Uncleared Margin Rules (UMR) phase 5

A Euroclear Bank solution

The Uncleared Margin Rules (UMR) have already re-shaped the OTC Derivatives market with all impacted sell-side banks and broker-dealers opting to use a triparty collateral management solution to address their margining needs.

UMR phases 5 & 6 will introduce more and more buy-side firms to the world of Regulatory Initial Margin (Reg IM). Reg IM takes the form of collateral posted to help reduce risk to a given counterparty.

The technological infrastructure that supports the posting and receiving of Reg IM is both complex and costly to develop and maintain. The legal burden of setting up the necessary contractual documentation with each and every counterparty will be time-consuming and involve a level of risk that many buy-side firms will be unwilling to assume.

Although some of the newly in-scope entities will have the necessary resources to manage Reg IM, they are unlikely to have access to the necessary triparty collateral management services that will help facilitate efficient operations.

Flexible access to Euroclear Bank solutions

Whether you're looking for a solution to meet your Reg IM obligations as a pledgee and receive Reg IM collateral from your sell-side counterparties, or as a service provider looking to complement your existing third-party offering with a state-of-the art triparty collateral management solution - Euroclear Bank has a solution to fit your needs.

Access the most comprehensive service offering

Becoming a full Euroclear Bank participant means that you can benefit from our comprehensive range of services. We offer fair and open access to these services, taking into account potential risks to financial stability and continued operation of the financial markets.

Access only the specific services you need

Whether you intend to use our services only to recieve Reg IM as a pledgee, or as a pledgee representative, you can opt for a shorter, easier admission process to benefit from the specirfic services you need.

Access our solutions through your custodian

Those of you from the buy-side, whether looking to receive or deliver collateral, can do so within the proven infrastructure of Euroclear Bank by leveraging your existing relationship with your custodian using one of the following solutions.

Find out more about UMR phase 5


Olivier de Schaetzen

Head of Product Solutions - Collateral Management


Gösta Feige

Director, Product Solutions - Collateral Management


Simon Mees

Product Solutions - Collateral Management