The IM Phase 5 soft launch helps remaining in-scope firms prepare to comply with uncleared margin rules ahead of September 1, 2021 deadline
Norwell, MA, November 17, 2020 - AcadiaSoft Inc., and TriOptima are pleased to jointly announce that 32 IM Phase 5 firms have successfully joined their IM Phase 5 soft launch initiative and more than 25 additional firms are scheduled to join before the end of 2020. The soft launch enables firms that are in-scope for Phase 5 and 6 of the Uncleared Margin Rules (UMR) initial margin requirement to monitor their regulatory IM exposure in advance of becoming operationally ready to move margin. It also allows them to have IM CSAs or custody accounts in place to test the Initial Margin Exposure Manager before going live.
When the one year delay was announced, we heard from many in-scope firms that did not want to delay their IM compliance projects given the progress they had already made internally and the continued uncertainty heading into 2021, said Mark Demo, Head of Community Development at AcadiaSoft. The soft launch initiative we've built with TriOptima will allow firms to build on the progress made thus far and ensure they are equipped to move margin as soon as they are in-scope. AcadiaSoft anticipates that more than 250 firms will ultimately be in-scope for IM Phase 5. Firms that get up and running ahead of next year official compliance date of September 1, 2021 will avoid a compliance crunch.
We're really glad that we decided to participate in the soft launch, said Jill Harvey, Senior Treasury Operations Manager at UK-based Nationwide Building Society. The earlier we can get a view on our IM exposure and how the new process works, the easier it makes our go-live next September.
Having worked with AcadiaSoft to develop and maintain the Initial Margin Exposure Manager (IMEM), we are delighted to collaborate with them again to introduce Initial Margin Threshold Monitor, which enables free testing of IMEM for UMR Phase 5 and 6 firms until September 1, 2021, said Mary Harris, Head of triResolve Business Management - North America at TriOptima.
In-scope firms are encouraged to take advantage of the soft launch to get all required systems integrations in place and to design an effective business process for initial margin ahead of the compliance deadline. If your firm would like to learn more about the soft launch - you can contact Demo or Harris at email@example.com or firstname.lastname@example.org.
AcadiaSoft, Inc. is the leading industry provider of risk and collateral management services for the non-cleared derivatives community. AcadiaPlus is a new generation open platform that provides the sell-side, the buy-side and fund administrators with specialist applications and a third-party partner ecosystem for the straight-through processing of the entire risk mitigation lifecycle. Backed by 16 major industry participants and market infrastructures, AcadiaSoft is used by a community of more than 1350 firms exchanging approximately $700B of collateral on a daily basis via its margin automation services. AcadiaSoft is headquartered in Norwell, MA, and has offices in London, New York and Tokyo. For more information, visit acadiasoft.com. Follow us on Twitter and LinkedIn.
+44 20 3954 0196