PLANNING

AcadiaSoft's expertise and experience ensures that firms make the right Budget allocation decisions for Uncleared Margin Rules. Supported by our Advisory Services team, the AcadiaSoft Hub offers a suite of powerful technology applications, empowering firms to optimise internal workflow and delegate critical processes for complete peace of mind.

Legal

Firms will require additional legal resources – both in terms of experts and processes – to contribute to and ensure the success of the myriad documentation and counterparty relationship negotiations that are required to comply with the Uncleared Margin Rules. Pain-points will include (but are not limited to):

  • IM documentation and CSA negotiations at the Counterparty Disclosure stage
  • Providing expert Legal perspectives as the organisation defines its approach to UMR
  • Support of the regulatory approval process for firms applying to leverage SIMM™
  • A dedicated Legal & documentation team for the multiple negotiation processes prior to go-live

Development

Uncleared Margin Rules will require significant changes and updates to certain key areas of firms existing technology estates. Investing in teams to develop and support these areas will increase the likelihood of long-term success under UMR.

  • Tech teams will be needed to implement new systems and processes to enable new custodial accounts
  • In-house Initial Margin calculation engines will need to be built and supported
  • As firms progress to Operational Set-up, Tech teams will be needed to contribute to the annual, quarterly and monthly regulatory backtesting / benchmarking routine.

Operations

Operations teams will be a vital area of investment, as firms seek to transition the new requirements of Uncleared Margin Rules into their Business As Usual workflows. Specific areas worthy of focus include:

  • Internal Compliance project teams contributing to the In-scope analysis and decision-making
  • IM Operations Leads working on the Counterparty Disclosure process to deal with new margining requirements
  • Contributing to on-boarding teams across the Defining Approach, Custodian Set-up, and Calculation & Operational Set-up processes
  • Planning for and then managing the daily pre- and post-calculation controls (if done in-house), performing reconciliation and dispute resolution, SIMM™ exception reporting, managing in-house governance structure

  • Legal

    Experts and processes for reviewing documentation, policies and procedures.

  • Legal

    Firms will require additional legal resources – both in terms of experts and processes – to contribute to and ensure the success of the myriad documentation and counterparty relationship negotiations that are required to comply with the Uncleared Margin Rules. Pain-points will include (but are not limited to):

    • IM documentation and CSA negotiations at the Counterparty Disclosure stage
    • Providing expert Legal perspectives as the organisation defines its approach to UMR
    • Support of the regulatory approval process for firms applying to leverage SIMM™
    • A dedicated Legal & documentation team for the multiple negotiation processes prior to go-live

  • Development

    Technical experts preparing in-house systems and integrating new technologies.

  • Development

    Uncleared Margin Rules will require significant changes and updates to certain key areas of firms existing technology estates. Investing in teams to develop and support these areas will increase the likelihood of long-term success under UMR.

    • Tech teams will be needed to implement new systems and processes to enable new custodial accounts
    • In-house Initial Margin calculation engines will need to be built and supported
    • As firms progress to Operational Set-up, Tech teams will be needed to contribute to the annual, quarterly and monthly regulatory backtesting / benchmarking routine.

  • Operations

    Bringing the innovations and process changes driven by UMR, into day-to-day BAU.

  • Operations

    Operations teams will be a vital area of investment, as firms seek to transition the new requirements of Uncleared Margin Rules into their Business As Usual workflows. Specific areas worthy of focus include:

    • Internal Compliance project teams contributing to the In-scope analysis and decision-making
    • IM Operations Leads working on the Counterparty Disclosure process to deal with new margining requirements
    • Contributing to on-boarding teams across the Defining Approach, Custodian Set-up, and Calculation & Operational Set-up processes
    • Planning for and then managing the daily pre- and post-calculation controls (if done in-house), performing reconciliation and dispute resolution, SIMM™ exception reporting, managing in-house governance structure

I Don’t Know

AcadiaSoft is the industry's one-stop-shop for Uncleared Margin Rules compliance – contact us today for advice on identifying whether your firm is in-scope for Phase 4 or 5, and to learn how our unique Advisory Services and AcadiaSoft Hub applications can reduce your UMR burden.

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