正规的买球赛平台-推荐正规买球平台

正规的买球赛平台-推荐正规买球平台

跳到主要内容

UMR第六阶段的最后一段即将到来

By Bob Stewart, DTCC执行董事,机构贸易加工 | 5 minute read | July 8, 2022

Amid the frenzied and uncertain landscape of the last two years, one telling insight stands out. 跨交易生命周期的自动化带来了所需的速度, 敏捷和弹性,以渡过波动. With the spate of new and revised regulations continuing to descend upon the industry, the value of automation cannot be further overemphasized to promote compliance.

更具体地说, the last stretch of instituting BCBS-IOSCO uncleared margin rules (UMR) – Phase 6 – which take effect on September 1, 2022 will impact in scope buy-side firms in Asia-Pacific with an aggregated average notional amount (AANA) of US$8 billion and require them to exchange initial margin (IM) with their counterparties.

相关内容:了解CSDR的影响

旨在降低交易对手风险和改善抵押品管理, UMR – which began implementation in 2016 – has highlighted the importance of automation. 与此同时, the challenges of managing IM demands were further amplified during the pandemic where volumes spiked significantly. 如果管理不善, 保证金流程和工作流程, 它们是推荐正规买球平台密集型的, could lead to a compliance breach when the required margin is not posted in accordance with the governing contract.

As a result, 各公司现在必须努力确保各方面准备就绪——可运作, legal, 文档. 让推荐正规买球平台仔细看看第6阶段,以及它将如何影响范围公司.

解决6级

随着AANA减少到80亿美元, Phase 6 will require more firms and their underlying clients to meet UMR requirements. It is estimated that the final phase of UMR will impact approximately 700 to 1,亚太及全球200个交易对手关系.

To gain a better understanding of the immediate priorities for Phase 6, Depository Trust & Clearing Corporation (DTCC) interviewed 26 buy-side firms in Asia-Pacific from December 2021 to February 2022. Our interview with firms revealed that nearly half (46%) of firms are still preparing for Phase 6 while another 12% have not commenced work. Time is of key essence in this instance, to avoid penalties for non-compliance.

Key findings from the interviews highlighted that 31% of firms are more concerned about the operational impact of the rules as opposed to the economic impact at 19%. 为了支持这一点, 31% of firms are now enhancing their collateral management processes while 42% or four out of 10 firms are conducting reviews.

These findings underscored an important aspect of UMR preparation: a thorough review of a firm’s existing business and operational environment is needed to identify current limitations and operational risks, 包括使用手工流程的领域. The impact analysis should include operational and information technology adjustments necessary to scale up operations, 消除错误, 确保运营弹性并促进合规.

了解物流的影响

There are also legal and 文档 aspects that must be addressed as firms prepare for Phase 6. The compliance process will likely require a checklist – to assign roles and responsibilities internally, 实现最适合的IM计算模型, 建立交易对手和托管关系, 并创建警报以监控即时消息阈值水平.

As the IM rules will require the setting up of segregated accounts with third-party or independent custodians, the complexity of managing this administrative activity and collateral movements may push firms to either outsource this responsibility or automate. Depending on which structure they choose – third-party custodian or tri-party custodian – the onerous task of attaching the correct collateral standing settlement instructions to a margin call may fall on firms if the former is chosen.

确保保证金结算

Given that more than a third of firms (39%) interviewed shared that they are still relying on manual methods to send collateral instructions – including e-mail, fax and portal provided by custodians – an automated and integrated platform is needed to streamline the various steps in the collateral and margining process to facilitate margin settlement. Process automation should start from the point that the margin call has been pledged or agreed to the exchange of IM and progress through to the settlement of collateral with real-time status updates.

As some of the firms in scope for Phase 6 are new to margin exchange or have limited exposure to derivatives, they are sometimes less sophisticated in set up and slower to automate their operational processes. This operational challenge will become critical when Phase 6 begins and when exchanging cross-border collateral across time zones.

全速前进

公司必须立即启动准备工作,以满足UMR第6阶段的义务. This includes a thorough assessment of their collateral and margin call process, 以及推荐正规买球平台进一步自动化的考虑. Firms will likely choose to outsource the management of collateral and margin calls, with others adopting automated solutions to streamline the highly laborious collateral management process, 包括保证金协议和抵押品交换.

作为9月1日, 2022年的最后期限将在眨眼之间到来, 企业还应加强运营准备, working on legal agreements to open collateral accounts at custodian banks and establishing the process for instructing and monitoring collateral movements. While there are some firms that may opt to remain below the US$50 million IM exchange threshold, these firms should consider unforeseen changes in market conditions that may suddenly increase their exposure – requiring them to exchange IM. 关键是要做好准备, both for UMR Phase 6 and for the next high-volatility event which is sure to come.

本文最初发表于 The Asset 2022年6月21日.

Bob Stewart - 432x576px
Bob Stewart DTCC执行董事,机构贸易加工

post
存管连接
2022年6月17日 理解CSDR的影响:...
post
存管连接
Jun 13, 2022 使用MTU解决UMR挑战
post
存管连接
2022年4月13日 转型后贸易的三步走...
回到DTCC连接
dtccdotcom