorola edge50 Pro

28 Mar 2024 | 4:52 PM

Motorola’s New TVC Brings Alive ‘Intelligence Meets Art’ Starring Brand Ambassador Kriti Sanon and Introducing Babil Khan as moto AI Ally for the Launch of motorola edge50 Pro

see more..

Ujjivan Small Finance Bank Ties-up with Veefin Solutions Ltd to Offer Better Supply Chain Finance Offerings to MSMEs

28 Mar 2024 | 3:27 PM

Ujjivan Small Finance Bank Ties-up with Veefin Solutions Ltd to Offer Better Supply Chain Finance Offerings to MSMEs

see more..
JISA Softech Secures MoU for Advanced Hardware Security Module, Moving Towards Atmanirbhar Bharat in Security Chip Development

JISA Softech Secures MoU for Advanced Hardware Security Module, Moving Towards Atmanirbhar Bharat in Security Chip Development

28 Mar 2024 | 12:04 PM

JISA Softech Secures MoU for Advanced Hardware Security Module, Moving Towards Atmanirbhar Bharat in Security Chip Development

see more..

Royal Sundarams Innovative Smart Save Add-on: A Rising Need

28 Mar 2024 | 10:00 AM

Royal Sundarams Innovative Smart Save Add-on: A Rising Need

see more..
Minfy Signs Multi-Year Strategic Collaboration Agreement with AWS to Support US$500 Million in Global Business Growth

Minfy Signs Multi-Year Strategic Collaboration Agreement with AWS to Support US$500 Million in Global Business Growth

28 Mar 2024 | 8:00 AM

Minfy Signs Multi-Year Strategic Collaboration Agreement with AWS to Support US$500 Million in Global Business Growth

see more..
image