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Here is a brief description about the SWD program and the needs for phase 2 where we are planning to build a UI-based solution to support the regulatory submission for 2018 and beyond. Solvent Wind Down is a key regulatory requirement by the PRA and FINMA. PRA requires UBS to model the wind down (over 18 months) of its balance sheet as part of its requirements for (financial) Recovery and Resolution (financial failure and stress scenarios). It has been agreed with FINMA that the same exercise is done for the IB activities of UBS AG and Sec LLC. Traders need to identify which of their trades will mature contractually within the wind down period and, for those that do not, how they will need exit them, typically by selling portfolios. The PRA has defined a set of templates that need to be completed as part of the exercise and submitted to the PRA. The effort in 2017 was largely manual with extracts of open positions created in spreadsheets and traders using macro enabled spreadsheets to provide their inputs. Reporting was done using MicroStrategy. As part of phase 2 for 2018 submission an end-to-end automated solution is being planned to source open positions from the ledger, provide a UI-based solution to traders to review, inputs and view summarized reports to help with the wind down analysis.