Phase five margin queues spur calls for custody revamp

Custodians urged to update “antiquated technology” ahead of threefold jump in phase six initial margin onboarding

Paperwork mountain

The latest wave of initial margin rules for non-cleared derivatives has left market participants at sixes and sevens. Or should that be, at fives and sixes.

Phase five of the rules was marred by lengthy documentation queues as more than 300 mainly buy-siders scrambled to open thousands of custody accounts before the September 1 deadline. Fears are growing that firms caught in phase six, due next September, will face the same chaotic fate.

Many phase five firms were forced to rely on emergency

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