21 September 2017
Reporter: Drew Nicol

AcadiaSoft expands user base for IM compliance

AcadiaSoft has welcomed six new clients to its AcadiaSoft Hub, which provides relief from initial margin (IM) rules for non-cleared derivatives.

The second phase of the IM rules went live on 1 September under the regulatory framework of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO).

According to AcadiaSoft, all counterparty groups that are in-scope for the new rules are using its hub for IM calculation and reconciliation, while nearly all are also using the hub for IM call issuance and response.

The rules require a standard calculation of how much IM to exchange, which must be either schedule-based or based on an approved model, such as the ISDA SIMMTM, or standard IM model, calculation.

Mark Demo, AcadiaSoft product director, said: “Day one average differences for phase two firms were significantly reduced from day one average differences for phase one firms.”

“The phase two firms have used their extra time wisely.”

Phase three is set for 1 September 2018, and will include regional banks, pension funds and asset managers.

More news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Citi and CME Clearing launch collateral DLT platform
18 December 2017 | New York | Reporter: Zsuzsa Szabo
The blockchain software aims to reduce margin cost
South Africa extends code of conduct consultation deadline
18 December 2017 | Pretoria | Reporter: Jenna Lomax
The Registrar of Securities Services has proposed a new code of conduct for a renewed deadline for comment
Dubai Financial Market launches short selling
18 December 2017 | Abu Dhabi | Reporter: Jenna Lomax
Dubai Financial Market has launched a regulated short selling service after gaining approval by the Securities and Commodities Authority
J.P. Morgan and Citi collaborate on truePTS post-trade platform
15 December 2017 | New York | Reporter: Zsuzsa Szabo
The New-York-based startup processes ecosystem for the global $700 trillion derivatives market
SIFMA: US market requires improved CCP access
15 December 2017 | Washington DC | Reporter: Jenna Lomax
The Dodd-Frank Act has increased the need for US firms to have access to non US swaps trading venues and central counterparties, according to paper by FIA and SIFMA
France raises spectre of European financial transactions tax
15 December 2017 | Paris | Reporter: Jenna Lomax
French President Emmanuel Macron and several ministers have dismissed concerns over the negative effect of an EU financial transactions tax on securities lending revenue
Vekaria exits Credit Suisse
14 December 2017 | Dublin | Reporter: Zsuzsa Szabo
Head of Credit Suisse's Dublin branch Manish Vekaria has left the bank