Each trader can view his own costs in detail, and management can view across trading desks. Summaries (month-to-date, month-end, year-to-date) are available on-line or as a report, with output available from the system into your general ledger or P&L system.

Anvil Carry provides your trading organisation with the cost information you need to trade intelligently.

Carry calculations are complex. A correct calculation requires information from many potentially different sources such as: outright position cost (or value, which requires a market data feed), repo and securities lending activity, Euroclear and other agency lending and funding, bank loans and fails. Anvil Carry can incorporate all of these data sources.

Usually trading operations have either trade-specific or broad-brush carry systems in place:

• A trade-specific carry procedure consists of booking back-to-back financing trades between the financing desk and the outright trader's position. Although this provides accurate carry this is cumbersome due to the need for a large number of internal tickets and the subsequent trade maintenance overhead, particularly with the growth of tri-party and basket trades.
  
  
• Using a broad-brush approach to carry, such as charging a flat rate across all securities in a currency, inevitably leads to "funding gaps", where the actual costs of funding are not fully allocated. Additionally, a trader may take advantage of the funding rate by trading in securities that are expensive in the repo market to the benefit of his P&L but to the detriment of the firm as a whole.

Anvil Carry dispenses with the inefficiency of back-to-back tickets, or the broad-brush "one rate fits all" approach by delivering precise position-by-position costs determined from funding trade activity. The result? Precise carry per position for everyone and watertight accounting for carry without a forest of tickets.

Anvil Carry enables trading management to quickly spot mismanagement of funding, such as "wrong direction" trades, and situations where funding repos and reverses exist against the same position.

Anvil Carry is essential for traders, trade management, anyone responsible for funding: treasurers, repo, settlements. It's a key tool for accountancy/financial control, and for anyone that cares to have accurate carry information reflected in trading P&L.

To see full product brochures for all of our products, please visit our brochure download area.

To contact us directly, see details of our offices, or email us.

[Auf Deutsch] [En français]