Initial margin

Joint Trade Association Letter on Cash and Money Market Funds as Initial Margin

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On August 1, 2019, ISDA sent a letter to the CFTC and US Prudential regulators, co-signed by Managed Funds Association (“MFA”), Securities Industry and Financial Markets Association’s Asset Management Group (“SIFMA AMG”), Investment Company Institute (“ICI”), Institutional Money Market Funds Association (“IMMFA”), and Securities Industry and Financial Markets Association (“SIFMA”). The letter requests that US regulators:

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ISDA Response to US Proposed Rule-making on Swap Margin Requirements

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ISDA has published the following response to US proposed rule-making on swap margin requirements.

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Margin Xchange…we hardly knew you

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Highlander 1986, “There can be only one!” or for a younger generation, “When you play the game of thrones, you win or die”.

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ISDA Self-Disclosure Exercise for Regulatory IM Phases 4 and 5

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Following the July 23rd Statement by BCBS and IOSCO revising the timeline for compliance with initial margin requirements and the end of the Phase 5 AANA calculation period in the US, ISDA is rerunning the multi-lateral IM self-disclosure exercise.

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ISDA Create to Add New Custody Legal Function for Initial Margin

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ISDA and Linklaters have announced the addition of a new custody function on ISDA Create’s initial margin (IM) offering, which will enable users to complete all documentation required for regulatory IM on a single platform. BNY Mellon will be the first custodian to go live on the platform.

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ISDA Publishes ISDA SIMM™ v2.2

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ISDA has published the ISDA SIMM™ Methodology, version 2.2, with an Effective Date of December 1, 2019. This version of SIMM includes updates based on the full recalibration and industry backtesting of the methodology.   It also includes additional granularity for the FX asset class, the removal of curvature margin from equity volatility indexes and an alteration to allow for annual calibration of credit non-qualifying intra-bucket correlations.

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A First for Derivatives Markets

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Anyone familiar with the history of the derivatives market will be able to tell you when the first swap was negotiated – in 1981, between IBM and World Bank. Thirty-eight years on, the market has seen the latest important landmark: completion of the first fully electronic negotiation of relationship-level swaps documentation between two counterparties.

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Taking the Pulse of Our Members

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For much of the past decade, regulation has been the biggest driver of change in the derivatives market, and for good reason. Such has been the scale of the requirements and the frequency of the deadlines that compliance has been the priority for most market participants. But there comes a time when we need to take a broader, more strategic view, rather than only looking to clear the next regulatory hurdle.

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