Working Group on Margining Requirements (WGMR)
US regime differs on currency, threshold, eligible collateral and non-financials
Collateral transformation facilities being lined up but are not being used
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More Working Group on Margining Requirements (WGMR) articles
Sponsored survey analysis: IBM
European regulators confirm haircut will apply to both initial and variation margin
Corporates lag other participants; less than a third collateralising
Future crisis could see non-cleared swap margin double, says Goldman exec
Industry would struggle to hedge risk following a dealer default, says Goldman's Frankel
Approach would be twice as efficient as planned uncleared margin regime, dealers claim
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...
Regulators suggest WGMR haircut will not apply to variation margin, reducing the threat to the viability of the standard CSA
Critics say a limited provision in new WGMR rules for dealers to rehypothecate client collateral is impractical and offers no benefit to clients
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
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