Collateral Management

Rumoured delay to Phase 5 UMR deadline

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phase 5 delay

Rumours are circulating that BCBS / IOSCO will shortly recommend that buy-side firms will be given additonal time to meet the final UMR compliance deadline.

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CFTC clarification on UMR and the 50mm

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UMR 50mm

Matthew Kulkin at the CFTC has issued a letter amplifying the guideance from BSBC / IOSCO on how to handle a relationship which is beneath the 50mm IM threshold.

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Congratulations you're in scope for UMR phase 5!

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phase 5 UMR

So what have you won?

1st Prize - You can keep trading derivatives. Which is pretty cool if you're in the business of trading derivatives.

But here's the kicker. In order to post or receive collateral, it is highly likely that you will have to on board with everyone's favourite ICSD... Clearstream. By September 2020.

This should however be a small price to pay considering the prize at stake here, so read on...

To start with, there are three components to the Clearstream doc package that must be considered.

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A SIMM webinar series: ‘SIMM: More than just end of day’ & ‘IM Cliff Edge: Avoid the 50mm Threshold’

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Cassini SIMM Webinar

IM & SIMM should now be part of front office decision making, and long-term portfolio management.  Our panel intends to discuss the extent to which initial margin should be part of all trading and portfolio decisions.  For UMR firms who are above the average notional threshold but potentially beneath the 50mm IM threshold on a relationship, can scale down their compliance plans. But, knowing the amount of IM needs work and managing the IM amount isn’t simple.

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New approaches to collateral management - within UMR: Webinar with OTC Space

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Is your collateral team running like clockwork? In this webinar we will dig into the ways you can prepare your team for UMR to keep them working at maximum efficiency.

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New CEO For CloudMargin

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Stuart Connolly

The new CEO at CloudMargin is a veteran of the OTC Market infrastructure space

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Calculating Phase 5 AANA for U.S. Regulations

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The U.S. non-cleared margin regulations require an earlier calculation period than other jurisdictions to determine whether a party is in-scope for initial margin.

Phase 5 IM calculation period in the U.S. is June-August, 2019. 

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ISDA Margin Survey Year-End 2018

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The ISDA Margin Survey looks at the impact of regulatory and other changes on collateral practices, and analyzes the amount and type of initial margin (IM) and variation margin (VM) posted for non-cleared derivatives, and the IM posted for cleared transactions.

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Cassini Systems partners with SmartStream to help firms meet Uncleared Initial Margin obligations

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London and New York – March 20th, 2019 – Cassini Systems, the leading provider of pre and post trade margin analytics for buy side derivatives trading, today announced its partnership with SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, to help financial institutions comply with BCBS-IOSCO margin requirements for uncleared OTC derivatives.

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Video: What is ISDA Create – IM?

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Derivatives trading and processing are becoming more automated, but the legal documents that back these trades are still reliant on paper and wet signatures. This slows down the time it takes to negotiate a document, and creates inefficiencies throughout the whole process.

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