porting and novation

reduce your initial margin by moving offsetting trades

What is Porting and Novation?

Our service can show how moving uncleared trades into clearing can reduce risk and IM, saving cost. Likewise, the service can show where trades could be moved between clearing brokers to achieve a similar risk reduction, within the same CCP context. 

Our analysis also shows the IM change on any portfolio remaining after the novation could be applied. 

The net risk across cleared and uncleared portfolios may be fungible. Our service gives you insight into opportunities to: 

Move cleared trades between FCMs within the same CCP to reduce IM 

Move uncleared trades into clearing to offset cleared IM 

Optimize your portfolio for a net reduction in IM 

Features AND Benefits

Define the agreements to be analysed

Look for directional offsets

Look for porting risk reductions

Full display of the after-state to explain potential outcome

Full analysis of the IM on trades remaining outside clearing


Reveal unknown risk reduction opportunities

Balance portfolio risk to reduce IM

Reduce cost by reducing IM overall


See a side-by-side comparison of the risk profile before and after porting

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