Working Group on Margining Requirements (WGMR)
Covered bond issuers cheer EU swaps margin relief
Regulators recognise collateral posting barriers but set six conditions for an exemption
Collateralisation jumps by a fifth - Isda margin survey
Corporates lag other participants; less than a third collateralising
Frankel: new QIS needed to avoid pro-cyclical margin
Future crisis could see non-cleared swap margin double, says Goldman exec
Wider clearing scope will create risk, warns Goldman exec
Industry would struggle to hedge risk following a dealer default, says Goldman's Frankel
Dealers push ‘margin-sharing’ as answer to collateral crunch
Approach would be twice as efficient as planned uncleared margin regime, dealers claim
Isda forced to rework year-old standard CSA
Regulation hits key element of landmark collateral contract - but planned revisions will reintroduce settlement risk
Secretive start-ups eye uncleared OTC risk reduction
Dividing the over-the-counter market into cleared and uncleared products creates extra risk and inefficiency, critics claim – it also creates an opportunity for services that can repair the damage. Start-ups and established firms alike are now jockeying…
WGMR rules create funding complexity for dealers
How long will a client hold a 10-year swap? It could be 10 years – or it could be 10 days – and the answer has big implications for dealer funding requirements
Risk on the WGMR rules
The WGMR published its final rules on uncleared margin on September 2. Nick Sawyer and Matt Cameron discuss the implications
WGMR 8% collateral haircut unlikely to apply to variation margin
Regulators suggest WGMR haircut will not apply to variation margin, reducing the threat to the viability of the standard CSA
Industry ‘won’t bother’ with one-time rehypothecation
Critics say a limited provision in new WGMR rules for dealers to rehypothecate client collateral is impractical and offers no benefit to clients
WGMR rehypothecation rules unclear and confusing, say lawyers
Final WGMR rules allow collateral on uncleared derivatives to be rehypothecated under strict conditions, but lawyers say they are unclear on how the rules will work in practice
FX swaps and forwards off initial margin hook
Working Group on Margining Requirements has confirmed the exemption of FX swaps and forwards from initial margin, as well as a more restricted exemption for cross-currency swaps
WGMR exemption for FX swaps and forwards expected imminently
Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for forex swaps and forwards
Simple, but sensitive: challenges face standard uncleared margin model
Simple, but sensitive
Profile: Standard Chartered's Feder on Singapore benchmark changes
A charter for change
Dealers plan standard margin model for WGMR regime
Fight over margin requirements for uncleared trades is not over, banks vow, but Isda will develop a standard model for use under the rules
Isda AGM: Uncleared margin rules create dangerous distortions, say panellists
New margin rules for uncleared derivatives will distort behaviour and increase systemic risk, panellists say
WGMR proposals raise procyclicality fears
Proposals on the margining of uncleared over-the-counter derivatives trades have been revised to dampen the potential liquid impact
New standard CSA could be hurt by WGMR rules
Some dealers have started trading under the standard credit support annex, but a requirement in new uncleared margin rules could subject many trades to a haircut, potentially causing a re-think. By Matt Cameron and Nick Sawyer
Banks claim €300 billion hole in margin study
Banks call for Basel Committee and Iosco to rerun study on impact of uncleared margin rules after errors emerge
Liquidity fears temper uncleared margin proposals
Rules see two-way posting of initial margin, but apply threshold of €50 million in counterparty risk
‘Near-final’ margin rules to be issued within days, says Iosco chief
Secretary general of Iosco confirms that further work is needed to assess the economic impact of margin requirements for uncleared derivatives
Global margin standards face further delays
Proposals to collateralise non-centrally cleared derivatives could now be subject to further consultation and impact assessment, having missed the original end-of-2012 deadline