Nasdaq Calypso Education Services

This course provides a comprehensive introduction to Central Counterparty (CCP) Collateral Management within Calypso. Participants will learn how collateral is allocated to satisfy margin obligations across clearing members, clients, and CCPs, ensuring effective risk mitigation in a centrally cleared environment.

The course explores the core collateral management framework, including how margin requirements are represented as Liabilities, how pledged collateral is tracked as Deposits, and how these components are linked through Margin Call Contracts to facilitate efficient collateral allocation. Learners will gain insight into the operational processes and configuration concepts that support margin coverage and collateral distribution.

In addition, the course examines the relationships between end clients, clearing members, and CCPs, highlighting the differences between House and Client activity, the importance of collateral segregation, and the contract structures used to support Cover Distribution. Through practical scenarios and system-focused examples, participants will understand how collateral moves through the clearing ecosystem and how Calypso manages these interactions.

By the end of this course, learners will have a solid understanding of the key concepts, configurations, and workflows that underpin collateral allocation and cover distribution in a centrally cleared environment, enabling them to effectively navigate CCP collateral management processes within Calypso.

Target Audience: Operations, Collateral Management, Clearing Operations, Business Analysts, Implementation Consultants, and Support Teams.

Learning Objectives:

• Understand the fundamentals of CCP collateral management.
• Explain the roles of Liabilities, Deposits, and Margin Call Contracts.
• Identify relationships between clients, clearing members, and CCPs.
• Differentiate between House and Client collateral activity.
• Understand collateral segregation principles and Cover Distribution structures.
• Describe the end-to-end collateral allocation process in a centrally cleared environment.