Tag: Non-cleared margin rules
IM- the breakdown (averted)
As expected, ISDA have communicated a more granular breakdown of estimates for the likely population of the new IM phases 5 and 6, via relevant working groups. These have been replicated and published by a number of third party firms. Although all the numbers are estimated, there seems to be both a lack of mathematical […]
VM/IM Repapering: Learning the lessons from ‘Big Bang’
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’. […]
Stop the Bus! I Want to Get Off! More Changes to VM Protocol…
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 […]
The ISDA 2016 Variation Margin Protocol: Boldly Going Where No Protocol Has Gone Before
The Final Frontier On 17 November 2016, ISDA published a “Supplemental Rules Exhibit” (the “EMIR Supplement”) to the ISDA 2016 Variation Margin Protocol (the “Protocol”). The purpose of the EMIR Supplement is to enable adherents to the Protocol to integrate amendments for margin rules for OTC derivatives in order to achieve compliance with EMIR[1] into […]