المدربCollateral management is the daily process of computing, calling, paying, receiving, valuing and substituting the collateral due under a firm’s margin agreements, and of reconciling its records with its counterparties’. A collateral dispute arises when the two parties’ calculations of the amount due differ by more than an agreed tolerance; the undisputed amount is usually paid while the difference is investigated.
أمثلة
Example 13.5 (A disputed call)
A CSA has a threshold of $10 million and a minimum transfer amount of $0.5 million; the firm holds $14.6 million. The firm values the exposure at $25.3 million and calls million. The counterparty values it at $24.4 million: its figure is a return of $0.2 million, below the minimum transfer amount, so it sees no call. The valuations differ by 3.6%, above a 2% tolerance: the call is disputed, and the cause is almost always a difference in trade population or in the marks of a few trades, which is where the reconciliation starts.