Sep. 1 deadline will mark the broadest test of firms' preparation on Initial Margin (IM) calculation workflows.
UMR and retirement of LIBOR are prompting the replacement of uncleared derivatives.
The change gives FXall users streamlined clearing of NDF trades through LCH ForexClear.
Phase 5 of the uncleared margin rules (UMR) took effect from September 2021.
Phase 5 of the uncleared margin rules came into effect on 1 September.
Buy side will have more compliance obligations pertaining to uncleared margin rules.