In September 2022, the derivatives industry passed a significant milestone in post-financial crisis market reform. The initial margin requirements of uncleared margin rules (UMR) ushered in by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions, were extended to the final group of market participants – or Phase 6 of their implementation.
This progression also marked the final phased go-live for the International Swaps and Derivatives
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