Initial Margin – Getting started

The next stage of the rollout of the initial margin rules in September 2021 will impact counterparties to uncleared derivatives with an average aggregate notional amount (AANA) of derivatives above EUR 50bn (Phase 5) and from September 2022 those with an AANA above EUR 8bn (Phase 6). The arrival of both these Phases will affect many firms and institutional investors.

Here is a reminder of what Initial Margin is about.