1. A data processing system for managing collateral risk associated with a trade of a financial instrument, the system comprising: a processor, a memory coupled to the processor and containing a database therein configured to at least store one or more user-definable rulesets relating to a desired trade, at least one search module configured to search for accounts that could accept potentially eligible security positions therein based upon user-selectable search criteria and to store search results obtained therefrom in said memory, said at least one search module using the search results to identify each of the potentially eligible security positions for consideration as collateral for the trade; and a user configurable collateral analysis module that determines an eligibility of the potentially eligible security positions as collateral for the trade by applying said one or more user-definable rulesets in an algorithm, said algorithm being executed by said processor so as to test an eligibility of said each of the potentially eligible security positions as collateral for the trade by testing an eligibility along each of a plurality of logical paths defined by the one or more user-definable rulesets, wherein for each security position that is determined to be eligible on every rule in a given logical path, the processor outputs a collateral eligibility or ineligibility indication via a user interface.