Phase six margin cohort may exceed estimates as vol bites

Acadia sees numbers around a third higher than initial count, with fewer set to rely on relief


The sixth and final phase of non-cleared margin rules looks set to be bigger than initial industry estimations, as elevated volatility drags more firms into compliance than originally anticipated.

According to Acadia, which offers margin calculation and reconciliation for in-scope clients, the total number of firms expected to exchange regulatory initial margin within three months of the go-live date on September 1 is a third higher than earlier analysis suggested.

“Back in September, we

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Regulation shifts focus to listed FX

Jens Quiram, global co-head of FIC derivatives and repo sales at Eurex, assesses the state of the regulatory landscape in the FX market and outlines how listed markets offer a viable alternative to increasingly costly over‑the-counter instruments

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