IM big-bang split confirmed with new $50bn threshold

Addition of sixth compliance phase looks set to slash September 2020 in-scope entities by more than half

Support for a delay is not universal

The fifth implementation phase of initial margin (IM) rules for uncleared derivatives is set to be split in two, global regulators confirmed today (July 23), through the addition of an anticipated sixth wave of compliance in September 2021, giving smaller buy-side firms an additional year to prepare. The move is expected to slash the number of firms caught in September 2020 – the so-called IM ‘big bang’ by more than half.

Foreign exchange market participants make up a sizeable portion of the

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