Banks warn prime brokerage clients of ‘material’ MVA costs

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The buy side is being warned to brace for a "material" impact on fees they pay for foreign exchange prime brokerage services following the introduction of margin rules for non-cleared swaps. The impending price rise is also leading some clients to reassess their prime broking relationships.

The rules, which were introduced on September 1, require the largest banks in the US, Japan and Canada to post gross initial margin on non-cleared swaps that fall under the rules. These initial margin

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