Master fund Structure for Eurex OTC IRS
{"Image DocumentName": "Master fund Structure for Eurex OTC IRS", "Image ImageDescription": "Each master fund contains a number of segments which might be (externally) managed by different asset managers. Separate reporting is therefore necessary for each segment for management or performance measurement purposes. As it is the master fund that is the legal identity, individual segregation is not required on the fund segment level but on the master fund level. In Eurex Clearing\u2019s structure, each master fund sits in it\u2019s own position account with its own collateral pool i.e. each master fund has its own ISA. Each segment has an individual individual MarkitWire ID (MW BIC) which is used by the respective segment asset manager for entering OTC IRS trades at MarkitWire. It is the MW BIC that is used to identify each segment within the master fund position account. Initial margin is calculated net per a position account i.e. on the master fund level. Therefore each master fund benefits from risk offsetting between different segments within one master fund. The master fund can however calculate hypothetical margin per MarkitWire BIC by using the CC208 report) Master Fund 1 \u2013 Position Account. Segment 1 \u2013 MW BIC 123. Segment 2 \u2013 MW BIC 124. Segment 3 \u2013 MW BIC 125. Segment 4 \u2013 MW BIC 126. Segment 6 \u2013 MW BIC 127. Position accounts. Fund Manager. MF1. MF2. MF3. MF4. CCP MR per MF1. CCP MR per MF2. CCP MR per MF3. CCP MR per MF4. Margin calculation. MF1. Seg. Pool. MF2. Seg. Pool. MF3. Seg. Pool. MF4. Seg. Pool. Eurex Clearing. Collateral pools.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}