Banks urged to engage custodians in time for IM phase two

Isda AGM: Start legal negotiations now or risk missing September deadline, warn dealers

September deadline
In-scope banks must start posting initial margin on new trades with other banks from September 1

Banks caught in the second wave of the new initial margin requirements for non-cleared trades should already be engaging with custodians if they hope to be compliant by September 1, large dealers have warned.

From that date, so-called phase two banks in countries such as Australia, Canada, the EU, Japan, Singapore and the US with non-cleared swaps notionals above €2.25 trillion ($2.45 trillion) must begin posting initial margin on new trades with other banks above the threshold. This comes a

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