VM repapering exercise ‘a swing and a miss’
Isda AGM: Banks picked up big bill but few benefits, says UBS ALM exec
The derivatives industry’s ongoing attempts to comply with new margining rules for non-cleared trades have been “a swing and a miss” for dealers, according to Duncan Rodgers, a managing director at UBS and UK head of group asset and liability management.
Banks had initially hoped to use the exercise – which requires individual dealers to sign or amend tens of thousands of collateral documents – known as credit support annexes (CSAs) – as a way to standardise terms, which would have made non
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