Some dealers are refusing to trade with clients that opted to sign new collateral agreements to comply with the non-cleared margin rules rather than amending existing ones.
The problem affects end-users that kept their old credit support annexes (CSAs) for legacy positions and signed new agreements to cover trades executed after the March 1 deadline to begin exchanging variation margin.
Those firms saw their portfolios split into two netting sets, each governed by a single CSA. Some banks are
The week on Risk.net, October 6-12, 2017Receive this by email