Over the last year 200 buy side Finance Hive members across the globe have joined roundtable discussions to discuss UMR and Clearing as a potential route to compliance, and in March 2020 we brought together a selection of 50 buy side senior traders for a global benchmarking session.
This report summarises the discussions and key takeaways, plus top tips for navigating UMR from a selection of Hive recommended partners. It also includes comments from the IOSCO, who we were delighted to have join us on the day.
Since hosting the meeting and commissioning this report, the IOSCO and BCBS have made the suggestion to delay Phase 5 & 6 of the Uncleared Margin Rules until 2021 and 2022 respectively.
We are confident this report offers a relevant, detailed snapshot into buy side thought process, at a time where UMR was more pressing than it is now. As such we believe it will be a useful tool to use this time to get ahead, and make the UMR journey easier for all affected business functions.
Central clearing would reduce systemic risk and make OTC derivatives markets safer. But this objective of OTC derivatives reforms can only be achieved if CCPs are also subject to appropriate risk management to withstand stress situations.
Senior Policy Advisor, IOSCO
Download the report to read the findings.