Brevan Howard is first non-bank caught by margin rules, sources say
Non-cleared exposures are thought to exceed $1.5 trillion
Brevan Howard will become the first non-bank to be subject to initial margin rules in their next stage beginning September 1, industry sources say. The threshold for admission? A whopping $1.5 trillion in non-cleared derivatives.
Initial margin rules have been imposed in waves since 2016. The next one, phase three, begins in September. Sources say Brevan Howard’s Master Fund, due to heavy swaps
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