The plumbing of markets is being rebuilt. This is the view from inside.
Independent analysis of clearing houses, repo market structure, collateral mobility and the tokenisation of market infrastructure.
Written by a practitioner with two decades inside the machine — not about it.
Featured research
All papers →The first edition made the case for tokenised MMFs as the credible upgrade to non-cash collateral. This edition tests that case against the harder questions: which clearing houses can actually take them, how US and EU fund regulation diverges, what that means in the bilateral market — and the five specific fixes that would close the gap.
Covers the CFTC's tokenised collateral guidance, the US banking agencies' capital treatment FAQ, FCA PS26/7, the EMIR eligible-collateral question, and the mutual non-recognition problem in uncleared margin.
Recent writing
Archive →What we cover
Clearing
Margin models, default management, membership economics and the politics of mandatory clearing.
Repo
Market structure, sponsored and NBFI access models, balance sheet netting and the funding day.
Collateral
Eligibility, optimisation, mobility and the slow death of the collateral silo.
Tokenisation
Tokenised collateral, tokenised cash and what distributed infrastructure genuinely changes — and what it doesn't.
AI
Where machine intelligence actually earns its place in post-trade — margin ops, disputes, optimisation — and where it's just a slide.
The author & advisory
The Margin Call is written by Omar Reyez — twenty years in institutional post-trade across LSEG, LCH, Deutsche Bank, RBS and Barclays, spanning CCP clearing, repo market structure, collateral management and digital assets.
Beyond the publication, Omar advises clearing houses, banks and fintechs on post-trade strategy: clearing access models, collateral and margin transformation, and the practical adoption of tokenised infrastructure. If your problem sits where legal frameworks, operations and technology collide, that is the home turf.
- Background
- LSEG · LCH · Deutsche Bank · RBS · Barclays
- Specialisms
- CCP clearing, repo, collateral, tokenised infrastructure
- Education
- Saïd Business School, Oxford — AI Strategy & FinTech Strategy · LLB, Queen Mary
Margin calls arrive whether you're ready or not. The analysis should too.
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