Societe Generale Securities Services chosen by CNP Assurances to manage EMIR Initial Margin for complex derivatives


For more than 15 years, Societe Generale Securities Services has ensured the independent valuation of CNP Assurances’ structured products’ collateral management, as well as variation margin processing.

With EMIR1 ’s new reporting rules coming into force in 2021, CNP Assurances required a Middle Office solution enabling the calculation of daily Initial Margin for the management of various complex derivatives positions. SGSS teams have therefore developed their Middle Office Initial Margin calculation offer to meet CNP Assurances’ operational workflow fluidity requirements. Despite the COVID context, the service was implemented in September 2021 with the processing of Cap spread, Cap CMS (constant maturity swaps) & OTC Swap.

A leading player in the French personal insurance market, CNP Assurances is active in 19 countries in Europe, notably in Italy and in Latin America, with a significant presence in Brazil, its second largest market. Acting as an insurer, co-insurer and reinsurer, it has more than 36 million personal risk/protection insureds worldwide and more than 12 million savings/pensions policyholders.

Pierre Fenayrou, Head of Operations, CNP Assurances:

SGSS’ expertise in derivatives valuation and collateral management, in the context of the EMIR regulation, was a key factor in our decision.

Stéphanie Gaudoux, Head of Coverage France and Continental Europe of SGSS:

This new service developed for  our client, CNP Assurances, proves our flexibility to adapt our OTC Middle Office solutions according to our clients’ needs, and our ability to support them in addressing new regulations.

Click here to find out more about SGSS’ derivatives and collateral management services.

*EMIR: European Market Infrastructure Regulation