Since LCH.Clearnet SA launched its new state-of-the-art cash clearing system in December, the various members of the clearing house have been able to benefit from the high performances of this new platform.
SLIB contributed to this successful migration as a pilot for the “UCS Programme- Stream 1 Cash” by being involved in the different tests since October, alongside certain clearing members selected by LCH.Clearnet SA.
During the testing period, SLIB used its software products in various configurations to replicate all various models and processes available to LCH.Clearnet SA’s members: interactivity with the SLIB CMS clearing station, clearing positions management with SLIB Position Management System, clearing risk management with SLIB CRMS. SLIB also simulated a complete trading cycle including settlement and corporate actions, using all its different concerned software products.
The main objective of the tests was to verify that the new clearing system did not present any functional regression with regard to the former. All available functions and messages being currently used by SLIB’s customers in real-time, the test was thus particularly meaningful.
The expertise of SLIB, its thorough knowledge of the data flows, deep understanding of the various clearing models, as well as the large volumes of clearing transactions streaming through its systems make of SLIB a natural pilot partner for this ambitious project.
Philippe Cognet, CEO of SLIB concludes “We are proud to have been chosen once again as pilot partner by LCH.Clearnet SA for a strategic project like UCS and we shall continue to involve ourselves in the forthcoming releases.”**
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Steve Husk, CEO of FRSGlobal, discusses the factors financial institutions are faced with in order to equip themselves against the current regulatory environment.
The adoption of IFRS for Canadian companies is in full swing. As of January 1, 2010, Canadian companies are required to file financial statements under IFRS. Although Canadian GAAP and IFRS are similar, there are three main differences that have posed a challenge for companies: effectiveness testing, hedge accounting eligibility, and fair value measurement. While not an exhaustive list, these issues have posed the greatest challenge for Canadian corporations during the first quarter of 2010. The following paper clarifies some of the differences in hedge accounting between Canadian GAAP and IFRS and shares best practices for hedge accounting to help Canadian corporations navigate through the transition.
With this Spring 2010 Edition of the Phone System Comparison Chart quickly see differences between brands like Avaya, Mitel, Cisco, ShoreTel, 8x8, Panasonic, etc and compare over 94 phone systems by 52 brands for small to big business.