System provider TriOptima announces that it has integrated, via Swift, with “the four main tri-party agents”: BNY Mellon, Clearstream, Euroclear & JP Morgan. This is meant to come in handy for firms who get into the scope of “UMR” as its phase 5 comes into effect in a few days.
The solution lets TriOptima’s users connect for sending instructions and receiving status messages and end-of-day reports without need for building own integrations to the tri-party agents.
The “uncleared margin rules” (UMR) is the commonly used term for what its authors IOSCO and BIS actually only refer to as “margin requirements for non-centrally cleared derivatives”. Phase 5, going live now on 1 September 2021, extends it to groups whose monthly notional is above 50 billion euro. Then a year later, the bar is lowered to only 8 billion euro, hitting a much higher number of businesses. Since 1 September 2019, all groups with monthly notional above 250 billion euro already have to comply.