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Initial margin

ISDA Letter to ESAs on IM Model Requirements

The International Swaps and Derivatives Association, Inc. (ISDA), the Securities Industry and Financial Markets Association (SIFMA), the Securities Industry and Financial Markets Association’s Asset Management Group (SIFMA AMG) and the Association of the Luxembourg Fund Industry (ALFI) (hereinafter the Associations) support the efforts of regulators to help the industry in the implementation of the initial margin (IM) rules applicable to non-centrally cleared derivatives.

Webinar: What you need to know about calculating SIMM

ISDA Annual Legal Forum

The 2019 ISDA Annual Legal Forum will cover the most pressing legal and regulatory issues facing derivatives markets. This year’s Forum on June 11 in New York will bring together legal and regulatory experts to discuss:

  • Implementation of Phase 5 Initial Margin Requirements
  • Transition from LIBOR to alternative risk-free rates and enhancements to fallbacks
  • Future of industry documentation
  • CFTC recent developments, priorities & enforcement litigation

Keynote Address by:

Focus IM Rules on Risk and Readiness

Four months from now, the industry will be putting the final touches on the implementation of the fourth and penultimate phase of the initial margin (IM) requirements for non-cleared derivatives. For many participants, though, the real challenge continues to be how to meet the phase-five deadline one year later, despite an initiative by standard-setters to reduce the risk of a compliance bottleneck.

EU Japan Billet Doux

Marriage is on the decline in Japan it seems, bucking that particular trend, and as a prelude to the EU-Japan summit, the European Commission decided on the 25 April that Japanese Financial Services Agency (JFSA) rules are equivalent in respect of uncleared transactions. The decision concludes that JFSA rules on the exchange of margin and […]

ISDA AGM 2019: Eric Litvack Chairman Remarks

ISDA AGM Hong Kong 2019

April 11, 2019, 9.00am-9.15am

 Eric Litvack – Chairman’s Remarks

Top 20 Firms Collected Nearly $160 Billion in Initial Margin at Year-End 2018, Survey Finds

ISDA has published its latest margin survey, which shows the amount of initial margin (IM) collected by the 20 largest market participants for their non-cleared derivatives trades continued to rise in 2018.

ISDA Margin Survey Year-End 2018

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.

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

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.

Tackling the IM Challenge

Let’s start with the good news. The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) last week published a statement highlighting that counterparty relationships that fall below an initial margin (IM) exchange threshold aren’t obliged to meet documentation, custodial or operational requirements.

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