IM big bang split confirmed with new $50bn threshold

Addition of sixth compliance phase looks set to slash September 2020 in-scope entities by more than half

Support for a delay is not universal

The fifth implementation phase of initial margin (IM) rules for non-cleared derivatives is set to be split in two, global regulators confirmed today (July 23), via the addition of an anticipated sixth wave of compliance in September 2021 – giving smaller buy-side firms an additional year to prepare. The move is expected to slash the number of firms caught in September 2020 – the so-called IM ‘big bang’ by more than half. first reported on July 16 that regulators were planning to delay

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