Tonic

Pete Cherecwich, Chief Operating Officer at Northern Trust, joins Tonic Titans for a candid conversation on leadership, career growth and what it takes to operate at the top of global financial services. He also shares his perspective on how the industry is evolving and what comes next. Listen to the full episode here: https://ow.ly/I0a550Z1MEx

📢🎧So here we are, episode two of Tonic Titans! And we’re delighted to say we’ve hunted down another fantastic Titan… Chris Watts - CEO of Tonic - sits down with Pete Cherecwich, COO at Northern Trust, for a candid chat about his career journey, leadership style and what it takes to operate at the top of global financial services. Pete shares his pathway from early days in fund accounting, to international leadership roles in Japan, and his subsequent career growth across custody, operations, middle office, technology and executive leadership. Along the way, Pete reflects on the lessons that have shaped him, from taking risks and learning through experience, to leading through complexity and staying competitive in a constantly evolving industry.  A thoughtful, entertaining and insightful episode with a hugely respected industry leader, a real Tonic Titan. 🎧Listen Now: Tonic: https://lnkd.in/erQwwhFh  Apple: https://lnkd.in/eY2YEagB  Spotify: https://lnkd.in/et_2ivkr  YouTube Music: https://lnkd.in/eS-ASGWs  Amazon Music: https://lnkd.in/et8xDiSX

CCPs are continuing to innovate in the U.S. Treasury clearing market - expanding access models, adding clearing capacity, and developing new ways for participants to manage margin and collateral. Customer-level cross-margining between FICC-cleared Treasury positions and CME Treasury futures, live since 30 April, is one of the clearest examples. Without it, customers running offsetting cash and futures legs under the new clearing mandate would post margin twice - once at FICC and once at CME - for what is economically a single risk. That double-posting threatens to make the basis trade uneconomic at scale, putting at risk the leveraged liquidity provision the Treasury market depends on. Cross-margining allows eligible offsetting positions to be recognised as a single risk portfolio, materially reducing the capital burden and helping keep the intermediaries the market relies on active. 🔗This page explores how the programme is structured, who benefits most, and what changes for posted margin: https://lnkd.in/ebhpfJWV 📩To discuss how these developments may impact your business, or to learn more about Tonic’s Treasury clearing expertise, please get in touch: info@thetonicconsultancy.com or reach out to our Head of Collateral Philip Forkan

📢🎧 The inaugural episode of Tonic Titans features Nadine Chakar, Global Head of Digital Assets at DTCC. Tune in for a candid conversation about her journey, leadership, and the future of innovation in financial markets. Nadine sits down with host Chris Watts, where she shares her personal pathway, from a childhood in Lebanon, to her move to the US for college, and her subsequent career growth within financial markets, across C-suite leadership roles in global custody, capital markets, fintech and market infrastructure. Along the way, Nadine manages to zoom-in on her current role at The Depository Trust & Clearing Corporation (DTCC) - at the forefront of the market’s accelerated transition to Digital Assets - as well as sharing key lessons learnt that have shaped her, plus her advice for the next generation. 🎧Listen Now:   Tonic: https://lnkd.in/eMemdK-n  Spotify: https://lnkd.in/eXyeHEQq  Apple: https://lnkd.in/eVG7C9PS  Amazon: https://lnkd.in/e4Gezftv  YouTube: https://lnkd.in/ezaqrJdF 

📢🎧 Did you miss our inaugural episode of Tonic Titans? We’ve kicked things off with a fantastic Titan, catch up now… Host Chris Watts - CEO of Tonic - sits down with Nadine Chakar Global Head of The Depository Trust & Clearing Corporation (DTCC), for a candid chat about her journey, leadership and future innovation within financial markets. Nadine shares her personal pathway, from a childhood in Lebanon, to her move to the US for college, and her subsequent career growth within financial markets, across C-suite leadership roles in global custody, capital markets, fintech and market infrastructure. Along the way, Nadine manages to zoom-in on her current role at DTCC - at the forefront of the market’s accelerated transition to Digital Assets - as well as sharing key lessons learnt that have shaped her, plus her advice for the next generation. 🎧👇Give it a listen now: Tonic: https://lnkd.in/eMemdK-n  Spotify: https://lnkd.in/eXyeHEQq  Apple: https://lnkd.in/eVG7C9PS  Amazon: https://lnkd.in/e4Gezftv  YouTube: https://lnkd.in/ezaqrJdF 

📢🎧Don't Miss The Latest TonicBoom! Episode - Margin Unchained: The Coming Shift in Variation Margin | In Partnership with BNY Hosted by Tonic’s Co-Founder Craig Pearson, this episode of TonicBoom! 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: ▪️What’s driving renewed interest in non-cash variation margin ▪️Why adoption is lagging despite strong business cases ▪️How tri-party models can unlock scale and reduce operational complexity ▪️The capital, liquidity, and documentation considerations firms must navigate ▪️Where tokenisation could play a role in future collateral mobility 🎧Listen Now: Tonics Website: https://lnkd.in/eA-sR_pN  Apple: https://lnkd.in/ePb5j5Eb  Spotify: https://lnkd.in/eQN3ztAK  Amazon: https://lnkd.in/e8476UbZ  YouTube Music: https://lnkd.in/exvUiACD

At Tonic, we are expanding our Associate (Contractor) bench to support a growing pipeline of high-impact transformation programmes across global financial institutions. Tonic is an expertise-led Capital Markets consultancy. We work with global financial institutions on complex, high-impact transformation programmes across collateral, digital assets, post-trade, financing, treasury, risk and regulatory change. We're in a growth phase. Which means we need contractors we'd genuinely put in front of tier-one clients, not warm bodies with the right buzzwords on a CV. Specifically, we're looking for: ▪️Roles: Senior Consultants and Managers who have experience as Business Analysts and Project Managers, as well as Senior Managers with extensive Programme Director level and deep Capital Markets domain expertise    ▪️Transformation & Advisory Leads: Senior managers who can lead engagements, own stakeholder relationships, and bring real consulting rigour to complex change    ▪️Priority domains right now: Agentic AI · Digital Assets · Collateral Management · Post-Trade If this is your world and you're open to contract work or you know someone, it is we'd love to hear from you. 📩🔗Reach out directly to our Recruitment Lead Harry Allen at Harry.Allen@thetonicconsultancy.com or click the link to send us the CV: https://lnkd.in/eMDpFzy6 

📢Tonic is hiring: Associate Director, AI Domain Lead Tonic is a specialist capital markets consultancy. We partner with Tier 1 banks, smaller banks, custodians, market infrastructure providers and buy-side firms on the complex, high-value problems across the front-to-back trade lifecycle: collateral, financing, post-trade, treasury, risk, trading, digital assets and regulatory change. We are now hiring an Associate Director to lead our AI practice. The role has two equally important mandates: External - build, sell and deliver AI-led engagements with our capital markets clients. Shape propositions that combine our domain expertise with practical AI and agentic solutions, from compliance automation and document intelligence to collateral optimisation, client onboarding and trading workflow automation. Internal - make Tonic itself an AI-enabled business. Embed AI across how we deliver client work, run our sales and mobilisation, and capture domain knowledge. Adoption is the measure, not tool count. What we are looking for: ▪️ A strong capital markets background across one or more of collateral, post-trade, treasury, risk, trading or regulatory change  ▪️ Real experience designing and scaling AI and GenAI solutions in financial services, including LLM-powered and agentic systems  ▪️ A commercial track record winning and delivering consulting engagements  ▪️ Credibility with C-suite and MD-level stakeholders  ▪️ A working grasp of the regulatory context: EU AI Act, DORA, model risk, data governance  ▪️ Genuine interest in the internal mandate, not only the client-facing side You will have real scope to build the proposition, team, tooling and client portfolio, with direct access to the CEO, Domain Heads and senior client relationships from the outset. 📍Based in London, hybrid. If this sounds like your next move, apply here: https://lnkd.in/eC2qXhkZ 📩Alternatively, message Harry Allen on LinkedIn, or email him at Harry.Allen@thetonicconsultancy.com. #CapitalMarkets #AI #Hiring #Consulting #FinancialServices