With operations in the UK and the Netherlands, Cardano turned to CloudMargin as the underlying platform for its collateral management capabilities, providing a more automated, secure and connected solution for pension fund clients’ bilateral and cleared over-the-counter (OTC) activity.

Previously, Cardano offered its own in-house collateral management solution. The migration to CloudMargin’s cloud-based offering enables Cardano to focus on providing enhanced services to its clients, while reducing operational risk across the business. With the integration of CloudMargin, Cardano will leverage various complementary service providers across the collateral lifecycle, including AcadiaSoft, GlobalCollateral’s Margin Transit Utility (MTU) and SWIFT. The company will also be adding its cleared OTC activity to the platform in the near future.

Jarno Bostelaar, Group Head of Operations for Cardano, said: “With our growing client base, we have been seeking a collateral management solution that fits all our clients’ requirements under various technological, regulatory, economic, risk and operational scenarios. Robust risk management, high quality standards and continuous improvement are at the heart of our culture, and we believe CloudMargin’s vision is perfectly aligned. The CloudMargin collateral management solution gives us the flexibility to meet all our client objectives and significantly improves our operational lives.”

Stuart Connolly, CloudMargin CEO, said: “We are delighted to welcome Cardano into our community and look forward to our partnership. Cardano is an extremely thoughtful and forward-thinking organisation so we consider this another great reinforcement of our strategy. CloudMargin offers the firm the ability to automate key functions, including margin call management, settlement messaging and asset selection, along with optimization. As pension funds are grappling with increased volume of OTC transactions, and increased complexity of securities used as collateral, we are able to add value to these processes by providing the applicable tooling to them.”

Bostelaar added: “The introduction of CloudMargin and complementary service providers is a next step to further straight-through processing and industrialisation of the entire collateral management value chain. With this partnership, we feel comfortable that we will be able to tackle all upcoming challenges within the complex and exciting world of collateral management.”