In this issue of IQ, we focus on the new margin regime in three feature articles. In the first, we consider just how much of the derivatives market will be affected by the non-cleared margin rules. In the second, we review the WGMR requirements and the efforts to translate those into binding national rules. The third article outlines ISDA’s WGMR implementation efforts and its work to develop a standard initial margin model.
Documents (1) for The Road Ahead for Non-Cleared Derivatives – Vol 1, Issue 1: April 2015
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Global FX Derivatives Market Overview
Global FX derivatives average daily turnover reached $6.6 trillion in April 2025, roughly double its level in April 2013. While FX swaps remain the largest segment in absolute terms, recent growth has been driven by outright forwards and FX options,...
Safe, Efficient Markets for SFTs
Securities financing transactions (SFTs) – including repurchase agreements (repo), securities lending, buy/sell backs and margin lending – are foundational to the functioning of modern financial markets. They support the day-to-day distribution of liquidity, enable collateral to move efficiently across cash...
ISDA, GFXD, UK Finance, LMA Respond to HMT on UK BMR Reform
On March 11, ISDA, the Global Foreign Exchange Division of the Global Financial Markets Association, UK Finance and the Loan Market Association responded jointly to a consultation from His Majesty’s Treasury on the future regulatory regime for benchmarks and benchmark...
