accenture collateral management services/media/accenture/... · 2015-07-13 · 6 | accenture...

Accenture Collateral Management ServicesAchieving high performance through

collateral management transformation

2 | Accenture Collateral Management Services

The collateral management function performs a range of important and unique roles within a capital markets firm. The process of making calls for collateral (or “margin calls”) is a well-defined and operationally sophisticated set of business processes and workflows. Effective collateral management starts with design, negotiation and set-up of new collateral legal agreements (CSAs), and continues with operations to collect and return cash and collateral, recall and substitute collateral, mark collateral to market, asset-service collateral and meet the demands to finance new types of products.

Collateral is a key component of credit risk mitigation. Coupled with other techniques such as traditional credit analysis, capital-reserving strategies, netting, selective termination and use of credit derivatives, collateralization is part of an increasingly sophisticated toolset available to credit risk managers.

Collateral Management

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The implementation of global regulations such as Basel III, the Dodd-Frank Wall Street Reform & Consumer Protection Act and EMIR/Mifid II will bring increased capital and reporting requirements that squeeze operating margins, while collateral managers are increasingly being required to become active participants in their firm’s profitability and pricing strategies. Industry initiatives include offering “consolidated margin calls” across cleared/uncleared derivatives products, collateral optimization and transformation to reduce margin requirements/improve liquidity control, sophisticated cross-border capabilities and more effective use of assets under custody with the extension of tri-party services. In order to provide this functionality, collateral managers must innovate to improve collateral management functional, data and system capabilities.

Collateral management next generation architecture

Pressure to bolster operating margins with cost savings through efficiency

Availability of next wave technology

Increased regulatory scrutiny

Figure 1. Convergence of new operating requirements driven by cost drivers, regulation and next-wave technology capabilities.

At Accenture, we believe that collateral management processing will benefit from a convergence of new operating requirements driven by cost drivers, regulation and next-wave technology capabilities like service-oriented architectures and cloud computing (see Figure 1). These drivers will finally take down the walls between investment banking departments, and will force unprecedented synergies across operations for cash-settled securities and OTC derivatives. Services and information models will converge, enabling better cost management and capacity that expands or contracts along with business demand.


Further, these regulations and globally proposed central counterparty clearing (CCP) models will lead to liquidity demand of high initial margin, daily variance margin, primarily in the form of cash and increased margin require-ments for bilateral OTC transactions.

Changes to credit and risk calculationsRecent Basel III draft proposals bring changes to credit and counterparty risk calculations. They also call for additional collateral and margin requirements for large, complex and illiquid derivatives. Thus, regulatory focus on expanding capital requirements will require banks and buy-side firms to focus on Collateral Optimization across Front Office, Treasury and Operations to maintain liquidity for their trading business.

Industry Drivers for Change

The credit crisis has brought two issues into sharp focus: that of counterparty credit risk and the importance of the collateral management function. These issues present challenges and opportunities for collateral actors, especially central counterparties and banks that offer—or wish to offer—OTC derivatives clearing. As the complexity and volume of regulated collateralization processing increases, there is a strong argument for overhauling collateral management processing across the industry.

Margin requirements In the United States and Europe, the Dodd-Frank Act and the European Markets Infrastructure Regulation (EMIR) have provisions for central clearing and margin requirements.

Managing across borders The Undertakings for Collective Investments in Transferable Securities (UCITS) IV directive was implemented in late 2010, making it easier for fund management firms to operate across borders. As such, fund managers now need to manage exposure by applying credit risk mitigation practices—including optimized collateral management—to their cross-border derivatives dealings.

Increased use of OTC derivatives The size of the OTC derivatives market, as reported by the International Swaps and Derivatives Association’s (ISDA) 2011 Margin Survey, indicates that over the ten-year period from 2000 to 2010 the amount of collateral for OTC derivatives transactions has grown at a 30 percent

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compound annual growth rate, while gross credit exposure has grown at a 14 percent compounded annual rate. In addition, the survey indicates that 70 percent of OTC derivatives trades were reported by respondents as subject to collateral agreements.

Robust repurchase agreement (repo) market The International Capital Market Association European Repo Council reported in its June 2011 survey that repo markets have continued to follow a steady growth trend, providing much-needed liquidity to borrowers. The contracts outstanding on the books of the 59 institutions that participated in the latest survey was EUR 6,178 billion, compared to EUR 5,908 billion in December 2010.

There are other indications of the need to overhaul collateral management processing. Consider:

• A comparison of the aggregate returns from a constant sample of institutions showed growth over the last 6 months of 20.2 percent.

• Approximately 80 percent of the overall OTC trade population of the 14 largest dealers is subject to collateralization.

• Cash now stands at over 81 percent of collateral received and 80 percent of collateral delivered.

• Hedge funds are the largest collateralized client sector.

• There is an increasing range of “other collateral” assets deemed acceptable by market participants, including corporate bonds, equities and government agencies, and some CCPs have recently announced the acceptance of gold as collateral.

and foundational requirements across all functional areas, we defined best-in-class capabilities and highlighted foundational changes needed for immature capabilities.

Regulatory impact assessment. We pinpointed capabilities that will be impacted by upcoming regulatory changes.

Target state definition. We combined visionary requirements and regulatory impact assessment to define the target state.

Transformational roadmap. We defined a series of change initiatives to evolve capabilities from current state to desired target state along with supporting business cases.

Case Study

Best-in-Class Collateral Management Assessment The challengeOur client, a global investment bank, wanted to develop a best-in-class collateral management capability. Secondary objectives included near-term foundational improvements for immature capabilities and the incor-poration of regulatory imperatives into the target state.

Our approachCurrent state assessment. We leveraged the Accenture maturity model, enabling us to identify immature capabilities.

Visionary and foundational requirements gathering. By leveraging the current state assessment to solicit visionary

Client benefit• A clear vision to enable capability

maturity and evolution in lockstep with regulatory changes.

• Ability to secure funding for capability transformation with supporting business cases.

• Enabled top-management dialogue between business and technology, allowing IT to drive the design of concrete plans to enable the target state.

• The increasing requirement by buy-side clients to segregate their collateral with third parties such as custodians means calculations, reconciliations and reports need to account for these separate pools of assets.

Emerging industry self-regulation initiativesIn addition, implementation of industry standards such as ISDA Collateral Best Practices, integration of Electronic Margin Messaging standards, the new Dispute Resolution Protocol and Standardized Collateral Agreements are additional focus areas in the bilateral OTC Collateral Management world.


• Margining methodology and haircuts are not transparent for trades that are hard to value.

• Incomplete product or asset class coverage leads to siloed manual processes.

• Consolidated data from multiple operations systems are supplied in batches, not intra-day.

• Limited ability to produce intra-day collateral valuation (for Front Office, Regulators).

• Value-added client service channels are scarce.

• Audit trails are not maintained.

• Collateral reporting lacks detail.

• Multi-person review of results or proposed actions (“four-eyes” checks) are often not conducted.

Key Challenges in Current Collateral Management Processes

Optimizing collateral management processing offers businesses significant opportunities to drive growth and manage risk (Figure 2). However, there are also some key challenges.

• Collateral legal agreements are often not integrated; they are stored independently of the margin management system.

• Inaccurate, insufficient and untimely information is fed down from front-office systems.

• Stale data can result in inconsistent price feeds or instrument valuations.

• Manual processes create inefficiencies: for example, sending out margin calls by fax or e-mail, and manually maintaining instrument prices and receiving counterpart margin calls.

• Few skilled resources in the market-place results in a talent deficit.

• Firms have limited or no capabilities for adopting emerging central counterparty clearing infrastructure and computing complex margin calculations.

• The ability to produce simulations of margin calls/pre-trade initial margin estimates and cost of margining to assist the Front Office in pricing of trades is limited.

• Limited cross-product netting capabilities.

• Limited use of PFEs for exposure calculation.

• Limited cross-asset collateral inventory views.

Periodic processes Daily process

Set policy for business/credit/regulators

Maintain counterparty margin accounts

• Deliver reports to appropriate areas

• Make appropriate entries to update client accounts

• Settlement

• Review initial margin calculation

• Monitor compliance with agreements

• Margin call management

• Make margin calls

• Receipt of client instructions

• Review out-standing calls

• Negotiate collateral

• Dispute management/port recs

• Close out-standing calls

• Aggregate positions, prices, static data

• Match trades to agreements

• Calculate available margin

• Gather data required for margin calculation

For example:• Trade capture • Gather mark

to market (MTM) position

• Determine thresholds

• Gather up-fronts

• Gather MTM collateral

• Gather cash • Collect interest

rates• MTM exposure

calculation• Trade

consolidation

• Maintain/receive details of negotiated agreements to ensure ongoing margin compliance

• Perform new client/account set up

• Perform client/account close out

Negotiate and approve trade and/or master agreements

Capture terms of agreement

Prepare to calculate margin

Calculate margin

Make margin call

Record margin in books and records

Deliver exposure reports to business/credit/regulators

Action reports

Figure 2. Overview of current collateral management processes.

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• Provided project management to the Global Collateral and Margin Change Management Team to facilitate the development of the OTC-CCP client offering. This included owning management reporting on project status, risks and issues at both a Business sponsorship and Program Steering Committee level.

• Coordinated various Collateral and Margin projects within a wider Strategic OTC-CCP Program. This included working with separate change teams from various functions, e.g. Treasury, Risk Management, Sales, Legal, IT, Product Development, Client Management, etc.

Client benefitFollowing the delivery of this project:

• Prime Services can provide clients with a Consolidated Margin Statement for all their cleared and uncleared bilateral positions across products, CCPs and legal entities.

• PS clients can meet their margin calls across all products and legal entities with one single payment/delivery (subject to legal documentation and related legal opinions), reducing the pressure on funding and their operational costs.

• PS clients can receive margin relief and reduced margin calls by benefiting from cross-product margining and recognizing risk offsets (subject to legal documentation and related legal opinions). This will provide them with reduced funding cost.

Case Study

Collateral Management Re-Engineering for Prime Services Businesses The challengeOur client is a leading global investment bank.

The Dodd-Frank Act signifies a market shift in how derivative products are cleared and is expected to lead to near-universal uptake of Central Counterparty Clearing (CCP) for Over-the-Counter derivatives (OTC) traded products.

The bank’s Prime Services (PS) business is seeking to take advantage of this operational shift by offering its clients an enhanced Collateral and Margin offering for both CCP cleared and uncleared bilateral products, through cross-netting, cross-product margining, collateral transformation services, etc.

The current business processes and IT infrastructures are ‘silo based’ by product and region. Investment was needed to provide clients with the enhanced collateral and margin client offering.

Our approach• Analyzed and documented Prime

Services’ current collateral and margin processes across all business streams and products.

• Identified and documented the business requirements PS needed to become a Clearing provider and provide clients with an advanced collateral and margin client offering.

• PS has the operational framework to accept certain CCP ineligible collateral to meet CCP margin requirements, transform the collateral, post it to the CCP and charge its clients accordingly.

Internal applications Sales and client onboarding Client service and self-service

Market Infrastructure Interfaces

Execution services

Clearance, settlement payments

Regulatory reporting services

Enterprise services

Front office services

Portal

Integration zone

Operations

Management platforms

Client and counterparty data, reference data, pricing and analytics

Exception management

Front office trading

Trade event processors

Legal and compliance

Operations services Trades and position keeping information services

Collateral management services:• Workflow control• Margin call engine

Enterprise riskFinance

P&L and risk services

Front office P&L and market/counterparty credit risk


• Consistent and federated information architecture.

• Standardized messaging for processing trade, operations and other key information.

• Straight-through processing market infrastructure that leverages industry standard protocols.

Within this architecture, Accenture features next generation collateral management services. Figure 4 shows how collateral management fits into the overall architecture.

Key aspects of the next generation collateral management services are:

Setup and maintenanceCollateral managers collaborate with sales, trading, risk, and legal and compliance to determine agreements with clients and counterparties. The

Collateral Management Next Generation Service Architecture

Compounding operational challenges, a typical bank has dozens of systems, hundreds of flows and, often, no consistent information model. In light of this, how is it possible to transform the collateral management function? The basis of transformation is a next generation service architecture. The Accenture capital markets next generation service architecture (Figure 3) is a set of services underpinned by a consistent information model, as well as standardized workflows from front to back, and across cash-traded and OTC derivatives products. We offermanagement consulting services to help businesses get started with this transformation, as well as with technology services along the way.

The capital markets next generation architecture features:

next generation service architecture uses streamlined workflow and consistent information models to capture client/counterparty data and margin requirement parameters from contracts.

Outcomes:

• Time to trade is reduced.

• Margin agreement terms are recorded electronically, facilitating margin process automation and workflow-based updates are sent to downstream users as and when changes take place—even for complex OTC derivatives.

Margin processingCollateral requirements and margin calls become intra-day, fed by continuous processing of new trades, settlements, payments and margin calculations.

Figure 3. Collateral management next generation service architecture.

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• Limitsanalysisagainstaggregatedcash margin and credit support annex agreements.

Feed Integration Services for collateral managementCollateral management functions utilize dozens of inbound feeds. In the next generation architecture, these feeds are managed by Feed Integration Services (FIS). FIS comprises interfaces, methods and run-time environment. It facilitates the integration and workflow orchestration of trade, analytics and finance data for inbound and outbound streams in a bank’s front-, middle- and back-office.

Supporting technologyThe next generation service architecture is supported by robust technical models and capabilities harvested from Accenture’s deep technology engagement experience in capital markets:

Outcomes:

• Dispute management for OTC derivatives margins is streamlined.

• Position valuation and margin call calculations are standardized in response to the requirements of regulators and central counterparties.

Analytics services for sales, CVA trading, limits management and complianceAnalytics provide real-time snapshots, trending and business intelligence for key stakeholders. For example:

• Tradepricing,includingcollateralrequirements.

• Collateralandre-hypothecation optimization.

• Counterpartybehavior,includingdispute data, fails and changes to parameters such as ratings, accounting for netting sets and enforceability.

Trade and analytics meta-model. This generic object model maps feed data into a consistent enterprise business model for trading, risk quantification, valuation and risk reporting.

Rules model. Our rules model captures business rules across trades, analytics, risk measurement and risk aggregation.

Data orchestration capabilities. This toolset links reference data, pricing, trades, transactions and analytic components in semantic relationships.

Process workflow capabilities. These tools are used to implement workflows that are driven by business events.

Data cloud capabilities. This toolset complements the Feed Integration Framework as the platform for cloud computing and forms the foundation of capacity management.

Feed services. This toolset provides connector services to data suppliers and consumers.

Trading desks prime services

Rule-driven workflow servicesCollateral agreement process Margin call process

Collateral Inventory Management ServicesPortfolio reconciliation Selection Substitution

Returns NettingRehypothecation Settlement Fails

Margin interface

Client/counter-party, reference data, pricing

Trade event interface

Feed Integration Services

Collateral Management

Clearance, settlement, payments

Trades and position keeping information services

Analytics and reporting

Risk services for collateral (valuation, PFE, risk-based margin)

Margin Calculation Services:• RegT, portfolio, etc.• Overall requirement calc

(integrates risk)

Exceptions

Market infrastructure:depots, nostros CCPs, registries, bilateral, counterparties, triparty

Sales, credit, client onboarding

Client service and self service

Compliance services

Transactions data stores

Enterprise data stores

Collateral management data view

Client/counterparty data interface

Official pricing (market, firm MtM) interface

Transaction interface

Transaction interface

Reference data interface

Business exceptions interface

Risk data interface

A&R data interface

Agreement interface

Margin interface

Trades and positions interface

Margin call electronic messaging interface

Margin interface

Compliance interface

Figure 4. Collateral management fits into the capital markets next generation service architecture.

Our approachBased on the high-level business requirements and functional design, Accenture clustered the design and build work into four work packages: screens, manage parameters, valuate collaterals and non-core processes.

Our approach included application outsourcing, including offshore development:

•Re-use of India delivery centre resources.

•Re-use of offshore operating model.

• Jump-start of offshore development.

•Providingamaintenanceoptionatlow cost.

Case Study

Collateral Management Securities Valuation EstimationThe challengeOur client, a major settlement intermediate company, wanted to improve its collateral management infrastructure. The Securities Valuation Estimation (SVE) project consisted of an enhancement of the overall SVE process compliant with the local Banking, Finance and Insurance Commission’s recommendations.

Goals included:

• Improve collateral valuation.

• Improve control environment.

• Improve maintainability.

• Control cost.

Client benefit• Low-cost development.

• Reduced interaction with offshore resources by applying the offshore operating model.

• Application of CMMI Level 3 Procedures.


time—by entity, product or counterparty. This view, coupled with new analytics, can yield insight into new business uses of collateral and more competitive products to finance trading.

Accenture’s robust capabilities in management consulting and technology services enable us to assist businesses with this transformation process.

Accenture Can HelpCollateral management transformational programs are large, complex and often span multiple years. Legacy and vendor systems must be integrated or consolidated, then linked to the next generation architecture through a carefully planned series of projects. The result is a new level of sophistication and automation in the collateral management process. This enables collateral managers and credit risk managers to view aggregated exposure and collateral—globally and in real


Technology Consulting Accenture Technology Consulting brings together our capabilities and services—systems integration, technology consulting, alliances, application outsourcing and infrastructure outsourcing—to provide clients with fully integrated package or custom technology solutions for collateral management. Our technology consultants in capital markets bring deep domain skills and product knowledge to client projects.

Business Process OutsourcingHigh-performance businesses are always seeking new ways to outpace competitors. BPO provides just such an opportunity. We can help businesses hold down overall operating costs through strategic use of BPO services.Accenture provides a number of BPO services for our capital markets clients globally, including asset servicing, research, and analytics.

• Maturity and capability assessments using our Collateral Management Framework (Figure 6) and Scales of Mastery.

• Operating model and organizational structure analysis.

• Business case definition.

• Program management.

• Business process analysis.

• Business requirements documentation and buy vs. build assessments.

• OTC to CCP Collateral change program services.

• Collateral Optimization services.

• Portfolio Reconciliation services.

Accenture Management Consulting also provides or shares program management duties with the client and with Accenture technology consultants.

Our Services

Accenture helps clients optimize the collateral management process by leveraging our services in management consulting, technology consulting and business process outsourcing (BPO). Figure 5 shows Accenture’s roles in all phases of collateral management capabilities transformation.

We have several thousand consulting resources worldwide dedicated to serving our capital markets industry clients. We have deep capital markets expertise in the world’s major financial centers. Our capital markets delivery centers in Madrid and India are among a network of more than 50 delivery centers distributed around the world.

Management ConsultingOur capital markets Management Consulting group initiates collateral management transformation programs, providing:

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Figure 6. The collateral management function must be assessed in light of the overall framework to identify current gaps and risks.

Input data

InstrumentStatic data

Corporate actions

Client/counterpartyPositions and balances

Client data (settlement instructions, risk rating)

MarketMarket data

LegalLegal agreements

Risk management

Market risks

Liquidity risks

Credit risks

Operational risks

Valuation

Exposures valuation

Product desks

Securities financing (repo, lending/borrowing)

OTC derivatives

Exposures management

Trade recognition Exposure matching Exposure netting

Collateral management

Contracts setup Risks parameters Collateral allocation

Margin call

Reconciliation

Cash management

Inventory management

Dispute process

Interest process

Treasury (cash management)

Connectivity

Market access (phone, email, Web)

Settlement/payment links

CCP connectivity Third party report interface Collateral electronic messaging

Operations

Settlement Accounting

Collateral valuation

Output data

ReportingInternal reporting

Client reporting

MatchingMatching with counterparty

Matching with custodian

Matching with third party

Feeds to FO/CVA Trading

CSA data/changes

Netting/aggregate exposures

Collateral management process

Cost anatomy

Assessment/business diagnostic

Business operating model

Architecture design

Solution design

Detailed business and technical requirements

Build

Test

Implementation

Business service introduction

IT service introduction

Deployment

Technologies assessment

Organization review

Risk assessment

GAP analysis

Business case

Quick wins

Target operating model

Mai

nten

ance

Phase 1 Phase 2

Project management

Tasks

Deliverables

• Review of the collateral management process and interactions

• Assess current technology architecture and challenges

• Define the organization structure• Evaluate the risk policy through the collateral

management framework• Review the operating, transaction and

maintenance costs

• Process and organization architecture• Technology architecture• Risk assessment matrix• Cost analysis

• Establish target operating model blueprint• Assess gaps through deep diagnostics• Prioritise transformational initiatives• Investigate alternative sourcing models (pure

internal, co-sourcing, application maintenance, application outsourcing)

• Set and validate business case• Identify quick wins for immediate use

• High level target operating model• Architecture blueprint• Business case description• Quick wins ready to launch

• Package selection• Define detailed business requirements• Create detailed functional and technical designs• Develop, test and deploy• Manage releases and waves of change• Train key business and IT resources• Define service level agreement• Support maintenance request

• Detailed functional design• Detailed technical requirements• Test and launch scenario• Migration plan• Service introduction plan• Training and communication plan• Support materials• Organization design

Figure 5. Accenture’s capabilities in collateral management transformation.


Income and the full range of OTC derivatives including CCP margin calculations for many central clearers. Accenture is a global implementation partner for Calypso and has more than five years of extensive experience with the Calypso Trading and Risk Management Platform. We also have a large pool of resources around the world with deep Calypso expertise, and have contributed to the development of Calypso Fast-Track.

AlliancesAs capital markets firms upgrade their technology platforms to reduce credit, operational and liquidity risk, collateral management product vendors are aligning to meet the demand. These vendors are presenting offerings in the market that can be leveraged as components that integrate with client legacy systems and with new services in the next generation architecture.

Accenture has alliances with a number of industry-leading vendors who offer collateral management capabilities.

MurexMurex provides a suite of collateral management and margining solutions for a variety of financial institutions: MX Collateral Manager comprises functional offerings for capital markets & treasury (OTC derivatives, repos and securities lending), enterprise-wide trading and banking book collateral management, central clearing (clearers, clearing member brokers and broker clients), energy markets and leveraged margin trading. Accenture teams around the globe have worked on successful Murex projects for nearly 15 years and have experience with all generations of Murex solutions. Accenture is a global preferred partner of Murex and operates a joint training program with Murex in Murex’s central office in Paris.

CalypsoCalypso provides global application software that delivers an integrated suite of trading applications to the capital markets industry. Calypso’s comprehensive Collateral Management, with its powerful collateral optimization capability, is fully integrated into the platform supporting Equities, Fixed

Accenture also has a successful track record of working with other market-leading software vendors in the collateral management space, including Sungard, Algorithmics, Lombard Risk and Omgeo, who, while not formal alliance partners of Accenture, have been supportive in the delivery of joint client engagements over the years.

The project. Accenture worked with the client to develop a series of tools and solutions to optimize collateral, including Enterprise Collateral Monitoring Solution, OTC Derivative Contract Tracking Tool, and integrated solutions within lending and capital markets risk infrastructure.

Client benefit• Provided a consolidated framework

to track $5.5 billion in marketable security collateral and aggregate collateral across desks by counter-part.

• Created efficiency gains through consolidation of operations groups. Application architecture supporting the collateral monitoring and margining processes generate cost savings of over of $2MM per year.

• Examined and re-wrote every ISDA agreement across the enterprise, reducing capital requirements by over 50 percent and reducing potential exposure to exotic product collateral.

• Identified over $100MM of over-pledged collateral upon consolidation of portfolio.

• Generated $6MM in interest income through improved valuation and maintenance across the portfolio.

Case Study

Enterprise Collateral Management Consolidation and OTC Collateral OptimizationThe challengeOur client, a top 10 US bank, was anticipating 300 percent growth in five years. As part of a global enterprise risk and Basel II program, Accenture was requested to complete an assessment of the bank’s ability to manage, value and monitor collateral for the following lines of business:

• Capital markets: OTC derivatives and repos

• Lending: Wealth, commercial and commercial real estate

Each line of business managed and maintained their own tools, processes and methodology for collateral management and monitoring. As a result, each had a different culture in managing collateral and perspective on business value.

Our approachAs-is assessment. This included evaluation of the existing controls, assessment of the activities and associated full-time equivalent (FTE) headcount supporting the collateral management process, assessment of current technology tools supporting the process, and review of calculation methodology and tools for collateral valuation.

To be assessment. We developed a future state operating model, shared service organization model, common enterprise processes, procedures, valuations and application architecture.

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Copyright © 2011 Accenture All rights reserved.

Accenture, its logo, and High Performance Delivered are trademarks of Accenture.

About AccentureAccenture is a global management consulting, technology services and outsourcing company, with approximately 236,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is www.accenture.com.

Tracey McAllisterSenior Manager, Accenture Capital Markets5221 N. O’Connor Blvd, Suite 1400, Irving, TX 75039+1 469 665 [email protected]

Thomas SyrettSenior Executive, Accenture Capital Markets118, Avenue de France, 75636 Paris Cedex 13+33 1 [email protected]

Contact usRajesh SadhwaniSenior Manager, Accenture Capital Markets30 Fenchurch Street, London, EC3M 3BD+44 20 7844 [email protected]

Courtney AdanteSenior Manager, Accenture Capital Markets161 N. Clark, Chicago, IL 60601+1 917 593 [email protected]

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