SEC's last-minute CDS margin fix sparks buy-side anger


Buy-side firms have reacted angrily to temporary portfolio margining provisions rushed out by the Securities and Exchange Commission (SEC) late on Friday as the clock counted down towards yesterday's start of mandatory clearing in the US.

The last-minute fix allows firms to benefit from offsets between cleared index credit default swaps (CDSs), which are subject to the mandate, and single-name contracts, which are not. But instead of allowing the portfolio to be margined at the same level as tha

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: