Sophie Marnhier-Foy, director, product strategy at Adenza, explains that regulatory changes are pushing market participants to meet a new level of sophistication regarding risk metrics and collateral exposure calculations. In the context of Uncleared Margin Rules (UMR) and Basel Framework adoption, firms need to comply with a set of interdependent new regulations and optimise the corresponding total cost of ownership (TCO) impact. Market best practices around counterparty credit risk management are also quickly evolving. In terms of risk, clearing, margin, and collateral management functions and their integration, now is the time for organisations to position themselves for change.