Hosted by Tonic’s Co-Founder Craig Pearson, this episode of Tonic Boom in partnership with BNY - explores the growing shift towards non-cash collateral for variation margin and what it means for liquidity, funding, and collateral strategy. 

Craig is joined by Mark Higgins (BNY) and Alan Baxter (XVA & capital markets SME) for a timely discussion on why firms are revisiting their approach to variation margin in today’s rate and liquidity environment. 

It’s a great opportunity to hear directly from market experts at the forefront of this shift, as the industry rethinks long-standing collateral practices in a more dynamic and cost-sensitive landscape. 

The conversation covers: 

With millions in potential funding benefits and increasing pressure to optimise asset usage, this is a practical look at how firms can move from theory to implementation. 

If variation margin optimisation is on your agenda, this episode offers clear, actionable insight into what’s changing - and what to do next.