Brevan Howard is first non-bank caught by margin rules, sources say

Non-cleared exposures thought to exceed $1.5 trillion

money regulation

Brevan Howard will become the first non-bank to be subject to initial margin rules in their next stage beginning September 1, industry sources say. The threshold for admission? A whopping $1.5 trillion in non-cleared derivatives.

Initial margin rules have been imposed in waves since 2016. The next one, phase three, begins in September. Sources say Brevan Howard’s Master Fund, due to heavy swaps exposures, will clear the threshold for inclusion this time around – the only buy-side firm to do so

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: