IM phases five and six collide as buy side delays readiness

More than 1,000 segregated accounts for uncleared margin may still need to be opened post-deadline

Timing clash

The decision to stall the opening of thousands of segregated accounts ahead of the fifth phase of initial margin (IM) requirements may come back to bite buy-side firms, as implementation threatens to bump up against phase six on September 1. That’s when firms with more than €50 billion ($58.7 billion) in average aggregate notional amount – or its equivalent in other currencies – will come under the scope of the next phase of initial margining.

Many buy-side firms have decided to delay putting

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