Swaps industry mulling new utility for margin compliance

Utility would run daily margin calls, using open source version of industry’s standard model

Utility would house tools for non-cleared margin regime

Banks and other market participants are considering setting up a new, industry-run utility to help firms comply with incoming rules on the margining of non-cleared trades, says Mas Nakachi, chief executive of OpenGamma, which is one of the firms involved.

The utility would perform a number of functions – messaging, reconciling portfolio data for users and helping resolve disputes – as well as conducting daily margin calls based on the standard initial margin model (Simm) that dealers hope will

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