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Non-cleared Derivatives

ISDA Initial Margin Documentation Webinar Series

ISDA developed a series of short webinars related to the initial margin (IM) documents published in late 2018 and 2019, which can be accessed in the ISDA Bookstore and Online Library.

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 […]

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 […]

Charles River bolsters collateral management processes with AcadiaSoft

Time for Recalibration – IQ January 2019

It’s traditional to start the New Year with a few predictions. When it comes to forecasting the priorities for derivatives markets, however, this year’s list is easier than most to put together: Brexit, benchmark reform, margin, cross-border issues and technology.

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 […]

CFTC nod and a wink for IM phase 5 depopulation

The CFTC’s Office of the Chief Economist (OCE) has responded to industry petitions to mitigate the widely-forecasted IM Phase 5 oncoming storm. Readers will recall the July 2018 ISDA/SIFMA white paper previewing the phase 5 population explosion and recommending various reduction strategies: • Raising the in-scope AANA threshold from $8bn. to $100bn. • Postponing mandatory […]

Joint Trades Final Stages of Initial Margin Phase-In Comment Letter

The final phases of uncleared margin rules (UMR) implementation present serious logistical challenges. In-scope market participants face a number of major hurdles, which are exacerbated given the number of counterparties expected to come into scope. These include large scale efforts to re-document every bilateral relationship in accordance with UMR, operationally set up third-party segregated accounts and adopt IM modeling to minimize the dispute resolution process, among other key tasks.

ISDA presses the panic button on IM

As market participants are all too aware, following the financial crisis in 2008-2009, G20 agreed to a regulatory reform agenda covering the OTC derivatives market and market participants, including proposals for margin requirements for non-centrally cleared derivatives. The recommendations were finalised in the BCBS-IOSCO’s Final Framework for Non-Centrally Cleared Derivatives, which established the international standards […]

 

Click the link below for the full article - useful in parallel to our earlier papers and the one from ISDA. Bill.

ISDA presses the panic button on IM

As market participants are all too aware, following the financial crisis in 2008-2009, G20 agreed to a regulatory reform agenda covering the OTC derivatives market and market participants, including proposals for margin requirements for non-centrally cleared derivatives. The recommendations were finalised in the BCBS-IOSCO’s Final Framework for Non-Centrally Cleared Derivatives, which established the international standards […]

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