

Duck! Buy-side plan to dodge IM rules could backfire
Three-quarters of phase five firms do not expect to exchange margin for at least six months
Hundreds of buy-side firms will try to avoid posting initial margin on non-cleared derivatives this year by doing the limbo.
An estimated 800 firms – most of them from the buy side – are set to become subject to margin rules for non-cleared derivatives in September. The sixth and final implementation phase will target firms with more than €8 billion in notional outstanding. This is down from a €50 billion threshold for phase five, which took place last year and swept more than 300 firms into
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