Margin

Regulatory Certainty is Crucial

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It is said that nothing in this world is certain except for death and taxes. That’s true enough for financial markets, where gains can turn to losses in the blink of an eye. But it should be possible to achieve a level of certainty and consistency in how financial markets regulation is interpreted and applied.

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Implementation of Margin Requirements and Market Fragmentation

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Jurisdictions across the globe have implemented margin requirements for non-cleared derivatives, largely in line with the standards agreed by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO). Since implementation of the first phase of the requirements in 2016, the US, European Union (EU), Japan and others have extended the requirements in line with the phase-in schedule agreed by BCBS/IOSCO.

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US IM Rules: Start Phase Five Calculations Now

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We know a large number of small, non-systemically important firms will come into scope of initial margin (IM) requirements in September 2020. Less well known is that, under US rules, financial end users potentially subject to the phase-five implementation will need to start running aggregate average notional amount (AANA) calculations from next week to determine if the rules will apply to them.

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Calculating Phase-Five AANA for US Regulations

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The phase-five initial margin (IM) calculation period in the US is June-August 2019, and not March-May 2020 as in other jurisdictions. The US non-cleared margin regulations require an earlier calculation period than other jurisdictions to determine whether a party is in-scope for initial margin.

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Upcoming Conference on Phase 4, Phase 5 and the Future of Initial Margin (IM) Documentation

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ISDA Symposium®
Phase 4, Phase 5 and the Future of Initial Margin (IM) Documentation
IM Requirements, ISDA Documents & Streamlined IM Negotiation

Wednesday, June 12, 2019

New York

8:15 AM  |  Registration and Continental Breakfast

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

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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.

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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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