Societe Generale Securities Services (SGSS) has been appointed by CNP Assurances to provide a middle-office solution enabling the calculation of daily initial margin.
To meet CNP Assurances’ operational workflow fluidity requirements, SGSS developed its middle-office initial margin calculation offering. Despite the Covid context, the service was implemented in September 2021 with the processing of Cap spread, Cap CMS [constant maturity swaps] and OTC Swap.
Headquartered in France, CNP Assurances is active in 19 countries in Europe and Latin America, with a significant presence in Brazil, its second largest market. Acting as an insurer, co-insurer and reinsurer, it has more than 36 million personal risk/protection insureds worldwide and more than 12 million savings/pensions policyholders.
Stéphanie Gaudoux, head of coverage in France and continental Europe at SGSS, added: “This new service developed for our client, CNP Assurances, proves our flexibility to adapt our OTC Middle Office solutions according to our clients’ needs, and our ability to support them in addressing new regulations.”
Pierre Fenayrou, head of operations at CNP Assurances, said: “SGSS’ expertise in derivatives valuation and collateral management, in the context of the EMIR regulation, was a key factor in our decision.”