Delay to IM calculation window leaves some exasperated

“Hasty” decision by global rule-makers frustrates firms that had already started initial margin prep

The decision to delay the threshold calculation period for the fifth phase of the non-cleared margin rules has left some firms complaining that preparatory work may need to be redone and others warning of operational overload next year.

The shift accompanies a delay of phases five and six of initial margin rules, which will sweep hundreds of buy-side firms into scope.

“From the dealer’s point of view, we’re well into negotiations with phase five firms, and I think that both the dealers and the