UMR impact analysis report

2019 UMR Impact Analysis Research Report

Our team of margin experts

Download the eBook
What's Inside

This research report summarises the findings from OpenGamma’s UMR impact analysis, performed on behalf of 15 clients over the last 6 months. The anonymised results help to quantify the margin impact of UMR on the industry, and we outline the steps firms can take to minimise the impact of UMR.

UMR will capture firms with at least $50bn in uncleared derivatives notional exposure in 2020 – and expand to all those with at least $8bn of exposure in 2021. As a result, trading derivatives is becoming more expensive for an increasing number of firms.

But whilst 2020 and 2021 will be the first time many firms with a cleared exemption will be impacted by post-crisis rules, regulation does gives market participants different options. For instance, legacy bilateral trades may be clearable, presenting firms with an opportunity to optimise their portfolio and reduce their margin requirements.

The Impact of UMR

We analyse 15 firms to test the impact of Uncleared Margin Rules on margin requirements.

SIMM vs Cleared

We assess SIMM and Cleared margin requirements to compare their impact on funding costs.

Margin Optimisation Under UMR

We investigate how firms can reduce margin being posted, for trades or risk that can be cleared.

Year Established
Team Size

Download the eBook

Privacy Settings
We use cookies to enhance your experience while using our website. If you are using our Services via a browser you can restrict, block or remove cookies through your web browser settings. We also use content and scripts from third parties that may use tracking technologies. You can selectively provide your consent below to allow such third party embeds. For complete information about the cookies we use, data we collect and how we process them, please check our Privacy Policy
Consent to display content from Youtube
Consent to display content from Vimeo
Google Maps
Consent to display content from Google
Consent to display content from Spotify
Sound Cloud
Consent to display content from Sound