EU’s initial margin relief may come too late for phase five
Long-awaited easing of model governance requirements unlikely to take effect by September
Plans to relieve European firms caught in the fifth wave of the non-cleared margin rules from cumbersome model governance requirements are unlikely to be in place ahead of the September deadline. The delay means asset managers will have to independently validate and backtest the industry’s standard initial margin model (Simm) before using it for margin calculations – a costly exercise that many
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