Anvil Software has developed an application to reconcile initial and variation margins charged by the London Clearing House on deals cleared through their RepoClear service. The Royal Bank of Canada (RBC) went live with the Central Clearing Margin Management module at the beginning of March 2003. RBC uses Anvil ARTS for its repo desks in Toronto, New York, London and Sydney. As a clearing member using RepoClear at the LCH, RBC is charged initial and variation margin on their portfolio on a daily basis. According to Anvil, its Central Clearing Margin Management module provides a number of benefits including: real-time reconciliation between the traded portfolio and the portfolio of deals used by LCH to generate margins. Detailed reports are available to show how margins have been derived, allowing RBC to follow calculations through from first principals.
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