VM

EMIR 2.0- indirect, possibly unintended, certainly consequential

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Published in the OJ on 28 May, EMIR Refit entered into force on 17 June. Aimed at simplifying requirements and making obligations on smaller counterparties more proportionate, the Regulation is comprehensively summarised here.

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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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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 Publishes WGMR Compliant VM CSAs

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For anyone involved in preparing for the bilateral margin regulations in September 2016 and March 2017 the post below and background are important. For many firms putting in place CSAs to cover the new regulations is fundamental and still not clear on how to achieve compliance. Click the link below to visit the DRS site and read on....

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12th EMIR Q&A update

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On 31 March 2015, ESMA published its 12th Q&A on EMIR implementation. Since the previous Q&A dated 24 October 2014, ESMA provided further clarification on the following issues: OTC Questions: Intragroup transactions Status of sovereign funds Pension Scheme exemption from the clearing obligation Frontloading requirement and intragroup transactions exemption Clearing obligation in relation with trade novations […]

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Margin rules delay is in the air

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The industry`s call for a delay of the margin rules, expected to apply from 1 December 2015, may finally receive a positive response from the regulators[1]. These rules on risk-management of uncleared derivatives will impose collection of Initial Margin (IM) and Variation Margin (VM) . The global phase-in timeline was set by the Basel Committee on Banking Supervision […]

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