Initial margin
I want security: stylized facts about central counterparty collateral and its systemic context
In this paper, the authors introduce the principal policy issues affecting CCPs and collateral and then use these disclosures to contextualize some stylized facts that may aid in understanding and addressing the policy issues.
VM showdown a clash banks could not win
Clients clinging to hard-won CSA terms, in face of dealer calls for standardisation
OTC market resisting swap futures threat
Swap futures yet to break out, but backers see margin, accounting and Citadel as tailwinds
VM regime threatens explosion of small margin calls
Transfer threshold designed to avoid small payments is unworkable, critics claim
Industry friction on initial margin model backtesting
NFA said to have set 10-day standard; other regulators applying different approach
Industry faces crunch time on Simm enhancements
If the required new risk factors are not added on time, firms may face a more punitive look-up grid
O’Malia: renegotiate VM docs now to avoid March mayhem
Risk USA: variation margin deadline much tougher than September 1, Isda chief warns
Huge Brexit margin calls stoke intra-day funding fears
Calls on June 24 may have topped $40 billion; critics urge regulators to review episode
LCH to revise margining after Brexit backlash
Excess intra-day margin will offset other collateral calls from November 3
LCH under scrutiny after outsized Brexit margin calls
Intra-day calls criticised by banks; FIA working group pushing for change
Netting questions linger in Asia margining rules
Hong Kong set to exempt non-netting trades from margin regime, following Australian position
Eight months needed for smooth Asia variation margin roll-out
The alternative is an unprecedented repapering exercise, writes Isda's Scott O'Malia
EU bid to fast-track non-cleared margin rule slammed as ‘reckless’
Requiring banks to post initial margin before year-end 'would be risky', says SocGen's Litvack
CFTC ‘puzzled’ by CPMI-Iosco plan on margin procyclicality
Prescriptive models could increase systemic risk at CCPs, market participants warn
Final EU non-cleared margin rules softened for pension funds
No margin concentration limits for pension funds, but intragroup rules threaten US equivalence
Non-cleared margin transfer rules vex asset managers
Market split on whether MTA applies at the client or account level
CME set to clear CMBX index swaps
Product to clear next year amid fears of falling liquidity from new non-cleared margin requirements
EU non-cleared margin regime set to take effect in January 2017
EC expected to publish its final non-cleared margin rules on October 4
Banks warn prime brokerage clients of ‘material’ MVA costs
Some buy-siders reassessing relationships as a result
Loan danger: CFTC sees systemic risk in margin financing
Combination with net margin posting at EU CCPs could leave clearing members on the hook
Banks missing margin transfer deadline due to timezone clash
Euroclear shuts at 12:15pm New York time, causing some US banks to miss T+1 cutoff
EU net margin rules are riskier than US regime, warns CFTC
Commission’s Bandman raises margin financing as emerging systemic risk to CCPs
Non-cleared margin rules unsettle Asian booking hubs
European banks reluctant to rely on complicated exemptions for inter-affiliate trades
CFTC split as it endorses Japanese margin rules
Substituted compliance ruling means parties will not face worst-of-both-worlds regulation