“Prior to the implementation of the rules, there was more flexibility around margin settlement. Now, firms that historically have not collateralised their margin transactions but who are in scope for the margin rules have begun using different techniques to mitigate the impact of these rules and to retain some of this flexibility, including trading products that are not subject to the rules, such as deliverable foreign exchange forwards, trading out of entities that are considered to be out of scope, or trading with counterparties where US rules don’t apply,” says Chris Bender, director of regulatory advisory in the global regulatory solutions team at Chatham Financial in Pennsylvania.
Industry hails potential US relaxation of margin timing rules
By Robert Mackenzie Smith
October 18, 2017
*Registration may be required
The Fraught Search for a LIBOR Fallback
The fraught search for a Libor fallback By Chris Davis and Robert Mackenzie Smith November 13, 2017 Rob ...
Derivatives regulation compliance doesn't have to be hardEmail Our Team
Other content in this Area
Libor to SOFR Switch Will Be Challenging
Eric Juzenas, director of global regulatory and compliance policy, discusses the benefits of transitioning away from LIBOR, the possible complications of switching to SOFR and if additional risk manag
The Loan Market Loves LIBOR...
Global markets are plotting a move away from the London Interbank Offering Rate (Libor).
Considerations for LIBOR Alternatives in Loan Documentation
Chatham Financial covers some of the issues that should be considered as market participants prepare for the unavailability of LIBOR and the resulting impact on loans and derivatives.
Learning Curve: The Promise and Perils of Deal-Contingent Hedging
Deal-contingent hedging can be a great way to hedge risks associated with mergers and acquisitions, but a number of pitfalls can flummox first time users of these specialist derivatives.
The Legal Entity Identifier (LEI) Explained
Chatham Financial explains how regulators and banks use global Legal Entity Identifier (LEI) codes
The State of Play on Derivatives Regulation
The State of Play on Derivatives Regulation Now more than a year since a new Presidential administration took residence on Pennsylvania Avenue, consequential changes to derivatives laws are...
EU Proposals Feed Hopes of Forex Forward VM Relief
EU proposals feed hopes of forex forward VM relief By Lukas Becker and Nazneen Sherif November 17, 2017 “The proposed revisions to the Emir margin rules are a strong step towards the...
Balance Sheet Risk Management Hedging Programs Under the Volcker Rule
Balance sheet risk management hedging transactions are typically not “proprietary trading” nor should the BSRM programs themselves be required to implement a compliance regime.
The Fraught Search for a LIBOR Fallback
The fraught search for a Libor fallback By Chris Davis and Robert Mackenzie Smith November 13, 2017 Rob Mangrelli, director in global real estate hedging and capital markets at Chatham...
Using the End-User Exception to Dodd-Frank
Chatham Financial talks about factors that non-financial companies attempting to mitigate financial risk may consider
ESMA: Get Your LEIs Ready for MiFIR
ESMA: get your LEIs ready for MiFIR October 10, 2017 Eric Juzenas, director of regulatory advisory at Chatham Financial, noted that the European Union is stricter in some areas in data reporting...
Reform Proposals Aim to Boost US Capital Markets
Reform proposals aim to boost US capital markets By John Doran October 6, 2017 Luke Zubrod, director of strategic initiatives at Chatham Financial, said: “Some of our clients have found it...
Impact of Margin Rules on OTC Derivatives at Community and Regional Financial Institutions
Adding Harmony to Swap Trading Rules
Adding Harmony to Swap Trading Rules September 28, 2017 “However, there are a lot of unknowns about how equivalence for trading regimes will play out, Mr. Juzenas said, adding that trading...
European Commission Proposal
European Commission Proposes Important Changes to EU Derivatives Law Corporate End-Users welcome changes to EMIR’s reporting rules May 4, 2017 This week, the European Commission (EC) released its...
Dodd-Frank Was Too Much — And Not Enough
Dodd-Frank Was Too Much — and Not Enough September 20, 2017 In some ways, the Dodd-Frank Act was an over-reaction to legitimate problems revealed by the financial crisis. The law identified many...
Final US Position Limits Rule Will Take ‘At Least A Year’
Final US position limits rule will take ‘at least a year’ By Joanna Wright August 25, 2017 Eric Juzenas, a director in consultancy Chatham Financial’s global regulatory solutions team, who has...
Impact of Margin Rules for OTC Derivatives on Fund Risk Management EU
US OTC Margin FAQs
ISDA Advisory & Negotiation ISDA Agreements are complex and convoluted, and most businesses don’t negotiate them very often. Those that have negotiated an ISDA know that doing so can be...
Impact of Margin Rules for OTC Derivatives on Fund Risk Management