To track rapid price changes of its pledged securities in a timely and consistent manner
Minneapolis-based US Bank has selected Rockall Technologies’ Systematic Tracking of Collateral (STOC) solution. STOC will be used for enterprise-wide monitoring and evaluation of marketable securities that collateralize credit facilities and commitments made by several business lines within US Bank, including The Private Client Reserve in the Wealth Management Group, National Corporate Banking Broker Dealer division and The Private Client Group.
Reportedly, STOC solution meets the requirements of US Bank for its increased collateral control and regulatory compliance by: daily tracking of marketable securities’ prices; automating comparisons of exposure to collateral value; ability to handle securities and fixed asset collateral; reducing risk of loss from under-collateralization through systematic monitoring including the use of automated alerts on price movements and margin requirements; improving the process for quarterly reporting required by Federal Reserve Regulation; and providing integrated workflow for the resolution of key exceptions such as margin calls / covenant breaches.
Mark Jordahl, president of the US Bank Wealth Management Group, said: “We needed a single, automated platform to track rapid price changes of our pledged securities in a timely and consistent manner. The Rockall STOC system allows us to meet our clients’ needs while ensuring compliance with our collateral policies and procedures.”