Key Takeaways
- • Societe Generale Prime Services replaced a fragmented three-system risk infrastructure (two external systems for intra-day and end-of-day risk plus an internal margin calculation system) with a consolidated real-time risk management platform to support its multi-asset-class operations.
- • The 2014 acquisition and integration of Newedge created operational complexity requiring risk systems capable of handling execution, trading, security lending, collateral management, listed derivatives, OTC clearing, and FCM services across 24/6 global trading operations.
- • Societe Generale selected Imagine Software (now TS Imagine) as its risk technology partner to achieve consistency between intraday and end-of-day P&L and risk metrics across asset classes while meeting regulatory requirements for real-time (T+0) margining, reconciliations, margin calls, and collateral sweeps.
- • The bank's risk modernization initiative prioritized regulatory compliance ("gold-plating" regulatory requirements) and extended risk oversight scope from both product and client perspectives to address round-the-clock, cross-asset trading patterns among institutional clients.
Summary
Societe Generale Prime Services undertook a comprehensive technology overhaul of its risk management infrastructure to consolidate operations following the 2014 Newedge acquisition and to address escalating regulatory demands. The bank had operated three separate systems—two external platforms handling intra-day and end-of-day risk measurement respectively, plus an internal system dedicated to margin calculations—creating operational friction and data inconsistency as client trading activity became increasingly global and continuous.
According to Didier Livio, Global Head of Prime Services Risk based in New York, the bank's strategic objective was to "put risk at the forefront of our policy and wanted to gold plate regulatory requirements" by broadening risk oversight across both product lines and client segments. Pascal Marciano, COO of Prime Services Risk, emphasized the criticality of achieving "consistency between intraday and end of day P&L and risk metrics and across asset classes" as a foundational requirement for the new system.
The complexity of the mandate reflected Societe Generale's expanded platform scope following the Newedge integration, which created a multi-asset-class franchise spanning execution, trading, security lending, collateral management and financing, listed derivatives, OTC clearing, and FCM services. Risk infrastructure needed to match this operational scale while meeting real-time regulatory obligations including T+0 margining, reconciliations, margin calls, and collateral sweeps. Livio noted the bank required "a fully-global system (24/6) and increased capacity from an IT perspective" to meet these demands.
Societe Generale selected Imagine Software (subsequently rebranded as TS Imagine) as its risk technology solution, identifying it as the most comprehensive and flexible platform capable of supporting the bank's agile operational requirements across its diversified prime services business.
According to Didier Livio, Global Head of Prime Services Risk based in New York, the bank's strategic objective was to "put risk at the forefront of our policy and wanted to gold plate regulatory requirements" by broadening risk oversight across both product lines and client segments. Pascal Marciano, COO of Prime Services Risk, emphasized the criticality of achieving "consistency between intraday and end of day P&L and risk metrics and across asset classes" as a foundational requirement for the new system.
The complexity of the mandate reflected Societe Generale's expanded platform scope following the Newedge integration, which created a multi-asset-class franchise spanning execution, trading, security lending, collateral management and financing, listed derivatives, OTC clearing, and FCM services. Risk infrastructure needed to match this operational scale while meeting real-time regulatory obligations including T+0 margining, reconciliations, margin calls, and collateral sweeps. Livio noted the bank required "a fully-global system (24/6) and increased capacity from an IT perspective" to meet these demands.
Societe Generale selected Imagine Software (subsequently rebranded as TS Imagine) as its risk technology solution, identifying it as the most comprehensive and flexible platform capable of supporting the bank's agile operational requirements across its diversified prime services business.
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