ISDA

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 Consultation – The results are in…

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In May 2019, ISDA launched two consultations: one addressing adjustments to fallback rates if IBORs are permanently discontinued, and another to address the pre-cessation of LIBOR and other IBORs.

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HKMA latest IM domino to fall

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Earlier today, the Hong Kong Monetary Authority announced their intention to adopt the BCBS/IOSCO’s revised implementation schedule.

Their updated deadlines are as
follows:

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Singapore and Korea join rush to delay IM

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The Korean Regulator, FSS, is the latest regulator to announce that they will adopt the BCBS/IOSCO guidelines for mitigating risk for non-cleared OTC contracts.

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ISDA Applies Further French Twist to IM Documentation

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Last July, ISDA decided to add French and Irish law to our library of Master Agreements in an attempt to prepare for potential Brexit complications. As mentioned in our earlier post, the objective of this is not to undermine English and New York law, but merely to offer an alternative so firms are awarded a greater choice.

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IM- the breakdown (averted)

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As expected, ISDA have communicated a more granular breakdown of
estimates for the likely population of the new IM phases 5 and 6, via relevant
working groups. These have been replicated and published by a number of third
party firms. Although all the numbers are estimated, there seems to both a lack
of mathematical rigour and some confusion between the population and threshold
estimates.

The estimates are as follows:

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IM Phase 5 to bifurcate

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Confirming recent market rumours, BCBS\IOSCO have today announced their recommendation to stagger IM Phase 5 implementation over a two year period. An adjusted Phase 5 will apply to firms with an AANA equal to or greater than USD\EUR 50bn and less than 750bn.

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The Latest on the Prospect of IM Phase 5 Relief

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Were you at the ISDA legal forum held in New York on 11 June?  If so, we’d love to hear from you.

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Uncleared Margin Rules – No Solace in Relief

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On 3 June 2019, ISDA, SIFMA and the GFMA wrote a letter to the CFTC, the Fed, the US Treasury, the SEC, the FDIC, the Farm Credit Administration and the Federal Housing Finance Agency seeking clarification that covered swap entities do not have to comply with the documentation requirements of the uncleared margin rules unless the amount of IM to be posted/collected exceeds $50 million.

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REGnosys and ISDA Provide Open Access to CDM 2.0 for Deployment

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REGnosys and the International Swaps and Derivatives Association, Inc. (ISDA) have extended their partnership by publishing the full version of the ISDA Common Domain Model (CDM) for interest rate and credit derivatives and opening access through the Rosetta Portal to all market participants, including non-ISDA members.

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