Uncleared margin rules (UMR) for phase 4 and 5 market participants are coming, and service and infrastructure are rolling out a host of solutions to help buy-side firms be prepared. Lawyers are cautioning to start work early and custodians are worried about a rush of last minute requests for help and account set ups. Best practices and guidebooks are plentiful (here’s one from ISDA). We wonder though, how much will UMR help smaller firms, or is this regulation for regulation’s sake?
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