Margin

ISDA Publishes Future of Derivatives Survey

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Derivatives industry participants are optimistic about the future of derivatives markets, but have flagged a number of important changes that will have an impact on the future of the business, according to a new survey published by ISDA to coincide with the start of the 33rd ISDA Annual General Meeting (AGM) in Miami.

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ISDA Publishes Future of Derivatives Survey

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Derivatives industry participants are optimistic about the future of derivatives markets, but have flagged a number of important changes that will have an impact on the future of the business, according to a new survey published by ISDA to coincide with the start of the 33rd ISDA Annual General Meeting (AGM) in Miami.

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Getting Ready for Initial Margin: The Steps to Take

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Each September until 2020, increasing numbers of entities will be required to meet initial margin regulations as the threshold level for compliance reduces. Preparation for meeting these requirements will take significant time, and will involve intensive work to ensure systems, processes and documentation are in place.

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Getting Ready for Initial Margin: The Steps to Take

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Each September until 2020, increasing numbers of entities will be required to meet initial margin regulations as the threshold level for compliance reduces. Preparation for meeting these requirements will take significant time, and will involve intensive work to ensure systems, processes and documentation are in place.

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CloudMargin Attracts New US$10 Million Round of Investment Led by Leucadia National Corporation, IHS Markit

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Doubles Client Base; Secures Commitments from First Two Global Investment Banks; Achieves 250 Percent Annual Growth in Collateral Agreements on Platform; Expands Strategic Partnership with IHS Markit

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Prudential Regulators to exempt QFC amends from Margin Rules

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On 5 February the five US Prudential Regulators jointly issued a proposal to ensure that certain mandatory amendments to legacy contracts would not trigger their inclusion under the margin regime. The vast majority of jurisdictions contain anti-evasion measures in their margin rules, to the effect that material amendments to pre-margin, legacy trades will act to […]

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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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FFX Margin - all that is solid melts into air

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A brief spotlight through the fog swirling around the upcoming obligation to exchange margin on forward foreign exchange. There was a widespread, if only whispered, expectation that a 7/8 November ESMA Board of Supervisors meeting would result in an official announcement of forbearance. While the EU has no equivalent mechanism to the CFTC’s enthusiastic use […]

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EMIR = CFTC – better late than never

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On 13 October 2017, the CTC and the EU announced substituted compliance determinations in respect of margin requirements for OTC derivatives. The determinations accept that the CFTC’s Final Margin Rule and EMIR’s risk mitigation and margin requirements are sufficiently comparable on a substantive outcomes basis. For those interested in reading the full text, we recommend […]

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Stop the Bus! I Want to Get Off! More Changes to VM Protocol…

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Introduction With VM CSA repapering in full swing over at DRS, this article took a while longer to write than first anticipated.  It has now been two weeks since ISDA published another two supplemental rules exhibits further amending the ISDA 2016 Variation Margin Protocol (the “Protocol”) on 27 January 2017: Supplemental Rules Exhibit for Non-Netting […]

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