TONIC BOOM

By TONIC BOOM

This is TONIC BOOM! A podcast series brought to you by Tonic, the consultancy dedicated to giving Financial Markets firms MORE...Join our host, our resident expert ninjas and special industry guests a... more

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FAQs about TONIC BOOM:

How many episodes does TONIC BOOM have?

The podcast currently has 9 episodes available.

TONIC BOOM episodes:

July 22, 2025 8: Cost Optimisation Innovation - Part 2
In Part 2 of our special series, host Emma Watson dives even deeper into the evolving
landscape of securities finance with Steve Lethaby and Andrew Turvey

From the transformation of market infrastructure to how fintechs are reengineering
workflows, this episode tackles the big themes shaping tomorrow’s market:

• Settlement efficiency, collateral mobility & interoperability: how are iCSDs
supporting cost optimisation across the market?
• Real-time collateral optimization using AI & cloud-powered tech
• Fintech disruption: How new platforms are slashing manual processes and
reshaping trade execution
• Strategic levers like triparty, auto-borrow, netting, and intraday repo
• The growing buzz around T+1, tokenization, and custody-agnostic solutions
• And the future: What’s next in sustainable cost optimization and data-led
innovation?

Expect frank insights, sharp observations, and a big focus on collaboration, data, and
digitization - the building blocks of a more resilient, efficient market.

📌 If you're in funding, liquidity, collateral, or just want to understand how operational
precision is becoming a strategic advantage, this episode is a must-listen.
...more
20min
July 10, 2025 7: Cost Optimisation Evolution – Part 1
In this episode of TonicBoom!, host Emma Watson Tonic’s Securities Finance Lead is joined by industry experts Andrew Turvey (GLMX) and Steve Lethaby (Clearstream Banking) to unpack one of the most critical themes in today’s capital markets: driving efficiency in Securities Financing.

From the evolution of repo markets post-GFC, to the ongoing digitization and regulatory pressures shaping today’s landscape, this episode explores what cost optimization truly means in securities lending and repo—and why it’s about much more than just cutting costs.

You’ll hear:
- Why the shift from legacy systems to scalable, tech-enabled solutions is accelerating
-How buy-side and sell-side collaboration is unlocking new opportunities
-The role of regulation, margin, and operational risk in shaping future strategy
-The growing impact of central clearing and the road to T+1 in the UK and Europe
- The shift in market risk from banks to shadow banking and NBFIs

Whether you're a seasoned industry veteran or newcomer, this is your front-row seat to the strategies and structural shifts defining the next phase of Securities Financing.

Stay tuned for Part 2, where we’ll dive deeper into technology, collateral optimization, and emerging challenges and solutions.

00:00 Episode Intro
02:17 Two Lies, One Truth Challenge
05:37 Market's Focus on Cost Optimisation
06:50 Impact of the Global Financial Crisis
10:10 Where the Market Stands Today
15:02 Future Directions in Securities Financing
17:52 Episode Conclusion and Outro

...more
19min
June 02, 20256: Redefining Collateral Mobility
In this episode, Tonic CEO Chris Watts is joined by Head of Collateral Philip Forkan and guests from HQLAx - Erica De Rosa and Martin O’Connell, to explore how distributed ledger technology (DLT) is reshaping the collateral landscape in global capital markets.

Together they take a practical look at the inefficiencies facing today’s collateral ecosystem and how digital innovation is driving real improvements in mobility, liquidity, and operational resilience.

Key Highlights:
The global collateral market is worth in the realm of over €24 trillion, but fragmentation and inefficiencies create significant cost and risk.
Europe’s complex web of custodians and agents presents major challenges for interoperability and real-time settlement.
With the move toward T+1 and T+0 settlement cycles, the need for faster, more flexible collateral mobility has become urgent.
Use cases discussed include intraday liquidity, cross-custodian optimization, and digital margin transfers to CCPs.
Advice for firms looking to begin their digital transformation: start with a focused business case, identify the right internal stakeholders, and build momentum from there.
Also featuring a light-hearted round of “Two Truths and a Lie” - this time with unexpected celebrity encounters.

If you're exploring how digital solutions can streamline your collateral operations, this episode offers both insight and inspiration.

00:00 Episode Intro
02:55 Two Truths, One Lie Challenge
05:19 Why is Collateral Playing Such a Significant Role?
10:50 What Does HQLAx Do?
16:22 Buy-Side and HQLAx
19:20 Maximum Optimisation
20:52 What Should Firms Be Thinking About Doing?
23:08 Episode Conclusion and Outro
...more
25min
April 29, 20255: Documentation Considerations for the US Treasury Clearing Rules
The latest episode of TonicBoom! is hosted by Philip Forkan, Tonic’s Head of Collateral, who was joined by Tonic’s head of post-trade, Philip Cook and our legal friends from D2LT Emma Wooldridge and Sydney Hassal.

In this episode, the group addressed the SEC’s recent extension of clearing deadlines and what this could mean for market participants. The new compliance dates set for December 2026 (cash transactions) and June 2027 (repo) seem to give breathing room, but we know that the market is eagerly awaiting done-away trading models and new CCP offerings, which result in massive undertakings across financial firms and market participants who trade in-scope US Treasuries, particularly UST repo. New paper will be required for the ‘new’ clearing methods and CCP offerings.

The podcast teams also addressed:
The growing need to standardize legal agreements across clearing access models for speed and efficiency
Lessons Learned from FINRA 4210, and
Smaller Player Challenges, or challenges for firms without exposure to derivatives markets
Please do give it a listen, and reach out to us at Tonic to discuss your US treasury clearing compliance journey!

00:00 Episode Intro
02:45 Two Truths, One Lie Challenge
09:30 Treasury Clearing Mandate
16:22 What Should Clients Be Doing Today?
18:00 Start Early and Maintain Momentum
23:46 The Implementation Timeline Iceberg
25:00 Episode Conclusion and Outro
...more
26min
March 19, 20254: Digital Assets - The Collateral Catalyst Part 2
Our Tonic CEO Chris Watts and Head of Digital Steven Czarnota are once again joined by our friends at State Street, Greg Donovan (Vice President of Collateral Client Solutions) and Sam Edwards (Head of Collateral EMEA/APAC).

In this episode, we explore the transformative role of digital assets in collateral management. Industry experts discuss how tokenisation is reshaping the landscape of collateral, expanding liquidity, and enabling new possibilities for financial institutions. We also dive into the challenges of mobilising assets and the critical role of technology in simplifying asset transfer and settlement.

Key Points:
Tokenisation of Collateral: How tokenising assets like money market funds is broadening the pool of collateral and enhancing liquidity.
Digital Asset Opportunities: The potential of digital assets to streamline collateral management and improve efficiency across financial markets.
Challenges and Solutions: The need for improved settlement processes and the role of technology in overcoming these barriers.
0:00 Episode Introduction
0:55 Emerging Digital Asset Trends
2:58 Expanding Collateral Pools
6:11 The Role of Tokenisation in Liquidity Management
9:05 Solving Settlement Friction with DLT
13:57 Integrating Smart Contracts and AI for Efficiency
18:45 The Future of Tokenised Collateral
21:49 Interoperability as the Key to Industry-Wide Adoption
22:27 Episode Outro
...more
24min
March 19, 20253: Digital Assets - The Collateral Catalyst Part 1
Our Tonic CEO Chris Watts and Head of Digital Steven Czarnota are joined by our friends at State Street, Greg Donovan (Vice President of Collateral Client Solutions) and Sam Edwards (Head of Collateral EMEA/APAC).

In this episode of TonicBoom!, we explore how digital is revolutionizing financial markets. As tokenization accelerates and native digital assets gain traction, institutions are rethinking how this impacts their collateral, settlement and liquidity processes.

Key topics include:
Digital Trends – The latest trends across Digital Assets and AI
Use of Digital Assets – From tokenization of traditional assets through to the adoption of native digital assets
Collateral as a catalyst – Why Collateral is a key use case for the market
Industry Challenges – The move toward T+1 settlement and the need for greater optimisation

This is just the beginning! Stay tuned for Part Two, where we dive even deeper into the future of digital assets and collateral.

0:00 - Episode introduction
01:58 - Meet the Experts
03:12 - Two Truths, One Lie Challenge
08:22 - State of the Digital Market
11:01 - What Exactly is a Digital Asset?
14:09 - Why is Collateral the Catalyst?
17:03 - Current Industry Challenges in Collateral Management
20:11 - Unlocking Liquidity through Tokenisation
22:37 - The Road to a More Efficient Future
24:25 - Episode Conclusion and Outro
...more
26min
August 05, 2024 2: Tonic Boom! Ep.2: U.S. Treasury Clearing - Access Models and Industry Insights
In the second episode of our Tonic Boom! UST Clearing series, our Industry Ninjas (SMEs!) zoom in on the different Access Models that in-scope firms will need to choose from and implement.

Our Tonic CEO Chris Watts and Head of Post-Trade Phil Cook are joined once more by our friends at State Street, including Jeff Sowell (Head of Financing Product) and Jordan Cobb Vice President, Secured Financing.

Tune in for a deep-dive on the topics below, led by our experts:

0:00 - Episode introduction
01:48 - Meet the Experts
02:36 - Two Truths, One Lie Challenge
05:05 - Access Models for Treasury Clearing
06:02 - FIC GSD Membership Types
11:38 - Agent Clearing Model
15:05 - How the Sponsored Member Model Works
19:00 - Operating Model on the Sponsored Member Side
24:13 - Practical Steps for Firms
25:40 - Conclusion and Next Steps
...more
27min
June 19, 2024 1: Tonic Boom! Ep.1: UST Clearing – Kickstarter
In this inaugural episode of Tonic Boom!, we kick things off with a conversation dedicated to US Treasury Clearing (USTC), a truly monster reg initiative that will transform the UST industry operating model over the coming years.

The first in a series of episodes on the topic, Chris Watts (host and Tonic CEO) and Phil Cook (Head of Post-Trade at Tonic) focus on the foundations of UST clearing, joined by an impressive line-up of industry SMEs, Travis Keltner, Head of Financing at State Street, and Jeff Sowell, Head of Financing Product at State Street.

Tune in to hear answers to questions including, “What are the market drivers for USTC?”, “What is the regulatory scope, key rules and dates?”, “What is the history of Repo Clearing and how has it shaped the UST Clearing model we see today?”, and finally, “What are the key impact areas for in-scope firms?”

00:00 - Episode Introduction
01:26 - What is Treasury Clearing?
01:45 - Guest Introductions
02:49 - Two Truths, One Lie Challenge
05:18 - Introduction to Treasury Clearing
11:26 - Market Drivers and Regulations
06:46 - Central Clearing and its Implications
13:20 - History of Repo Clearing
20:33 - Key Impact Areas for InScope Firms
25:44 - Conclusion and Future Topics
...more
28min
February 14, 2024 Teaser: This is TONIC BOOM
Find out what you can expect from this new podcast channel.
...more
1min

FAQs about TONIC BOOM:

How many episodes does TONIC BOOM have?

The podcast currently has 9 episodes available.