Custody battle: competing tensions put IM prep in jeopardy

Conflicting custody interests and delayed docs call IM phase five readiness into question

The line is drawn. For more than 300 firms, the deadline to start exchanging initial margin on non-cleared derivatives is now just seven months away. And nerves are starting to jangle.

Funds need to select custodians and negotiate new documents for their collateral arrangements. But some custodians’ reluctance to support a new model for receiving collateral – and delays in publishing new custody agreements – are stalling preparations. It’s heightening fears of a logjam as the deadline for the

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