Buy-side firms seek margin flexibility via CSA changes

End-users extending eligible collateral under credit support annexes, says Himco's Griffin. But cost is so far causing them to shun collateral transformation services

John Griffin, Hartford Investment Management Company

Buy-side firms are preparing for increased margin demands by trying to give themselves extra flexibility, according to John Griffin, head of derivatives and trading in the risk management department at Hartford Investment Management Company.

In some cases, firms are amending collateral agreements to allow a wider range of assets to be posted, Griffin told the Risk USA conference in New York today. They are also lining up so-called collateral transformation facilities, which allow corporate bonds

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