TradeCycle. Delivering integrated solutions for OTC derivatives

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1 TradeCycle Delivering integrated solutions for OTC derivatives

2

3 TradeCycle 3 Innovation is key in a fast-moving world. Discover the first end-to-end OTC derivatives solution which combines the local experience of a custodian and investment bank with the global reach of a market infrastructure provider. From trading to clearing, settlement, custody, collateral management and collateral transformation harness the joint expertise of Commerzbank and Clearstream to optimise every stage of your derivative trading activities. Whether your focus is on cost efficiency, risk management, improved return on assets or regulatory control, we have created a one-stopshop solution for OTC derivatives trading that will meet your individual requirements. Discover TradeCycle.

4 4 TradeCycle Joining forces to deliver the best of both worlds Commerzbank and Clearstream are bringing together their expertise to deliver an integrated OTC derivatives solution which covers the entire trading cycle. Meeting regulatory challenges The regulatory landscape has never been more complex. Markets face extensive new regulatory requirements; from trading on approved trading platforms and clearing via centralised counterparties (CCPs), to new standards for collateral types, margining and risk management. At the same time, trading has become highly fragmented. With different institutions specialising in different services, market participants face the difficulty of selecting and integrating multiple providers from different locations to complete a single transaction. Pioneers in a fast-changing market The past 15 years have seen the trading landscape evolve beyond recognition. Throughout that time, Commerzbank and Clearstream have worked together to be at the forefront of trading innovations and market developments. Commerzbank has repeatedly been among the first banks to endorse Clearstream s innovations to reduce risk and make trading more secure. Commerzbank was the first user of secured certificates at Clearstream, a founding member of GC Pooling and a pilot customer for Clearstream s ground-breaking collateral management engine Xemac. Commerzbank was one of the first European banks to subscribe to triparty collateral management services with the US Federal Reserve and to introduce triparty repo as a secured money market product for clients by using Clearstream's systems. TradeCycle now builds on this longstanding cooperation to bring customers a fully integrated solution for cleared and uncleared OTC derivatives Xemac & Bundesbank management engine via Deutsche Bundesbank Triparty Repo Introduction as secured money market product Eurex Repo GC Pooling CCP basket repo for the German market

5 TradeCycle 5 Our new integrated platform For the first time, Commerzbank and Clearstream are bringing together the expertise of an investment bank with that of a global market infrastructure provider to deliver end-to-end services for cleared and uncleared OTC derivatives. TradeCycle is an integrated platform providing the full range of trade lifecycle services with a single onboarding process and streamlined documentation management procedures. Clients will benefit from fully customised portfolio optimisation strategies and collateral management advisory services, which are tailored to their individual business needs. Local teams with pan-european coverage provide real-time support and bespoke advisory and regulatory update services. Federal Reserve Both companies subscribe to triparty collateral management services with the Fed Secured Certificates For retail and institutional clients KAGplus Securities lending platform for German-regulated investment funds Eurex OTC Clear Commerzbank executes first interest rate swap ASLplus Automated securities lending service TradeCycle Launch of joint OTC derivatives solutions offering

6 6 TradeCycle A one-stop-shop for all OTC derivative transactions TradeCycle provides a full suite of bespoke services for clients Your benefits Transparency Information and total cost transparency at every stage of the trade lifecycle Advice Local, dedicated and multilingual teams supporting every aspect of your trading activity Insight Access to market-leading intelligence and analysis through state-of-the-art portals and dashboards Proactivity Guidance on regulatory developments and how to meet new requirements Onboarding Single onboarding process and streamlined legal documentation procedures with a single point of contact throughout the process Delivered by Commerzbank and Clearstream, TradeCycle provides marketleading services for every aspect of your trading activities. Our solutions are individually tailored to your needs and are available on a bespoke and modular basis. Regardless of whether you want to cover just one aspect of trading or the full process TradeCycle delivers services that meet your individual business requirements, with dedicated specialist teams located throughout Europe. Trading Multi-asset and cross-product solutions across cleared and uncleared derivatives with full connectivity to European exchanges and trading platforms. Clearing & Settlement TradeCycle provides direct access to all major European central counterparties. In addition, it offers access to 53 domestic markets and the Eurobond market through Clearstream, as well as to Eurex; the global derivatives exchange. Optimisation Comprehensive portfolio collateral advisory and optimisation services in bilateral and triparty environments to ensure clients manage risks as cost-efficiently as possible. Adding value at every stage of your trade The full trade lifecycle Trading Clearing Clearing & Settlement & Settlement Optimisation Optimisation

7 TradeCycle 7 Management Comprehensive solutions for both bilateral and triparty collateral management needs. The operational burden on clients is reduced as all processing is done on their behalf. We are committed to meeting our clients business and regulatory requirements. Custody Bespoke solutions harnessing Commerzbank's and Clearstream's leadership as European and global custodians. A one-stop-shop from trade execution to finality of settlement, to the safekeeping and custody of client assets. Valuation Services Mark-to-market valuation services for OTC derivative portfolios. Transformation TradeCycle covers all key transformation opportunities, which Commerzbank can leverage using securities financing products from Clearstream, including bilateral and triparty repo as well as securities borrowing and lending with automated services to achieve enhanced portfolio yields. Client portal market leading solutions Integrated clearing solutions with access to major European clearing counterparties Advice and support in all clearing related matters Comprehensive offering, including upgrades/transformation, single currency margining and full frontto-back testing until the final implementation Extensive reporting and What If margin scenario analysis Management Management Custody Valuation Services Valuation Services Transformation Transformation

8 8 TradeCycle TradeCycle key benefits at a glance Commerzbank and Clearstream a powerful partnership Unrivalled access to markets and regulators Multilingual international central securities depository We support collateral agreements under multiple jurisdictions Real-time reporting By covering the full trade, TradeCycle can reduce your operational and capital costs, optimise your funding and streamline processes. Improved efficiency Outsource post-trade services, and reduce your technology and operational overheads. Optimisation Use portfolio and collateral optimisation strategies to reduce capital and funding costs. Risk management Work with our derivatives experts to handle your counterparty risk and get support on collateral documentation. Enhanced returns Harness TradeCycle s combined custody and securities collateral transformation services to achieve additional yield across securities and cash. Reduction of operational risks Outsource collateral management to leading experts and relocate resources to value-added business areas. Optimised global assets Align assets with one collateral provider. Seamlessly and automatically leverage collateral positions across different exposure types and locations. Advisory services Trust us to keep you ahead of the market with valuable insight and support you in meeting regulatory challenges enabling you to focus on your core activities.

9 TradeCycle 9 About us Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all markets for its customers as a partner to the business world. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, it offers its private and corporate clients as well as institutional investors the banking and capital market services they need. With some 1,200 branches Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts nearly 15 million private customers, as well as 1 million business and corporate clients. Clearstream is the post-trade services provider within Deutsche Börse Group. As an international central securities depository (ICSD) headquartered in Luxembourg, Clearstream provides the post-trade infrastructure for the Eurobond market and services for securities from 53 domestic markets worldwide. Clearstream s customers comprise approximately 2,500 financial institutions in more than 110 countries. As a central securities depository (CSD) based in Frankfurt, Clearstream also provides the post-trade infrastructure for the German securities industry.

10 Important notice This document is jointly published by Commerzbank AG and Clearstream Banking S.A. and is prepared for general information purposes only. The information contained herein is not intended to provide professional legal advice and should not be relied upon in that regard. Readers should seek appropriate professional advice where necessary before taking any action based on the information contained in this document. Commerzbank AG and Clearstream Banking S.A. make no guarantees, representations or warranties and accept no responsibility or liability as to the accuracy or completeness of the information, and under no circumstances will they be liable for any loss or damage caused by reliance on any opinion, advice or statement made in this document. Information in this document is subject to change without notice. Commerzbank AG / Clearstream Banking S.A. Printed in September GPP: 30262

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