Bank of London Expands in North Carolina The Bank of London, a global clearing, agency, and transaction bank, reports that it will “expand its United States footprint by opening its U.S. Global Platform and Services headquarters in Charlotte, North Carolina,” in a move that will create 350 jobs in multiple disciplines by 2026. “New positions… Read More >>
CloudMargin & Margin Tonic to Launch AANA Service
Collaboration to Target Ongoing UMR Calculations CloudMargin, a collateral and margin management vendor, and Margin Tonic, a service provider for collateral and post-trade operations, are working together to launch “a global Average Aggregated Notional Amount (AANA) calculation service” that trading firms can use to navigate the phases of the Uncleared Margin Rules (UMR) regulatory reforms…. Read More >>
UMR Raises the Stakes for Recs & Ops
Is it possible that the global collateral and margining reforms known as the Uncleared Margin Rules (UMR) could be viewed as having ramifications beyond increasing workloads for reconciliation and securities operations to meet the compliance challenge? Many medium-to-small-sized firms may be asking that question as they work their way through the many requirements of UMR… Read More >>
Buy Side Not Ready for UMR Deadlines: Survey
A recent survey of buy-side firms by custodian banking giant State Street finds that more than 80 percent of those polled say they are not quite ready for the implementation of the uncleared margin rules (UMR) for non-centrally cleared derivatives. The UMR reforms have been driven by the Basel Committee on Banking Supervision (BCBS) and… Read More >>
TriOptima & AcadiaSoft Target Collateral Interest Payments
The processing of collateral interest payments needs automation, and vendors TriOptima and AcadiaSoft are partnering to change that as financial services firms gear up for the onset of the Uncleared Margin Rules (UMR) regulations. Cash collateral accounts for approximately 70 percent of all collateral exchanged for non-cleared derivatives, according to the International Swap Dealers Association… Read More >>
Sell-Side Firms Are Reviving Key Projects: SmartStream
(Sell-side firms are reviewing and reengaging strategic projects in the wake of a pandemic that caused staff to work remotely, says Jason Ang, program manager, TLM Collateral Management, at SmartStream Technologies. This return to strategic projects amid lockdowns and re-openings means the sell side is re focusing on collateral and its importance for credit risk… Read More >>
CFTC Extends IM Deadline for Phase 5 Firms
Citing the operational challenges of the COVID-19 pandemic, the CFTC extended the initial margin (IM) deadline for Phase 5 firms from September 2020 to September 2021, but sidestepped moving the IM deadline for Phase 6 firms. Phase 5 firms now have another year to comply with the IM requirements for uncleared swaps under the regulatory… Read More >>
SIMM Is Riding Out the Volatility Storm: ISDA
The global, economic tsunami caused by the COVID-19 pandemic is, among other things, spurring questions about the best way firms can calculate initial margin (IM), given the recent onset of wildly volatile financial markets. As you will recall, IM is essential for firms that engage in derivative transactions that are not centrally cleared. Firms are… Read More >>
UMR Deadlines Postponed Due to COVID-19
The COVID-19 pandemic has caused another major industry postponement: the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) have moved the deadlines ahead by one year for the last two phases of the implementation of the uncleared margin rules (UMR) for non-centrally cleared derivatives. “In light of the significant… Read More >>
