Episode 11: Resilience by Margin

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The requirement to post initial margin for non-cleared derivatives was one of the main post-financial crisis reforms. As the industry prepares for the final two phases of implementation, Greg O’Donahue of the Ontario Teachers’ Pension Plan and Jérôme Blais of BNP Paribas Securities Services reflect on the impact and challenges of the requirements.

A Path to Greater CFTC-SEC Alignment

Earlier this week, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) held a roundtable on regulatory harmonization – an initiative we wholeheartedly support. The US regulatory framework has evolved over time to facilitate financial markets...

Working Towards Tokenized Collateral

One of the lessons learned from recent market shocks – including the 2020 dash for cash and the UK gilt market crisis in 2022 – is that when volatility strikes and market participants must suddenly generate large amounts of cash...