Template:M summ 2018 CSD 3

There is quite a lot in Paragraph 3 of the 2018 English law IM CSD, and rather than collecting it all here, it is contained in detailed commentary in a couple of places:

Margin Amount (IM) and Margin Amount (IA)

Firstly, at Paragraph 3(c), Margin Amount (IM); Margin Amount (IA); Margin Approach which introduces this new bipartite structure of Margin Amount (IM) — regulatory initial margin — and Margin Amount (IA) — extra, non-regulatory initial margin, over and above the regulatory initial margin but not including it.

Margin Approach

Our commentary at paragraph 3(c)(iii) explains how you divvy up your regulatory IM and non-regulatory IM between this 2018 English law IM CSD and any Template:Other CSA you may have to capture the non-regulatory IM.