{"id":47356,"date":"2021-08-03T01:48:19","date_gmt":"2021-08-03T05:48:19","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/optimizing-initial-margin-charges-for-traders\/"},"modified":"2024-02-21T14:45:54","modified_gmt":"2024-02-21T19:45:54","slug":"optimizing-initial-margin-charges-for-traders","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/optimizing-initial-margin-charges-for-traders\/","title":{"rendered":"Optimizing initial margin charges for traders"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c49710df97]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c49710df97'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Optimizing initial margin charges for traders<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c497114879'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">August 3, 2021<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c49711643a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">This article was written by Eduardo Pereira, Global SIMM Product Manager and Harry Lipman, Global Derivatives Product Manager at Bloomberg.\u00a0<\/span><\/i><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>With the next phases of Uncleared Margin Rules (UMR) implementation in sight, firms in scope are actively entering planning mode and evaluating their options on the road to compliance. In this article, we explore some of the anticipated impacts and shed light on optimization strategies firms can apply. We also explore Bloomberg&#8217;s solution to help firms gain transparency on their requirements, including MARS SIMM, which provides pre-trade analytics. This blog is the first of a series of analysis on UMR and related risk topics, including XVA impact.<\/p>\n<h2>Uncleared Margin Rules (UMR) refresher<\/h2>\n<p>In March 2015, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) published the final policy framework that established the minimum standards for margin requirements for <a href=\"https:\/\/www.bis.org\/bcbs\/publ\/d317.htm\">non-centrally cleared derivatives<\/a>.<\/p>\n<p>As firms come to grips with this new regulatory framework, the wide-ranging impacts on both buy side and sell side firms have come to light. As implementation proceeds, pre-trade analytics will play a critical role as firms choose their paths through the UMR framework.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Prepare for the new standard in margin requirements.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1063916771798478203\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solution\/regulation\/margin-regulations\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Phases 5 &amp; 6 in sight<\/h2>\n<p>The implementation of the final two phases of the Uncleared Margin Rules is now imminent. And for many impacted firms, remaining below the EUR 50 million initial margin threshold will be critical. By exceeding that threshold, firms might indeed incur significant costs and cumbersome legal and custodial requirements, as highlighted by the Basel Committee and IOSCO in a <a href=\"https:\/\/www.bis.org\/press\/p190305a.htm\">March 2019 statement<\/a>.<\/p>\n<p><strong>Table 1: UMR AANA (Average Annual Notional Amount) thresholds and corresponding phase-in dates<\/strong><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"111\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-UMR-AANA-Compliance.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Table 1: UMR AANA (Average Annual Notional Amount) thresholds and corresponding phase-in dates\" title=\"Fig-1-UMR-AANA-Compliance\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-UMR-AANA-Compliance.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-UMR-AANA-Compliance.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-UMR-AANA-Compliance.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-UMR-AANA-Compliance.png 1364w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>For a majority of firms in scope for phases 5 and 6, their calculated Initial Margin (IM) posting requirements for some, or all, of their counterparties will not have reached the prescribed 50MM USD threshold. Such institutions will consequently be looking to avoid going above, both by analyzing the impact of new trades across their existing netting sets and rebalancing their portfolios across counterparties when appropriate. If they were to in fact breach this threshold, they would then focus on how to calculate IM.<\/p>\n<h2>A work in progress<\/h2>\n<p>Phase 1 implementation dates back to September 2016, meaning IM requirements is no news to large institutions. However, with implementation hurdles now behind, many impacted firms have shifted their focus from simply calculating IM to determining how to best minimize their IM capital charges on a pre-trade basis.<\/p>\n<p>Depending on their trading counterparts and the netting set they hold with each, the incremental IM charge firms face for a new trade can indeed vary significantly. In some cases, it could even result in a negative IM charge, freeing up even more capital. By doing so, such institutions are able to lower their capital constraints and focus this free capital on additional revenue-generating activities.<\/p>\n<h2>Optimization strategies using Bloomberg<\/h2>\n<p>To help clients, whether already in scope or with upcoming implementation in sight, understand the impact of trading new derivatives in their portfolio-level SIMM calculation, Bloomberg has developed a set of new pre-trade analytics as part of its Bloomberg\u2019s Multi-Asset Risk System (MARS). This offering allows front-office users to run pre-trade initial margin calculations across multiple CSAs and to identify the counterparty with which the lowest incremental IM would be incurred.<\/p>\n<p>Here, we explore a practical sell-side (\u201cLocal Bank\u201d) use case where the impact of Incremental Initial Margin is analyzed using MARS SIMM. In the first case, the Local Bank is not in scope for the UMR rules, while in the second case, the trade is subject to UMR, as the Local Bank is above the AANA threshold.<\/p>\n<ul>\n<li>Local Bank provides a loan to a corporate institution where floating interest rate (IR) is floored.<\/li>\n<li>To hedge the IR risk of the loan, the corporate entity swaps IR payments into fixed payments via a IR Cap structure.<\/li>\n<\/ul>\n<p>As per the current regulatory framework, the Local Bank is not in scope for the UMR rules.<\/p>\n<ul>\n<li>The Local Bank then seeks to hedge the cap structure with other potential Tier 1 dealers. To do so, it considers two dealers (Counterparty A) and (Counterparty B).<\/li>\n<li>The cap structure cannot be cleared, therefore it is subject to a bilateral agreement.<\/li>\n<\/ul>\n<p>This trade is subject to UMR, as the Local Bank is above the AANA threshold.\u00a0The Local Bank now faces the following dilemma: which dealer to choose for this incremental trade?<\/p>\n<p><strong>Figure 1: Example trade (A) \u2013 Long position on a EUR 100 million cap using SWPM on Bloomberg Terminal<\/strong><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"357\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-Ex-Trade.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Figure 1: Example trade (A)\" title=\"Fig-1-Ex-Trade\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-Ex-Trade.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-Ex-Trade.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-Ex-Trade.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-Ex-Trade.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-1-Ex-Trade.png 2048w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Cap underlying = EUR003M Index [Deal ID: SLRS1M96]\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Counterparty A<\/strong>: Directional portfolio. Receiver swaps + Long Cap position (-23,633.97 EUR delta).<\/p>\n<p><strong>Counterparty B<\/strong>: Portfolio where delta off-sets through payer\/receiver swaps. Combination of Payer\/Receiver swaps.<\/p>\n<p><strong>Counterparty C<\/strong>: Portfolio containing Quanto Cap derivatives as well as a position in a EUR Payer IRS.<\/p>\n<p>In this hypothetical exercise, we will focus on Counterparties A and B.<\/p>\n<p><strong>Figure 2: MARS &#8211; Positions tab &#8211; Trade distribution per netting set<\/strong><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"357\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-2-MARS.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Figure 2: MARS - Positions tab | Trade distribution per netting set\" title=\"Fig-2-MARS\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-2-MARS.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-2-MARS.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-2-MARS.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-2-MARS.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-2-MARS.png 2048w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Using the position tab of MARS, above, the Local Bank can examine the impact of adding trade EUR 100 million interest rate cap on EUR003M Index\u00a0 [Deal ID: SLRS1M96] to its Tier 1 dealer community. We again focus on Counterparty A and B, as seen in the IM results tab generated below.<\/p>\n<p><strong>Figure 3: MARS SIMM &#8211; Initial margin results<\/strong><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"357\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-3-SIMM.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Figure 3: MARS SIMM | Initial margin results\" title=\"Fig-3-SIMM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-3-SIMM.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-3-SIMM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-3-SIMM.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-3-SIMM.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-3-SIMM.png 2048w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Figure 4: Post analysis SIMM levels<\/strong><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"775\" height=\"216\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-Incremental-IM.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Figure 4: Post Analysis SIMM Levels\" title=\"Fig-Incremental-IM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-Incremental-IM.png 775w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-Incremental-IM.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Fig-Incremental-IM.png 768w\" sizes=\"auto, (max-width: 775px) 100vw, 775px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Key observations<strong><br \/>\n<\/strong><\/h2>\n<ul>\n<li>As seen in Figures 3 and 4 using the MARS SIMM IM results tab, the following insights can be gained with regard to the impact of dealing with either counterparty:<br \/>\nA: decrease in Incremental Initial Margin on the order of USD 1,029,663.73<br \/>\nB: an increase of USD 482,183.39<\/li>\n<li>Post Analysis SIMM levels still show USD 10,051,578 and USD 7,496,160.88 for Bank A and B respectively, below the regulatory 50MM Initial Margin Threshold<\/li>\n<li>By simply choosing the optimal counterparty to trade with, we observe a differential of 1.5 million USD at stake, i.e., you can either take back 1 million from the IM Capital Charge, or you can pay an additional 500,000<\/li>\n<li>Rates risk predominant across two netting sets, providing the ability to identify the attribution of delta, curvature, and vega across six ISDA risk classes<\/li>\n<\/ul>\n<p>This study comes to show that the incorporation of pre-trade analytics into the decision-making process is essential to allow for trade optimization, in turn freeing up capital to be deployed in revenue-generating activities. By simply analyzing the Initial Margin Incremental impact across netting sets, firms can indeed trade in ways that would generate the minimum incremental Initial Margin, helping them remain below their chosen threshold.<\/p>\n<p>MARS SIMM offers trading desks and portfolio managers with a holistic solution to gain the transparency they need to make optimal decisions, all while meeting the strict IM requirements set out by UMR rules. To find out more, speak to a specialist today by contacting us below.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c4971300c4]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c4971300c4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0c497132bf8'] = 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