Marije Verhelst: In addition to our settlement optimisation measures such as auto-partial and our Autoborrow program, we offer a number of tools that help our clients improve collateral mobility. One is the collateral allocation interface. This tool allows collateral givers to transfer collateral to other triparty agents to cover exposures with counterparties that have accounts with those triparty agents and not in Euroclear Bank. It also automatically recalls the securities as soon as they are required for settlement in Euroclear Bank. Therefore it prevents fails even if securities are initially located outside Euroclear Bank. This service is available with three triparty agents: BNYM, JPMorgan, and Clearstream Banking Luxemburg.
Furthermore, our Open Inventory Sourcing service enables the management of inventory held with other CSDs and custodians. This tool transfers collateral to Euroclear Bank while ensuring sufficient collateral remains locally to satisfy domestic delivery obligations. If a security is required in the local market to make a delivery, our service automatically triggers a substitution and transfers the security back to the local market, therefore contributing to the settlement efficient in the local market too. This service exists in Euroclear UK & International, Euroclear France and Euroclear Nederland, and through 2 custodians in Italy, and Spain.
Rebecca Carey: We are also addressing the wider market problem relating to matching and exception management, because instructions that are not matched on time are the cause of over 30% of the cost of penalties. To help with that, we launched EasyFocus last year to provide insight to clients that can help in the prioritisation of exceptions. By leveraging Artificial Intelligence (AI), EasyFocus provides predictive insights into unmatched settlement instructions that carry the highest risk in terms of settlement failure and CSDR penalty impact. This saves time and resources by identifying the unmatched instructions that matter the most. Taskize, our query resolution network, can then help to resolve the exceptions with a single, streamlined digital channel to manage the penalties and appeal process and achieve significantly reduced resolution times for the daily operational issues.