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Collateral is viewed as both a solution to and a trigger of massive financial losses that occurred as a result of the financial crisis of 2008. In response, policymakers around the world have enacted new rules and legislation, such as the Dodd-Frank Act (DFA) in the United States, European Market Infrastructure Regulation (EMIR) and Basel III regulations, with the primary objective of increasing market stability and resiliency, enhancing transparency and reducing counterparty, operational and liquidity risk.

These efforts complement a wide range of industry initiatives designed to achieve similar goals. As a result, dynamic and rapid financial market changes are impacting the management, mobilization and transformation of collateral. This paper provides an overview of collateral and collateral management, highlights key drivers for change and discusses various solutions and opportunities to respond to regulatory and industry challenges.

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