The margin rules proposed by the European Supervisory Authorities (the “ESAs”) require IM to be
segregated from proprietary assets on the books and records of a third party holder or custodian,
or via other legally effective arrangements. In addition, the rules require cash IM to be segregated individually, unless other legally effective arrangements are in place to segregate it from proprietary assets. Several additional clarifications and issues are described in the letter sent by ISDA to the ESAs in July 20143. As proposed, we illustrate below the unintended consequences arising from the IM segregation
requirements.
Documents (1) for ISDA letter to the ESAs on Estimates of numbers of accounts affected by IM segregation requirements, to demonstrate operational challenges
Latest
ISDA DTF Tokyo SOM Opening Remarks
ISDA Derivatives Trading Forum Tokyo, October 23, 2026 Opening Remarks Scott O’Malia ISDA Chief Executive Good afternoon, and welcome to the ISDA Tokyo Derivatives Trading Forum. Thanks for joining us today, and a big thank you to our sponsors,...
Transforming Asset Management: SOM Remarks
Transforming Asset Management October 23, 2026 Welcoming Remarks Scott O’Malia, ISDA CEO Good morning, and welcome to ISDA’s Transforming Asset Management event. It’s great to be back in Tokyo for Japan Weeks. Now in its fourth year, Japan Weeks...
Response on Dividend Stripping
On October 14, ISDA, the Association for Financial Markets in Europe (AFME) and the International Securities Lending Association (ISLA) submitted a joint response to the Dutch Ministry of Finance on its proposed measures on dividend stripping. While supporting the policy...
ISDA Launches DRR Tracer Agent
ISDA has launched an artificial intelligence (AI) agent for its Digital Regulatory Reporting (DRR) solution that will bring greater transparency to users by tracing the rules and decisions that have guided the development of the DRR. The ISDA DRR Tracer...