Insights & News
Recent Regulatory and Market Developments
- June 28, 2022 The UK's Prudential Regulation Authority completes its review of SIMM usage among phase 1 Banks and publishes a letter outlining shortcomings they see in the way SIMM is used, and the potential resulting impact on margin shortfall remediation. Outlines actions required from Phase 1 Banks and notes that the potential impact on hedge funds portfolios coming into scope in September 2022. Here
- Sep 1, 2021 New Version SIMM 2.4 issued by ISDA. To be effective from Dec 4 2021
- Sep 1, 2020 New version SIMM 2.3, issued by ISDA. To be effective from Dec 5, 2020
- Mar 2020 - Global Regulators decided to delay compliance for phase 5 and Phase 6 by one more year. There by compliance date for phase 5 becomes Sep 1, 2021 and phase 6 is Sep 1 2022
- July 2019 - BCBS/IOSCO agreed extension to the final implementation of the margin requirements by one year for firms with an AANA (Aggregate Average Notional Amount of non-centrally cleared derivatives) between €8 billion and €50 billion to September 1, 2021, creating a phase 6. For firms with an AANA between €50 billion and €750 billion, the application date remains September 1, 2020
- Sep 2019 - Phase 4 come into scope of the Uncleared margin requirements
- Dec 1, 2019 - SIMM 2.2, the latest version of the ISDA Standardised Initial Margin Model becomes effective.
