IM Phase 5 mitigation…’ish

Banks have spent the last four years gamely preparing for and complying with IM regulations. Phases 1-3 have been challenging, the current phase 4 promises more of the same. The market has long been aware that phases 1-4 are mere kittens to the phase 5 (probably angry) tiger. Useful initiatives- negotiation platforms, custodian portals, standardised […]

Lehman case confers clarity on “COB”

Whilst many know of the infamous collapse of Lehman Brothers, not many are aware of how Lehman Brothers helped to clarify important business terms. In a recent dispute between Lehman Brothers (Lehman) and ExxonMobil (Exxon), the High Court was faced with a number of issues, in particular, issues relating to what was meant by ‘close […]

How estimating CCP margins could save you millions

How the hedge fund industry can maximise returns in 2019

Agreement Reached Over EMIR Refit

Hot on the heels of ESMA’s 31 January 2019 ‘blind eye’ statement, on 5 February 2019, the EU Council issued a press release confirming it had reached agreement with the EU Parliament on certain aspects of the EMIR REFIT programme. Broadly, the changes are that: A new category of “small financial counterparty” will be created. […]

Knights (and ladies) of the Roundtable

DRS recently hosted a well-attended IM Breakfast Roundtable at the Gherkin. A distinguished list of panellists included Mayer Brown’s Ed Parker, Margin Reform‘s Chetan Joshi and Bank of New York Mellon’s Mark Higgins. Focused primarily on the imminent challenges of IM Phase 4, participants were drawn from the sellside; the event’s success effectively mandates a […]

Thank FCAUK!!

Heads of Legal Spared Life Under the Senior Managers Regime   On 23 January 2019, the FCA published Consultation Paper CP19/4*** “Optimising the Senior Managers & Certification Regime and feedback to DP16/4 – Overall responsibility and the legal function” (the “Consultation Paper”).  The consultation period closes on 23 April 2019, with a Policy Statement slated […]

What you need to know about Prisma’s TEA component

2 New Year’s resolutions which will save your firm millions

Everyone knows that January is the month of New Year’s resolutions – so why not set some for work as well as home? To help you get started, we’ve come up with two resolutions that will help you better manage your trading costs and see a greater return in 2019: 1. Dedicate time to reducing your margin costs New Year’s […]

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Winter is coming…

excellent post on UMR from DRS - a must read for any firm who might be in Phase 4 or 5. Bill

Rising to the repapering challenges of IM Phases 4 and 5   Introduction The deadline for compliance with Phase 4 and Phase 5 of the IM requirements is miles away, isn’t it?  Isn’t it…? The truth is that, whether you like it or not, the clock is already ticking.  Whether anyone has told you or […]