Variation margin

EMIR Refitted?

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Winter is coming…

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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 not, the countdown has already begun.

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Winter is coming…

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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 […]

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ISDA presses the panic button on IM

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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.

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ISDA presses the panic button on IM

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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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FFX Margin- the far off sound of a fat lady singing

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The will they-won’t they soap opera of European FFX margin regulation is likely drawing to a close. As promised in their 24 November announcement, the three European Supervisory Authorities (ESMA, EBA and EIOPA) published a draft amendment to the EMIR Margin RTS. The amendment The amendment does clarify matters by excising the announcement’s “most likely”, […]

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EU FFX – fiasco saga

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On 24 November the European Supervisory Authorities (ESAs) released their long (in context) waited forbearance announcement with respect to the margining or not of forward foreign exchange. A short summary follows: Everyone else agreed to this but didn’t follow on Our hands are tied and we will need to change EU law Likely changes will […]


Follow the link for more commentary on the FX margin statement and the definition of firms in or out of scope.

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VM/IM Repapering: Learning the lessons from ‘Big Bang’

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What did we learn? 1 March 2017 – deadline day for ‘big bang’ – has come and gone.  We all breathed a sigh of relief.  Or did we?  Regulators recognised the fact that firms would not be compliant and, in general, counselled the industry to ‘do your best to get it done by 1 September’.  […]

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ISDA Adds Independent Amounts to VM CSAs

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On 20 December 2016, ISDA published template clauses which allow market participants to include “Independent Amounts” within their Variation Margin CSAs.  The purpose of the amendments is to allow counterparties to create a single CSA which covers both regulatory variation margin and non-regulatory Independent Amounts. The new provisions work by amending the definitions of “Delivery […]

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Singapore and Australia finalise VM compliance

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To rephrase the old complaint- you wait for ages for a WGMR update then two arrive at once. The MAS in Singapore and the APRA in Australia have today issued revised and final timelines for compliance with their respective non-cleared margin rulesets. The APRA announced that Prudential Standard CPS 226 Margining and risk mitigation for […]

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