Margin for non-cleared derivatives—industry initiatives
Margin for non-cleared derivatives—industry initiatives

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Margin for non-cleared derivatives—industry initiatives
  • Background to margin requirements for non-cleared derivatives
  • ISDA SIMM™ documents
  • ISDA Create—IM
  • ISDA 2016 VM Protocol
  • ISDA Regulatory Margin Self-Disclosure Letter
  • ISDA Regulatory Initial Margin AANA Self-Disclosure Letter (October 31, 2019)
  • ISDA credit support documentation and Schedules for VM and IM
  • Factsheet on compliance with IM requirements
  • Trade life cycle events guide for non-cleared margin
  • More...

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for derivatives lawyers?

Coronavirus (COVID-19): On 6 April 2020, BCBS and IOSCO announced that they have agreed to extend by one year the deadline for completing the final two phases of the margin requirements for non-centrally cleared derivatives to allow market participants to focus their resources on ensuring continued access to the derivatives market and on 4 May 2020, the European Supervisory Authorities (ESAs) published joint draft regulatory technical standards to amend the Delegated Regulation on the risk mitigation techniques for non-centrally cleared over-the-counter (OTC) derivatives to incorporate a one-year deferral of the two implementation phases of the bilateral margining requirements. For more information on key developments and related practical guidance on the implications for lawyers, see: Coronavirus (COVID-19) toolkit and Practice Note: Coronavirus (COVID-19)—implications for derivatives transactions.

The introduction of margin requirements for non-cleared derivatives is transforming how firms use derivatives and requires

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