

Margin 'big bang' to catch tenfold more UK firms, FCA estimates
The final phase of the initial margin requirements for non-cleared trades in 2020 will capture 5.9% of UK financial firms – an almost tenfold increase from 0.6% currently – analysis by the Financial Conduct Authority (FCA) shows.
A back-of-the-envelope calculation by Risk Quantum suggests that roughly 50 firms in total will then be subject to the rules.
Under post-crisis reforms, institutions have to post collateral against their bilateral trades, with the mandate being phased in over time
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