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?

الحلقات

  1. 11: Real Time Repo Liquidity

    ٢٤ فبراير

    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

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  2. 10: ICE Clear Credit Treasury Clearing Offering

    ٢٢ يناير

    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

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  3. 9: Digital Collateral – A Resilience Game Changer?

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    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

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  4. 8: Cost Optimisation Innovation - Part 2

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    8: Cost Optimisation Innovation - Part 2

    In Part 2 of our special series, host Emma Watson dives even deeper into the evolving landscape of securities finance with Steve Lethaby and Andrew Turvey From the transformation of market infrastructure to how fintechs are reengineering workflows, this episode tackles the big themes shaping tomorrow’s market: • Settlement efficiency, collateral mobility & interoperability: how are iCSDs supporting cost optimisation across the market? • Real-time collateral optimization using AI & cloud-powered tech • Fintech disruption: How new platforms are slashing manual processes and reshaping 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-led innovation? Expect frank insights, sharp observations, and a big focus on collaboration, data, and digitization - the building blocks of a more resilient, efficient market. 📌 If you're in funding, liquidity, collateral, or just want to understand how operational precision is becoming a strategic advantage, this episode is a must-listen.

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  5. 7: Cost Optimisation Evolution – Part 1

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    7: Cost Optimisation Evolution – Part 1

    In this episode of TonicBoom!, host Emma Watson Tonic’s Securities Finance Lead is joined by industry experts Andrew Turvey (GLMX) and Steve Lethaby (Clearstream Banking) to unpack one of the most critical themes in today’s capital markets: driving efficiency in Securities Financing. From the evolution of repo markets post-GFC, to the ongoing digitization and regulatory pressures shaping today’s landscape, this episode explores what cost optimization truly means in securities lending and repo—and why it’s about much more than just cutting costs. You’ll hear:- Why the shift from legacy systems to scalable, tech-enabled solutions is accelerating -How buy-side and sell-side collaboration is unlocking new opportunities-The role of regulation, margin, and operational risk in shaping future strategy-The growing impact of central clearing and the road to T+1 in the UK and Europe- The shift in market risk from banks to shadow banking and NBFIs Whether you're a seasoned industry veteran or newcomer, this is your front-row seat to the strategies and structural shifts defining the next phase of Securities Financing. Stay tuned for Part 2, where we’ll dive deeper into technology, collateral optimization, and emerging challenges and solutions. 00:00 Episode Intro 02:17 Two Lies, One Truth Challenge05:37 Market's Focus on Cost Optimisation06:50 Impact of the Global Financial Crisis10:10 Where the Market Stands Today15:02 Future Directions in Securities Financing17:52 Episode Conclusion and Outro

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  6. 6: Redefining Collateral Mobility

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    6: Redefining Collateral Mobility

    In this episode, Tonic CEO Chris Watts is joined by Head of Collateral Philip Forkan and guests from HQLAx - Erica De Rosa and Martin O’Connell, to explore how distributed ledger technology (DLT) is reshaping the collateral landscape in global capital markets. Together they take a practical look at the inefficiencies facing today’s collateral ecosystem and how digital innovation is driving real improvements in mobility, liquidity, and operational resilience. Key Highlights:  The global collateral market is worth in the realm of over €24 trillion, but fragmentation and inefficiencies create significant cost and risk.  Europe’s complex web of custodians and agents presents major challenges for interoperability and real-time settlement.  With the move toward T+1 and T+0 settlement cycles, the need for faster, more flexible collateral mobility has become urgent.  Use cases discussed include intraday liquidity, cross-custodian optimization, and digital margin transfers to CCPs.  Advice for firms looking to begin their digital transformation: start with a focused business case, identify the right internal stakeholders, and build momentum from there.  Also featuring a light-hearted round of “Two Truths and a Lie” - this time with unexpected celebrity encounters. If you're exploring how digital solutions can streamline your collateral operations, this episode offers both insight and inspiration. 00:00 Episode Intro 02:55 Two Truths, One Lie Challenge05:19 Why is Collateral Playing Such a Significant Role?10:50 What Does HQLAx Do?16:22 Buy-Side and HQLAx19:20 Maximum Optimisation20:52 What Should Firms Be Thinking About Doing?23:08 Episode Conclusion and Outro

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  7. 5: Documentation Considerations for the US Treasury Clearing Rules

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    5: Documentation Considerations for the US Treasury Clearing Rules

    The latest episode of TonicBoom! is hosted by Philip Forkan, Tonic’s Head of Collateral, who was joined by Tonic’s head of post-trade, Philip Cook and our legal friends from D2LT Emma Wooldridge and Sydney Hassal.In this episode, the group addressed the SEC’s recent extension of clearing deadlines and what this could mean for market participants. The new compliance dates set for December 2026 (cash transactions) and June 2027 (repo) seem to give breathing room, but we know that the market is eagerly awaiting done-away trading models and new CCP offerings, which result in massive undertakings across financial firms and market participants who trade in-scope US Treasuries, particularly UST repo. New paper will be required for the ‘new’ clearing methods and CCP offerings.The podcast teams also addressed: The growing need to standardize legal agreements across clearing access models for speed and efficiency Lessons Learned from FINRA 4210, and Smaller Player Challenges, or challenges for firms without exposure to derivatives markets Please do give it a listen, and reach out to us at Tonic to discuss your US treasury clearing compliance journey!00:00 Episode Intro02:45 Two Truths, One Lie Challenge09:30 Treasury Clearing Mandate 16:22 What Should Clients Be Doing Today?18:00 Start Early and Maintain Momentum23:46 The Implementation Timeline Iceberg25:00 Episode Conclusion and Outro

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  8. 4: Digital Assets - The Collateral Catalyst Part 2

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    4: Digital Assets - The Collateral Catalyst Part 2

    Our Tonic CEO Chris Watts and Head of Digital Steven Czarnota are once again joined by our friends at State Street,  Greg Donovan (Vice President of Collateral Client Solutions) and Sam Edwards (Head of Collateral EMEA/APAC). In this episode, we explore the transformative role of digital assets in collateral management. Industry experts discuss how tokenisation is reshaping the landscape of collateral, expanding liquidity, and enabling new possibilities for financial institutions. We also dive into the challenges of mobilising assets and the critical role of technology in simplifying asset transfer and settlement.Key Points: Tokenisation of Collateral: How tokenising assets like money market funds is broadening the pool of collateral and enhancing liquidity. Digital Asset Opportunities: The potential of digital assets to streamline collateral management and improve efficiency across financial markets. Challenges and Solutions: The need for improved settlement processes and the role of technology in overcoming these barriers. 0:00 Episode Introduction0:55 Emerging Digital Asset Trends2:58 Expanding Collateral Pools6:11 The Role of Tokenisation in Liquidity Management9:05 Solving Settlement Friction with DLT13:57 Integrating Smart Contracts and AI for Efficiency18:45 The Future of Tokenised Collateral21:49 Interoperability as the Key to Industry-Wide Adoption 22:27 Episode Outro

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  9. 3: Digital Assets - The Collateral Catalyst Part 1

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    3: Digital Assets - The Collateral Catalyst Part 1

    Our Tonic CEO Chris Watts and Head of Digital Steven Czarnota are joined by our friends at State Street, Greg Donovan (Vice President of Collateral Client Solutions) and Sam Edwards (Head of Collateral EMEA/APAC). In this episode of TonicBoom!, we explore how digital is revolutionizing financial markets. As tokenization accelerates and native digital assets gain traction, institutions are rethinking how this impacts their collateral, settlement and liquidity processes.Key topics include: Digital Trends – The latest trends across Digital Assets and AI  Use of Digital Assets – From tokenization of traditional assets through to the adoption of native digital assets Collateral as a catalyst – Why Collateral is a key use case for the market Industry Challenges – The move toward T+1 settlement and the need for greater optimisation This is just the beginning! Stay tuned for Part Two, where we dive even deeper into the future of digital assets and collateral.0:00 - Episode introduction01:58 - Meet the Experts03:12 - Two Truths, One Lie Challenge08:22 - State of the Digital Market11:01 - What Exactly is a Digital Asset?14:09 - Why is Collateral the Catalyst?17:03 - Current Industry Challenges in Collateral Management20:11 - Unlocking Liquidity through Tokenisation22:37 - The Road to a More Efficient Future24:25 - Episode Conclusion and Outro

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  10. 2: Tonic Boom! Ep.2: U.S. Treasury Clearing - Access Models and Industry Insights

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    2: Tonic Boom! Ep.2: U.S. Treasury Clearing - Access Models and Industry Insights

    In the second episode of our Tonic Boom! UST Clearing series, our Industry Ninjas (SMEs!) zoom in on the different Access Models that in-scope firms will need to choose from and implement.  Our Tonic CEO Chris Watts and Head of Post-Trade Phil Cook are joined once more by our friends at State Street, including Jeff Sowell (Head of Financing Product) and Jordan Cobb Vice President, Secured Financing.  Tune in for a deep-dive on the topics below, led by our experts:  0:00 - Episode introduction 01:48 - Meet the Experts 02:36 - Two Truths, One Lie Challenge 05:05 - Access Models for Treasury Clearing 06:02 - FIC GSD Membership Types 11:38 - Agent Clearing Model 15:05 - How the Sponsored Member Model Works 19:00 - Operating Model on the Sponsored Member Side 24:13 - Practical Steps for Firms 25:40 - Conclusion and Next Steps

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  11. 1: Tonic Boom! Ep.1: UST Clearing – Kickstarter

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    1: Tonic Boom! Ep.1: UST Clearing – Kickstarter

    In this inaugural episode of Tonic Boom!, we kick things off with a conversation dedicated to US Treasury Clearing (USTC), a truly monster reg initiative that will transform the UST industry operating model over the coming years. The first in a series of episodes on the topic, Chris Watts (host and Tonic CEO) and Phil Cook (Head of Post-Trade at Tonic) focus on the foundations of UST clearing, joined by an impressive line-up of industry SMEs, Travis Keltner, Head of Financing at State Street, and Jeff Sowell, Head of Financing Product at State Street.Tune in to hear answers to questions including, “What are the market drivers for USTC?”, “What is the regulatory scope, key rules and dates?”, “What is the history of Repo Clearing and how has it shaped the UST Clearing model we see today?”, and finally, “What are the key impact areas for in-scope firms?”00:00 - Episode Introduction01:26 - What is Treasury Clearing?01:45 - Guest Introductions02:49 - Two Truths, One Lie Challenge05:18 - Introduction to Treasury Clearing11:26 - Market Drivers and Regulations06:46 - Central Clearing and its Implications13:20 - History of Repo Clearing20:33 - Key Impact Areas for InScope Firms25:44 - Conclusion and Future Topics

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  12. ١٤‏/٠٢‏/٢٠٢٤

    Teaser: This is TONIC BOOM

    Find out what you can expect from this new podcast channel.

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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?

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    TONIC BOOM
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    ٢٠٢٤ - ٢٠٢٦
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    TONIC BOOM