
The impact of UMR on buy side firms can be significant in operational and collateral costs. This handy briefing will enable Phase 5 firms to review their average aggregate notional amount (AANA) levels and take steps to move themselves into Phase 6. For phase 6 firms there is more time to review and modify trading behavior, as well as balancing counterparty agreements to maximize the $50m posting threshold, which can reduce or possibly eliminate the cost of Uncleared Margin Rules (UMR).
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