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 as we drop the mic on everything from margin, post-trade, treasury, risk, and compliance, to sustainability and the decentralised finance landscape - all on a global scale. Are you ready for a dose of industry tonic?
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May 19, 2026Episode 1432 min
14: Tonic Titans: Pete Cherecwich, COO at Northern Trust
So here we are, episode two of Tonic Titans! And we’re delighted to say we’ve hunted down another fantastic Titan… Host 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. There’s also time for lighter moments, including Pete’s ambition to become “the worst golfer to play the best courses in the world.” A thoughtful, entertaining and insightful episode with a hugely respected industry leader, a real Tonic Titan. Please do have a listen.
April 23, 2026Episode 1336 min
13: Margin Unchained: The Coming Shift in Variation Margin | In Partnership with BNY
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:
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
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.
April 21, 2026Episode 1240 min
12: Tonic Titans: Nadine Chakar, Global Head of Digital Assets at DTCC
So here it is, our inaugural episode of Tonic Titans! And we’re delighted to say we’ve hunted down a fantastic Titan to kick off with... Here host Chris Watts - CEO of Tonic - sits down with Nadine Chakar, Global Head of Digital Assets at 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. A thoughtful and inspiring debut Tonic Titans episode, with a true industry leader who continues to move the dial for the industry. Please do have a listen.
0:00 - Intro & Welcome
1:50 - Quickfire Favorites Round
5:28 - Career Deep Dive Begins
5:46 - Current Role: DTCC Global Head of Digital Assets
9:18 - Career Journey Overview
9:42 - Growing Up: Lebanon, Civil War & Coming to Boston
25:39 - Biggest Lesson Learned
28:08 - DTCC No Action Letter & Digital Assets Strategy
37:32 - Advice for Graduates & Future Leaders
39:27 - Closing Remarks
February 24, 2026Episode 1130 min
11: Real Time Repo Liquidity
Hosted by Tonic’s Head of Digital Steven Czarnota, this episode of Tonic Boom explores how DLT adoption is enabling real-time repo liquidity - and what that means for the future of collateral markets. Steven is joined by Anthony Woolley (Ownera), Richard Glen (HQLAX), and Dan Phillips (J.P. Morgan) for a dynamic discussion at the intersection of traditional finance and digital infrastructure. It’s a great opportunity to hear directly from market leaders who are actively building and scaling solutions in one of the most fast-moving and transformative areas of capital markets. The conversation covers: • The business case driving intraday and real-time repo • The progress already made moving assets and liquidity on-chain • What the next phase of digital collateral interoperability and 24/7 liquidity looks like With production platforms already live and volumes accelerating, this isn’t a future-state conversation - it’s a look at a market transition happening right now. If digital repo, collateral mobility, and on-chain liquidity are on your roadmap, this episode is essential listening.
00:00 - Introduction
01:39 - Guest Introductions
03:42 - Real-time Repo and DLT Adoption
07:15 - The Challenge of Intraday Liquidity
11:43 - How Digital Collateral Records Work
17:14 - The Current State of Real-Time Repo
21:45 - The Future of Digital Finance and 24/7 Liquidity
29:13 - Conclusion
January 22, 2026Episode 1035 min
10: ICE Clear Credit Treasury Clearing Offering
Please note: this episode was recorded towards the end of 2025. Since recording, ICE is now operationally live for US Treasury clearing and is currently awaiting final regulatory approval. This episode is hosted by Tonic’s CEO Chris Watts, alongside Tonic’s clearing and collateral specialist Philip Forkan. They’re joined by Helen Fermor, COO of ICE Clear US, to unpack one of the most significant regulatory developments to hit global markets in recent years: US Treasury clearing. It’s a great opportunity to hear directly from a market leader at the centre of one of the most dynamic and consequential changes underway in global capital markets. With the SEC mandate set to fundamentally change how the world’s largest government bond market operates, the discussion explores why expanded clearing has become a regulatory priority, how the industry has responded so far, and what market participants need to be thinking about as compliance deadlines approach. Drawing on ICE’s deep experience operating systemically important clearing houses, Helen shares insight into ICE’s treasury clearing offering, including its agency-style model, approach to customer access, margin flexibility, and risk management - and how this differs from existing clearing solutions. You’ll hear: • Why US Treasury clearing is central to reducing systemic risk and improving market transparency • How ICE’s agency-style clearing model expands execution choice and access to liquidity • What margin, collateral, and account structure options firms need to evaluate • The technology, onboarding, and documentation challenges firms should address now • Why early adoption can unlock liquidity, capital efficiency, and operational resilience Whether you’re a dealer, buy-side firm, principal trading firm, or clearing broker, this episode offers practical insight into how Treasury market structure is evolving — and how to prepare for a cleared future. If US Treasury clearing is on your 2025–2027 roadmap, this is one you won’t want to miss.
00:00 - Introduction
01:02 - Why Treasury Clearing Matters
01:40 - Guest Introduction
03:39 - Industry Update: Treasury Clearing Mandate
10:35 - ICE’s Approach vs. Other CCPs
16:49 - What Makes ICE’s Model Different?
29:56 - The Home Stretch For Treasury Clearing
34:01 - Conclusion
August 26, 2025Episode 937 min
9: Digital Collateral – A Resilience Game Changer?
This episode is hosted by Tonic’s CEO Chris Watts, alongside Head of Digital Steven Czarnota. They’re joined by Kelly Mathieson (Chief Business Development Officer at Digital Asset) to explore the transformative potential of digital collateral and DLT (Distributed Ledger Technology) in building resilience across capital markets.Using real-world case studies - including the 2008 Global Financial Crisis, COVID-19 market shocks, and the 2022 UK LDI crisis - the team unpacks how legacy infrastructure amplified stress and how digital solutions might have changed the outcome.You’ll hear:• How DLT can deliver real-time collateral visibility and enhance market stability• Why smart contracts and tokenization reduce reconciliation and operational risk• The future role of tokenized physical assets like gold in meeting liquidity needs• How intraday mobility and tokenized MMFs could reshape margin management• The importance of interoperability across DLT platforms, including the Canton networkWhether you’re navigating today’s challenges or preparing for the next market stress event, this episode offers practical insights into how digital infrastructure can unlock stronger, more resilient markets.If you’re not already exploring DLT and tokenized assets - this is your polite nudge to start.00:00 Introduction00:59 Topic Introduction: Digital Collateral – A Resilience Game Changer?02:12 Guest Introductions04:43 Segment: Two Truths, One Lie06:37 2008 Global Financial Crisis16:44 COVID-19 Pandemic24:02 2022 UK Gilt Crisis33:12 Impact of DLT and Tokenization38:41 Conclusion
July 22, 2025Episode 819 min
8: Cost Optimisation Innovation - Part 2
In Part 2 of our special series, host Emma Watson dives even deeper into the evolvinglandscape of securities finance with Steve Lethaby and Andrew TurveyFrom the transformation of market infrastructure to how fintechs are reengineeringworkflows, this episode tackles the big themes shaping tomorrow’s market:• Settlement efficiency, collateral mobility & interoperability: how are iCSDssupporting cost optimisation across the market?• Real-time collateral optimization using AI & cloud-powered tech• Fintech disruption: How new platforms are slashing manual processes andreshaping 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-ledinnovation?Expect frank insights, sharp observations, and a big focus on collaboration, data, anddigitization - the building blocks of a more resilient, efficient market.📌 If you're in funding, liquidity, collateral, or just want to understand how operationalprecision is becoming a strategic advantage, this episode is a must-listen.
July 10, 2025Episode 718 min
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 Challenge05:37 Market's Focus on Cost Optimisation06:50 Impact of the Global Financial Crisis10:10 Where the Market Stands Today15:02 Future Directions in Securities Financing17:52 Episode Conclusion and Outro
June 2, 2025Episode 624 min
6: 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 Challenge05:19 Why is Collateral Playing Such a Significant Role?10:50 What Does HQLAx Do?16:22 Buy-Side and HQLAx19:20 Maximum Optimisation20:52 What Should Firms Be Thinking About Doing?23:08 Episode Conclusion and Outro
April 29, 2025Episode 525 min
5: 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 Intro02:45 Two Truths, One Lie Challenge09:30 Treasury Clearing Mandate 16:22 What Should Clients Be Doing Today?18:00 Start Early and Maintain Momentum23:46 The Implementation Timeline Iceberg25:00 Episode Conclusion and Outro
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