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[ CASE STUDIES ]

EMIR REFIT – eTrading and Central Clearing

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This was a high-risk, high-complexity program delivered on time and to standard. CORSA’s leadership across regulatory, trading, and operations teams brought structure, pace, and credibility to the entire effort.

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Client Overview

The client, a global institutional investor, was undertaking a large-scale transformation program that involved migrating over 200 investment portfolios from Northern Trust to State Street as part of a middle- and back-office provider transition. At the same time, the client needed to meet the evolving requirements of EMIR REFIT by establishing electronic trading (eTrading) of derivatives and enabling central clearing for OTC products.

 

Complicating the effort was the fact that State Street, while a capable service provider, had never onboarded a Bloomberg AIM client with the specific requirement to trade derivatives electronically and through central clearing venues. The client engaged CORSA to lead the design and delivery of a compliant and scalable solution.

The Challenge

01
Dual transformation: EMIR REFIT compliance and a major operations outsourcing transition.
02
No existing infrastructure at State Street to support a Bloomberg AIM client with central clearing requirements.
03
Need to enable eTrading for OTC derivatives and integrate with multiple clearing venues.
04
Significant operational risk across more than 120 portfolios in APAC, EMEA, and North America. Impact of BREXIT required phased adjustments to legal and operational structures.

Our Solution

CORSA led a cross-functional program across regulatory, trading, operations, and vendor teams:

Solution Design

Defined the target operating model for derivatives eTrading and central clearing, aligned to EMIR REFIT.

Third Party Coordination

Partnered with Bloomberg AIM, Tradeweb, LCH, ICE, EUREX, Goldman Sachs, Credit Suisse, and State Street.

Phased Implementation

Delivered Phase 1 for over 120 portfolios across APAC, EMEA, and NA.

Governance & Program Oversight

Aligned senior stakeholders from the CIO Office, Regulatory Change, and the Migration Program.

Clearing Infrastructure

Established accounts and clearing connectivity with CCPs and integrated with Bloomberg AIM trade capture.

The Result

01
eTrading and central clearing enabled across all in-scope portfolios within EMIR REFIT deadlines.
02
First successful implementation of this nature between Bloomberg AIM and State Street.
03
Fully compliant solution with built-in scalability for new portfolios and regulatory changes.
04
Strengthened vendor relationships and accelerated future-state integration readiness. Regulatory assurance and operational confidence through structured governance and reporting.
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[ Client Testimonial ]

“This was a high-risk, high-complexity program delivered on time and to standard. CORSA’s leadership across regulatory, trading, and operations teams brought structure, pace, and credibility to the entire effort. Their ability to work with global stakeholders and coordinate across Bloomberg, Tradeweb, and State Street was critical to our success.”

What happened next

Following Phase 2 adjustments for BREXIT, CORSA continued to advise on regulatory change and derivatives infrastructure enhancements, including onboarding additional asset classes and portfolios to the new model.

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