21 September 2017
Massachusetts
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.

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