FX prime brokers jockey for buy-side flows as IM phase 6 looms

Laura Matthews
26 Oct 2021

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Foreign exchange prime brokers are reporting an uptick in interest from asset managers looking to avoid a documentation crunch when the final phase of initial margin rules kicks in next year.

An estimated 800 mainly buy-side entities will be required to post initial margin on non-cleared derivatives – including FX options and non-deliverable forwards – starting from September 1, 2022. Observers have long warned of a bottleneck in legal paperwork as firms scramble to open custody and collateral

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