It has been said that you can never let a crisis go to waste. And rightly so, radical reforms should be implemented to prevent history from repeating itself. 全球金融危机后引入的最引人注目的变化之一是未清算保证金规则(UMR)，该规则自2016年起分阶段实施，旨在减轻全球场外(OTC)衍生品市场的信用风险敞口. With the last sprint of UMR Phase 6 commencing on September 1, 2022, are we reaching our destination for UMR?
Related: Tackling UMR Challenges with MTU
存 recently organized a Collateral Management Forum in Asia Pacific where Amy Caruso, ISDA Head of Collateral Initiatives and Bob Stewart, 存 Executive Director, Institutional Trade Processing, discussed what impacted firms should consider before and after the final implementation of UMR.
Eye on Risk Mitigation
Caruso强调了转向自动化和工作流程标准的重要性，以消除抵押品处理中的操作风险. “Firms should adopt a holistic view of the overall collateral needs, 而不仅仅是UMR授权的监管方面，以更好地管理抵押品库存和保证金结算. 在ISDA, we have developed data standards, including the Common Domain Model, and operational practices, with our members – to help streamline the end-to-end collateral management lifecycle.”
斯图尔特同意, explaining how automation is key to reducing reliance on the fax machine and manual workflow. “在2020年3月新冠肺炎疫情爆发初期，传真问题进一步加剧，当时该行业在偏远的工作条件下难以应对交易量突然飙升和抵押品结算失败,他说. “在在家工作的环境中，不可能要求交易对手方验证通过传真发送的指令，从而继续进行抵押品处理，这会造成流动性风险和客户账户透支.”
还鼓励公司在升级现有系统以满足UMR操作要求时，超越监管截止日期，考虑可以改进的其他领域. Illustrating her point, Caruso指出，管理初始保证金(IM)抵押品库存的自动化流程可以扩展到回购协议和担保贷款，从而最大限度地提高IT支出，从而产生更高的投资回报.
Drawing on Insights from Previous Phases
Stewart建议提前规划是确保合规的关键:“第6阶段将影响亚太地区和全球约700至800家或更多的买方公司. As these buy-side firms may be new to the collateral management ecosystem, 他们需要对涉及全球交易商和托管银行的流程有一个早期和清晰的了解，以便能够在建立正确的基础设施的情况下有效地交换IM. 而大型银行和经纪自营商拥有复杂的系统和交易部门，在管理抵押品处理方面拥有丰富的经验和知识, 有一些工具可以为装备较差的买方公司可靠地支持抵押品工作流程, saving them time and resources to reinvent the wheel.”
他继续说, “一些买方公司可能会选择保持在5000万美元以下，以保持在范围之外.Stewart警告称，必须制定一项计划，允许抵押品在不可预见的市场事件中迅速转移，在这些事件中，IM敞口可能突然增加, breaching the threshold with one or more counterparties.”
In phases 1 through 4 of UMR, the IM exchange took place solely at triparty venues. 阶段5和阶段6公司的操作义务略有不同——他们需要使用第三方托管机构或第三方托管机构将即时消息发布到隔离账户中.
Caruso highlighted, “With the third-party custodian structure, 被担保方需要向质押人授权释放抵押品，而传真机通常用于沟通这一步骤. 与此形成鲜明对比的是, 整个过程是自动化的，由经纪自营商和一些阶段5和阶段6实体采用三方结构.”
As many Phase 6 entities will likely use the third-party custodian structure, Caruso指出，在抵押品领域，不应忽视行业的禁忌——“取消传真”，因为抵押品释放等自动化步骤将有助于减少结算失败和巨额罚款的成本.
Seamless Connectivity
Elaborating on the value of buy versus build for smaller, in-scope buy-side firms, Stewart explained, “by leveraging industry utilities like 存’s Margin Transit Utility (MTU), 通过与三方和第三方托管人的无缝连接，整个保证金流程变得简单. The automation movements include real-time updates, 确认结算和结束当日头寸报告，并附上存 警报®数据库中正确的黄金来源长期结算说明，以方便保证金结算.”
Citing a success story, Stewart shared how one, MTU用户提高了他们的“我们已经看到MTU用户的结算效率从92%的预实现率上升到98%.99%, 帖子-implementation. “This was partly achieved by eliminating manual processes and a significant volume of faxes, sent over a defined period of time,斯图尔特说。. 不再需要执行回调以验证传真指令的耗时任务, providing staff to focus on higher-value activities for clients.”
Phase 5 vs Phase 6
Caruso summarized the difference between the last two phases of UMR: “For Phase 6, the number of in-scope entities and corresponding counterparty relationships is many times higher; going forward firms need to have an annual process to calculate the aggregated average notional amount (AANA) and determine if counterparty relationships are in scope to exchange IM.”
她补充说, “鉴于第六阶段的公司可能有不同数量的交易对手，不会立即达到一个或多个交易对手的IM门槛, compliance may kick in well after September 2. Keep your resources in place to expedite operational readiness.”
最后一个外卖
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“根据业务和运营需要，及早决定是购买还是建造, cost saving opportunity and the value proposition offered by industry utilities,” Stewart advised. “并超越监管截止日期，决定如何最好地利用自动化来全面支持和转变您的战略计划.”