VM repapering exercise ‘a swing and a miss’

Isda AGM: Banks picked up big bill but few benefits, says UBS ALM exec

Dealers have had to repaper thousands of legal agreements

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-cle