Clara - real time clearing made easy
Collateral positions are mirrored in Clara and reconciled with original sources. Cash collateral balances are automatically updated by standard SWIFT MT940/942 messages from Banks. Securities positions are automatically updated using standard SWIFT MT535 messages from CSDs or Custodians.
Real time margin calculation. Customised margin alerts and margin service accounts for clients. Margin simulation tools.
Standardised messages for customer integration (ISO 15022). Trade feed support both FIX and ISO format.
Master data includes participants, agreements, accounts and instruments.
The module and easily extendible to model new types of participants with different roles, account types and agreements to define relationships and relevant information.
Fees & invoicing
Automated, rule based, calculation of trading, clearing and settlement fees (including delivery failure penalties ). Support for market maker rebates.
Corporate action management for equities and derivatives.
Web User interface
Displays all real time information required to support clearing transaction management including trade allocation, give up and exercise, daily margin requirements, settlement information, default fund contributions and collateral. Functionality for downloading information in various formats to support members internal procedures for reconciliation and reporting.
Cash settlement for derivatives and securities lending includes mark to market, option premium, trading and clearing fees, forward profit/loss, cash settlement on exercised options and interest on securities lending.
Netting, creation of settlement instructions, routing of settlement instructions, partials.
We have experience
Baymarkets AS, based in Oslo and Stockholm, is an independent vendor of clearing systems for the financial markets and has been operating since 2007.
The team has deep knowledge and first-hand experience of providing both exchange and OTC trading and clearing technology, across multiple asset classes including; commodities, equities, rates and credit products, both cash and derivatives.
Baymarkets owns and develops the full service Clara Clearing system and is responsible for the operation, support, maintenance and product development of Clara as the SIX x-clear CCP system, which provides clearing services to Oslo Exchange, Nasdaq Nordic and multiple European MTFs.
Baymarkets has access to world leading clearing and post-trade expertise, both internally, in the board and close external liaisons. For example, the Oslo office is shared with SIX x-clear operations enabling invaluable insight to all aspects from both sides.
Some of our unique features are CCP interoperability and advanced risk management algorithms. Clara features standardised APIs for integration with marketplaces, banks, CSDs, clients etc.
Senior management team
Chairman of the Board of Baymarkets, partner and co-chair of FIX Nordic. Peter is a well-known FinTech pioneer within the financial industry and has extensive trading systems experience.
Board Director. Urs has extensive experience within the financial markets globally.
Board director and partner. Cato has many years of experience within clearing and trading, IT and management work.
Baymarkets CEO and partner. Tore is a clearing and clearing systems thought-leader and technologist. He brings a wealth of industry specialism to the company and its clients.