
A large proportion of derivatives users will soon be required to post margin on non-cleared derivatives trades – in many cases, for the first time.
The implications for market participants are vast. Derivatives contracts will need to be changed, third-party segregated accounts will need to be set up, systems and processes to oversee the exchange and settlement of collateral will need to be developed, and new models for calculating margin will need to be established, implemented, tested and approved.
This webcast outlines the scope of the new requirements and describes the ISDA initiatives that are under way to prepare for the rules. This includes progress on developing a standard initial margin model (SIMM)TM and adaptations to collateral documentation.
Click here to listen to the audio recording.
Click here for a PDF of the slide presentation.
Speakers:
Scott O’Malia, ISDA CEO
Overview and Current Status of Margin Rules for Non-Cleared Swaps
Mary Johannes, Head of US Public Policy, ISDA
ISDA’s WGMR Implementation Committee
Tomo Kodama, Managing Director, Bank of America Merrill Lynch
Standard Initial Margin Model (SIMM)
Katherine Darras, ISDA General Counsel, Americas
Key Legal and Operational Issues
Latest
Refreshing the FX Definitions
A lot has changed in the FX derivatives market since 1998, when the last set of standard definitions for FX transactions were published. Trading volumes have grown substantially, and average daily turnover has risen by six times. Market practices have...
ISDA & EMTA Publish New FX Definitions
ISDA and EMTA, Inc., the trade association for emerging markets, have jointly published a revised set of standard definitions for foreign exchange (FX) derivatives transactions, which update key market practices and consolidate various FX and FX-related product templates and provisions...
ISDA Position Paper on SFDR Review
On February 27, ISDA and the Association for Financial Markets in Europe (AFME) published a position paper on the European Commission’s (EC) proposed revisions to the Sustainable Finance Disclosure Regulation (SFDR 2.0). The paper welcomes the EC’s proposal as a...
ISDA Response to HKMA SFC Consultation on Clearing Rules
On February 27, ISDA responded to a joint consultation by the Hong Kong Monetary Authority (HKMA) and the Securities Futures Commission (SFC) on proposed amendments to schedule 2 of the clearing rules for over-the-counter (OTC) derivatives. The proposed amendments introduce...
