The platform

The Cumulus9 Terminal.

Eight modules on one calculation pipeline. Margin, analytics, live monitoring, treasury and compliance are computed on the same submission, from the same reference data, so there is never a second source of truth to reconcile.

etd · equities · fixed income · fx · crypto

POST /portfolios

Margin on Demand

Pre-trade margin on the exact portfolio you are about to trade, computed by the same engine that runs your end-of-day.

One API call, every CCP, every asset class. Pre-trade, intraday and end-of-day all hit the identical calculation path — synchronous for the desk, batch for the overnight schedule — so what-if numbers reconcile to the clearer’s bill to the cent.

20+ methodologies
~30 ms sync
500 MB batch
5 asset classes

One API, every CCP. A single POST /portfolios returns margin for SPAN, SPAN 2, PRISMA, TIMS, SIMM and more, all in the same response.
Pre-trade in ~30 ms. Synchronous calculation typically returns in around 30 milliseconds — stage a portfolio, get the margin, decide, move on.
What-if is a first-class flow. Submit proposed trades and get the margin delta per contract, per account, per CCP. No separate sandbox.
Multi-asset in one payload. ETD, equities, fixed income, FX and crypto route to the right methodology automatically, CRIF/SIMM and CUSIP bond positions included.
Batch up to 500 MB. Priority, FIFO and replace-all queue modes let urgent runs overlay a heavy overnight schedule.

all modules

var · es · stress

Risk Analytics

Forward-looking risk on the same portfolio, in the same engine, as your margin.

Historical VaR with Expected Shortfall, user-defined stress testing and 15 years of historical PnL — computed on the same submission as the margin number, so the risk committee spends its time analysing, not reconciling.

VaR & ES · 99%
15 years of PnL
4-level stress overrides
Lookback to ~3,900 days

One engine, three streams. VaR, stress and historical PnL run inside the pipeline that produces your margin numbers — one number, no reconciliation.
Real stress scenarios. A four-level override hierarchy (sector, sub-sector, underlying, expiry) with versioned, per-user scenario libraries the risk committee owns.
Position-level attribution. Incremental VaR by contract and by sector ships in the same response — point at the contributor in one click.
15 years of PnL, decomposed. Drill any day down to per-contract changes in price, delta, volatility and theta. Yesterday’s loss has a contract name attached, not just a sign.

all modules

Live VM & IM

Real-Time Risk Monitoring

Live PnL, read against the exposure baseline your clearer will charge from.

EOD risk is an autopsy. Account-level PnL marked to live prices streams over WebSocket as an overlay on the latest engine run, with operational alerts evaluated on every portfolio submission — all on the screen the risk desk already watches.

1 s market-data throttle
1–10 s PnL cadence
5 Greeks per account
3 alert modes

Streamed, not polled. PnL deltas push over /ws/results as live pricing lands — no polling, no flicker to zero, no separate ticker.
Alerts on every submission. Delivery-risk (first notice / last trading day), custom-formula and non-permissible-currency alerts, configured per user and delivered by email.
Market data, priced transparently. A live Market Data Monitor shows the formula and inputs behind every quote — implied volatility, risk-free rate, time to expiry — so a mark is never a mystery.
A clean wire under a fast tape. Throttled broadcasts, fingerprinted rows and backpressure-aware streaming keep the feed calm when the market is not.
Live drill-down. Per-position mark-to-market, Greeks from the latest run, and the contract that drove the latest move.

all modules

release · cycle

Parameter Monitor

Know the moment every exchange publishes its margin parameters — and let portfolios recalculate themselves.

Margin parameters drop on the exchange’s schedule, not yours. Parameter Monitor watches every engine, alerts the instant a file is released or ready, learns each exchange’s release rhythm, and turns any new parameter cycle into a zero-touch recalculation with a per-account margin impact report in your inbox.

10 s auto-refresh
7 engines watched
20 GB cycles tracked
0 manual runs

Live readiness, one screen. Every engine’s parameters with publish time, business date, file size and status — auto-refreshed every 10 seconds.
Alert on any parameter. Email the second a watched file is released or ready to use, set straight from the row. No configuration.
Rhythm, anomalies, forecast. Full release history reveals each exchange’s cadence, flags late or missing files against their SLA, and forecasts the next window.
Zero-touch recalculation. A new parameter cycle from any engine recalculates portfolios automatically and emails old-vs-new initial margin, per account.

all modules

set · approve · push · prove

Limits Manager

One control plane to set, approve, push and prove every pre-trade limit, across every trading system and exchange.

Limits are fragmented twice over: every authority publishes its own caps, and every trading front-end and exchange risk tool holds its own copy of yours. Limits Manager unifies both halves from a single golden source. Every limit from every authority normalised into one three-tier breach model and evaluated in the margin pipeline, and every change driven through one governed workflow: request, approve, push, reconcile, audit.

80+ exchanges
12 limit systems unified
< 1 s push & reconcile
100% audited changes

One unified breach model. Every authority and every contract — CFTC, ESMA, FCA, MAS, SFC, ASIC, exchanges, clearing houses — mapped into three consistent tiers: Position, Accountability and Reporting.
One golden source of limits. Every limit, every system, versioned and point-in-time queryable — what limit was in force, who set it and when is a query, not an inbox reconstruction.
One workflow for every change. Request → approve → push → reconcile → audit, with maker-checker approvals. The same governed path drives an API push, an exchange message or a one-click operator import, identically.
Honest, tiered connectivity. Native API where it exists, generated native-format files with one-click import where it doesn’t — and reconciliation read-back everywhere, so drift raises an alert instead of hiding.
Two engines, two duties. A real-time pre-trade firewall and a position-accumulation ledger for statutory caps — both fed by the same golden limits, so neither duty is bolted onto the other.
Evidence on demand. Funding-ready exports, searchable audit logs, and one-step single sign-on. The regulator's question becomes a query, not a project.

all modules

vm + im · 99% / 1d

new · v0.4.0

Liquidity-at-Risk

Know the cash before the call lands.

Initial margin drives most of the uncertainty in a derivatives book's cash outflows, and variation margin settles in cash every single day. Cumulus9 recomputes both live as prices land and sizes tomorrow's adverse tail as one pre-fundable number.

Intraday VM & IM
VM + IM · 99% / 1d
One fundable number
By clearing bank

Real-time VM and IM. Both margins recomputed intraday as prices land, streamed by clearing bank and account, and rewindable to any tick or past close of business.
One number to fund. VM-at-Risk plus IM-at-Risk, read at 99% / 1-day from the same historical-simulation engine as your VaR, is the adverse-tail cash to pre-fund. No market forecast required.
Size the tail, not the direction. Expected VM is roughly zero, so the average tells treasury nothing. Cumulus9 computes the full distribution of tomorrow's settled cash, and the tail is the number that matters.
By clearing bank, by account. The figure decomposes to where the cash actually moves, so the buffer sits at the right bank instead of being one blended guess.

all modules

im · to expiry

Margin Forecasting

The margin calendar projected to expiry, weeks ahead of the call.

The biggest margin move can be no market move at all. Margin Forecasting projects initial margin day by day to expiry with the market held flat, so spot-month escalation, delivery margin and spreads breaking land on the funding calendar weeks ahead, not in the morning's call.

IM day by day to expiry
Market held flat
Delivery cliffs dated
Weeks of notice

The forward trajectory. IM projected day by day from today to expiry, per portfolio and per clearing house, with every price held where it is.
Cliffs become dates. A delivery window that needs 3.7× today's margin is a calendar entry weeks out, not a 7 a.m. surprise. Spot-month escalation and expiring spreads are dated the same way.
Fund the peak, not the average. Treasury sees the highest point of the trajectory and the date it arrives, so the buffer is arranged in advance on normal terms.
What-if on the calendar. Roll, trim or expire positions in a staged portfolio and watch the projected trajectory reshape before anything is committed.

all modules

as-of · 15 yrs

Margin Replay History

Any book, any business day, 15 years back.

Replay VM and IM for any portfolio on any historical date: a point-in-time reconstruction of the whole book on that business day's market data and parameters, not today's book against old prices.

15-yr as-of window
Any book, any date
That day's parameters
Dispute-ready

That day's data, that day's rules. Positions, prices, risk parameters and methodology versions are all restored as of the chosen date, so the number is the number that would have been charged.
Backtest the buffer. Walk the book through 2020 and 2022 day by day and see what liquidity-at-risk would have demanded, before deciding how much cushion is enough.
Settle the disputed call. Reconstruct the margin a clearer charged on any past date and reconcile it line by line, methodology and parameters included.
History as evidence. 15 years of parameters and prices retained and queryable, so a regulator question or a client dispute is a lookup, not a project.

all modules

Run your book through it.

Bring us a portfolio and the scenarios that matter. No commitment, and no data retention beyond the demo.

Request a demo Read the API docs