Non-centrally cleared OTC derivative margin survey
New regulations governing the margining of non-centrally cleared OTC derivatives are rapidly being developed.
Over the period April to June 2014, InteDelta undertook a global survey of derivatives market participants in order to assess expected market impact and how the road to compliance is being navigated.
The survey findings, accompanied by a commentary from InteDelta, have now been published. The main contents of the paper are as follows:
Impact of the regulations
- Expected materiality of future bilateral OTC derivatives business
- Which firms will be impacted?
- Overall impact to systems, processes, policies and documentation
- Organisational impact
Implementation progress made
- Initial Margin models
- Haircut models
Interest in the survey was high across all types of institution. More than 80 institutions responded to the survey. 59% of survey respondents were banks, 41% were asset managers.