Most see the final phase of the initial margin rules coming a year later, in September 2021
Move to new reference rates could hurt some swaptions holders, while others enjoy “windfall gain”
Total trading VAR stood at $44 million for Q2
JB Drax has become a key broker for at least 15 buy-side firms, including Brevan Howard. But what is driving the success of the secretive agency broker and its peers?
CME Clearing’s futures and options clearing service issued a variation margin payment call of $1.5 billion to one member in the first quarter of the year – the largest made by the central counterparty since Q2 2018. The call occurred on March 15, as a series of futures and options contracts expired simultaneously – an event known as a ‘quadruple witching’. The peak VM call was 56% bigger than the one of $975 million made in Q4 2018.Read the full article