One of the fundamental requirements to conducting business for the Group is having access to liquidity, managing working capital and margin posting requirements.

The Group ensures that sufficient head-room is preserved at all levels (corporate, regional and platform levels) through a system that forces platforms to maintain a liquidity reserve within their working capital usage allocation to meet exceptional market conditions.

Line availability is controlled both locally and centrally by the Treasury Department with the head of Treasury in charge of relaying potential areas of concern to the Risk Committee.

Central and local minimum cash reserves are maintained and residual funding capacity is monitored against cash flow forecasts. In case of potential stressed situations, businesses are required to reduce line usage.