Non-cleared margin logjam looms after squandered delay
Fewer than half of phase five firms have submitted documentation necessary to open custody accounts
Buy-side firms could struggle to meet the already delayed deadline for complying with the fifth wave of the non-cleared margin rules after many of them wasted a 12-month extension granted by regulators in response to the Covid-19 pandemic.
Firms with more than €50 billion equivalent in average aggregate notional amount (AANA) of over-the-counter derivatives will be required to start exchanging
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