TONIC BOOM

TONIC BOOM

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This is TONIC BOOM! A podcast series brought to you by Tonic, the consultancy dedicated to giving Financial Markets firms MORE...Join our host, our resident expert ninjas and special industry guests as we drop the mic on everything from margin, post-trade, treasury, risk, and compliance, to sustainability and the decentralised finance landscape - all on a global scale. Are you ready for a dose of industry tonic?

Sep 22

15: US Treasury Clearing: Repo’s Home Stretch - 9 Months to Go

With the US Treasury repo clearing deadline fast approaching, the focus is shifting from understanding the mandate to making sure firms are operationally ready. In the latest episode of Tonic Boom, Tonic’s Philip Forkan is joined by Laura Klimpel, Head of Fixed Income and Financing Solutions at DTCC, Travis Keltner, Global Head of Secured Financing at State Street, and Ryan Barrett, Head of Securities Finance for North America at Northern Trust. Together, they get into the practical realities of preparing for June 2027, including onboarding and access models, operational readiness, margin and capacity considerations, and the open questions still facing the market. The key takeaway? June isn’t really June. Firms need a clear day-one plan well ahead of the deadline. Tune in for a practical discussion on what firms should be doing now to prepare for US Treasury repo clearing. 0:39 Introduction & overview of the repo clearing mandate2:33 Summer repo market update - liquidity, T-bills, and basis trading4:31 FICC onboarding progress & the cash clearing deadline (end of 2026)8:35 Market readiness for the June 2027 repo mandate - "sharpening the axe"11:59 Bifurcated market: client sophistication split & geographic differences15:01 What to expect for repo onboarding in 2027 - intermediation trends20:09 Operating model considerations - access models, platform approach & scalability22:19 Cross-margining & capital efficiency - the "$6 to $2" margin analogy24:54 Extraterritoriality & interaffiliate clearing - SEC reopening the rule27:30 Final takeaways: key advice for clients before June 2027
May 19

14: Tonic Titans: Pete Cherecwich, COO at Northern Trust

So here we are, episode two of Tonic Titans! And we’re delighted to say we’ve hunted down another fantastic Titan… Host Chris Watts - CEO of Tonic - sits down with Pete Cherecwich, COO at Northern Trust, for a candid chat about his career journey, leadership style and what it takes to operate at the top of global financial services. Pete shares his pathway from early days in fund accounting, to international leadership roles in Japan, and his subsequent career growth across custody, operations, middle office, technology and executive leadership. Along the way, Pete reflects on the lessons that have shaped him, from taking risks and learning through experience, to leading through complexity and staying competitive in a constantly evolving industry. There’s also time for lighter moments, including Pete’s ambition to become “the worst golfer to play the best courses in the world.” A thoughtful, entertaining and insightful episode with a hugely respected industry leader, a real Tonic Titan. Please do have a listen.
Apr 23

13: Margin Unchained: The Coming Shift in Variation Margin | In Partnership with BNY

Hosted by Tonic’s Co-Founder Craig Pearson, this episode of Tonic Boom in partnership with BNY - explores the growing shift towards non-cash collateral for variation margin and what it means for liquidity, funding, and collateral strategy. Craig is joined by Mark Higgins (BNY) and Alan Baxter (XVA & capital markets SME) for a timely discussion on why firms are revisiting their approach to variation margin in today’s rate and liquidity environment. It’s a great opportunity to hear directly from market experts at the forefront of this shift, as the industry rethinks long-standing collateral practices in a more dynamic and cost-sensitive landscape. The conversation covers: What’s driving renewed interest in non-cash variation margin Why adoption is lagging despite strong business cases How tri-party models can unlock scale and reduce operational complexity The capital, liquidity, and documentation considerations firms must navigate Where tokenisation could play a role in future collateral mobility With millions in potential funding benefits and increasing pressure to optimise asset usage, this is a practical look at how firms can move from theory to implementation. If variation margin optimisation is on your agenda, this episode offers clear, actionable insight into what’s changing - and what to do next.
Apr 21

12: Tonic Titans: Nadine Chakar, Global Head of Digital Assets at DTCC

So here it is, our inaugural episode of Tonic Titans! And we’re delighted to say we’ve hunted down a fantastic Titan to kick off with... Here host Chris Watts - CEO of Tonic - sits down with Nadine Chakar, Global Head of Digital Assets at DTCC, for a candid chat about her journey, leadership and future innovation within financial markets. Nadine shares her personal pathway, from a childhood in Lebanon, to her move to the US for college, and her subsequent career growth within financial markets, across C-suite leadership roles in global custody, capital markets, fintech and market infrastructure. Along the way, Nadine manages to zoom-in on her current role at DTCC - at the forefront of the market’s accelerated transition to Digital Assets - as well as sharing key lessons learnt that have shaped her, plus her advice for the next generation. A thoughtful and inspiring debut Tonic Titans episode, with a true industry leader who continues to move the dial for the industry. Please do have a listen. 0:00 - Intro & Welcome 1:50 - Quickfire Favorites Round 5:28 - Career Deep Dive Begins 5:46 - Current Role: DTCC Global Head of Digital Assets 9:18 - Career Journey Overview 9:42 - Growing Up: Lebanon, Civil War & Coming to Boston 25:39 - Biggest Lesson Learned 28:08 - DTCC No Action Letter & Digital Assets Strategy 37:32 - Advice for Graduates & Future Leaders 39:27 - Closing Remarks
Feb 24

11: Real Time Repo Liquidity

Hosted by Tonic’s Head of Digital Steven Czarnota, this episode of Tonic Boom explores how DLT adoption is enabling real-time repo liquidity - and what that means for the future of collateral markets. Steven is joined by Anthony Woolley (Ownera), Richard Glen (HQLAX), and Dan Phillips (J.P. Morgan) for a dynamic discussion at the intersection of traditional finance and digital infrastructure. It’s a great opportunity to hear directly from market leaders who are actively building and scaling solutions in one of the most fast-moving and transformative areas of capital markets. The conversation covers: • The business case driving intraday and real-time repo • The progress already made moving assets and liquidity on-chain • What the next phase of digital collateral interoperability and 24/7 liquidity looks like With production platforms already live and volumes accelerating, this isn’t a future-state conversation - it’s a look at a market transition happening right now. If digital repo, collateral mobility, and on-chain liquidity are on your roadmap, this episode is essential listening. 00:00 - Introduction 01:39 - Guest Introductions 03:42 - Real-time Repo and DLT Adoption 07:15 - The Challenge of Intraday Liquidity 11:43 - How Digital Collateral Records Work 17:14 - The Current State of Real-Time Repo 21:45 - The Future of Digital Finance and 24/7 Liquidity 29:13 - Conclusion
Jan 22

10: ICE Clear Credit Treasury Clearing Offering

Please note: this episode was recorded towards the end of 2025. Since recording, ICE is now operationally live for US Treasury clearing and is currently awaiting final regulatory approval. This episode is hosted by Tonic’s CEO Chris Watts, alongside Tonic’s clearing and collateral specialist Philip Forkan. They’re joined by Helen Fermor, COO of ICE Clear US, to unpack one of the most significant regulatory developments to hit global markets in recent years: US Treasury clearing. It’s a great opportunity to hear directly from a market leader at the centre of one of the most dynamic and consequential changes underway in global capital markets. With the SEC mandate set to fundamentally change how the world’s largest government bond market operates, the discussion explores why expanded clearing has become a regulatory priority, how the industry has responded so far, and what market participants need to be thinking about as compliance deadlines approach. Drawing on ICE’s deep experience operating systemically important clearing houses, Helen shares insight into ICE’s treasury clearing offering, including its agency-style model, approach to customer access, margin flexibility, and risk management - and how this differs from existing clearing solutions. You’ll hear: • Why US Treasury clearing is central to reducing systemic risk and improving market transparency • How ICE’s agency-style clearing model expands execution choice and access to liquidity • What margin, collateral, and account structure options firms need to evaluate • The technology, onboarding, and documentation challenges firms should address now • Why early adoption can unlock liquidity, capital efficiency, and operational resilience Whether you’re a dealer, buy-side firm, principal trading firm, or clearing broker, this episode offers practical insight into how Treasury market structure is evolving — and how to prepare for a cleared future. If US Treasury clearing is on your 2025–2027 roadmap, this is one you won’t want to miss. 00:00 - Introduction 01:02 - Why Treasury Clearing Matters 01:40 - Guest Introduction 03:39 - Industry Update: Treasury Clearing Mandate 10:35 - ICE’s Approach vs. Other CCPs 16:49 - What Makes ICE’s Model Different? 29:56 - The Home Stretch For Treasury Clearing 34:01 - Conclusion
08/26/2025

9: Digital Collateral – A Resilience Game Changer?

This episode is hosted by Tonic’s CEO Chris Watts, alongside Head of Digital Steven Czarnota. They’re joined by Kelly Mathieson (Chief Business Development Officer at Digital Asset) to explore the transformative potential of digital collateral and DLT (Distributed Ledger Technology) in building resilience across capital markets.Using real-world case studies - including the 2008 Global Financial Crisis, COVID-19 market shocks, and the 2022 UK LDI crisis - the team unpacks how legacy infrastructure amplified stress and how digital solutions might have changed the outcome.You’ll hear:• How DLT can deliver real-time collateral visibility and enhance market stability• Why smart contracts and tokenization reduce reconciliation and operational risk• The future role of tokenized physical assets like gold in meeting liquidity needs• How intraday mobility and tokenized MMFs could reshape margin management• The importance of interoperability across DLT platforms, including the Canton networkWhether you’re navigating today’s challenges or preparing for the next market stress event, this episode offers practical insights into how digital infrastructure can unlock stronger, more resilient markets.If you’re not already exploring DLT and tokenized assets - this is your polite nudge to start.00:00 Introduction00:59 Topic Introduction: Digital Collateral – A Resilience Game Changer?02:12 Guest Introductions04:43 Segment: Two Truths, One Lie06:37 2008 Global Financial Crisis16:44 COVID-19 Pandemic24:02 2022 UK Gilt Crisis33:12 Impact of DLT and Tokenization38:41 Conclusion
07/22/2025

8: Cost Optimisation Innovation - Part 2

In Part 2 of our special series, host Emma Watson dives even deeper into the evolvinglandscape of securities finance with Steve Lethaby and Andrew TurveyFrom the transformation of market infrastructure to how fintechs are reengineeringworkflows, this episode tackles the big themes shaping tomorrow’s market:• Settlement efficiency, collateral mobility & interoperability: how are iCSDssupporting cost optimisation across the market?• Real-time collateral optimization using AI & cloud-powered tech• Fintech disruption: How new platforms are slashing manual processes andreshaping trade execution• Strategic levers like triparty, auto-borrow, netting, and intraday repo• The growing buzz around T+1, tokenization, and custody-agnostic solutions• And the future: What’s next in sustainable cost optimization and data-ledinnovation?Expect frank insights, sharp observations, and a big focus on collaboration, data, anddigitization - the building blocks of a more resilient, efficient market.📌 If you're in funding, liquidity, collateral, or just want to understand how operationalprecision is becoming a strategic advantage, this episode is a must-listen.

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This is TONIC BOOM! A podcast series brought to you by Tonic, the consultancy dedicated to giving Financial Markets firms MORE...Join our host, our resident expert ninjas and special industry guests as we drop the mic on everything from margin, post-trade, treasury, risk, and compliance, to sustainability and the decentralised finance landscape - all on a global scale. Are you ready for a dose of industry tonic?

Creator

TONIC BOOM
Years Active

2024 - 2026
Episodes

16
Rating

Clean
Show Website

TONIC BOOM