Understanding the ISDA Margin Protocol: Choices and Tradeoffs for Buy-side Participants
Margin regulations for OTC derivatives will start coming into effect for buy-side market participants in March 2017. These regulations have been adopted by regulators in the United States, the European Union, Japan and Canada, with others expected to follow soon. Each set of regulations has its own scope and requirements. Dealers have begun asking counterparties to sign-up compliant documentation, which will have significant legal, operational and economic consequences. Market participants need to start preparing now, and cannot afford to wait and see if the new Trump administration and Republican congress may change things.
On November 3, 2016, Cadwalader attorneys who represented the International Swaps and Derivatives Association, Inc. ("ISDA") in the development of industry-standard documentation, gave a webinar addressing issues of particular interest to buy-side market participants.
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