Collateral

Initial Swaps Margin: Facing Final Custodian Interactions

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Investment funds will have to meet initial margin requirements for uncleared derivative transactions in 2020 and 2021 will soon find that their biggest legal and middle-office challenges could be dealing with custodian banks. The new requirements will affect far more investment funds than the initial phases starting in 2016. Although funds likely have relationships with […]

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Joint Trade Association Letter on Cash and Money Market Funds as Initial Margin

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On August 1, 2019, ISDA sent a letter to the CFTC and US Prudential regulators, co-signed by Managed Funds Association (“MFA”), Securities Industry and Financial Markets Association’s Asset Management Group (“SIFMA AMG”), Investment Company Institute (“ICI”), Institutional Money Market Funds Association (“IMMFA”), and Securities Industry and Financial Markets Association (“SIFMA”). The letter requests that US regulators:

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Taking the Pulse of Our Members

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For much of the past decade, regulation has been the biggest driver of change in the derivatives market, and for good reason. Such has been the scale of the requirements and the frequency of the deadlines that compliance has been the priority for most market participants. But there comes a time when we need to take a broader, more strategic view, rather than only looking to clear the next regulatory hurdle.

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How Pre-Trade IM Calculation can optimize margin and reduce collateral drag

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The advent of the Uncleared Margin Rules (UMR) has not only put pressure on firms to make their systems compliant with the regulations, but has also put a drag on real returns as a result of the increased need to ... Read More

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ISDA Begins Review of Post-trade Services

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As part of a major initiative to drive efficiencies in post-trade services, ISDA is conducting a series of targeted surveys to gather member feedback in key areas. The aim is to identify opportunities for greater automation, reduced operational risk and lower costs.

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Give me more! Higher Capital Requirements and Loan Collateralisation

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Sudipto Karmakar

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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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Swaps Margin: The Final Sweep of Document and Ops Morass

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For collateral management operations and IT managers at hundreds of small to mid-sized broker -dealers and fund managment shops the nightmare of handling the new regulatory-imposed initial margin requirements for uncleared derivative contracts has just begun. Phase four of the US and non-US regulations, effective September 2019, and the ultimate phase five version, effective September […]

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