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Amwelladmin (talk | contribs) (Created page with "{{drop|G|od bless them}}, when {{icds}} were deep in the ritualistic sacrifice phase of the Wording for the regulatory margin CSAs someone — we like to think it was Ser Jaramey Slizzard himself, but it is not documented — hit upon the idea of suffixing certain of the definitions in the Modern CSAs with “(VM)” — for “variation margin” — and (IM) — for “initial margin”. So assiduous were the {{fkoi}} that the expression features no few...") |
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This seems to us rather a waste of trees, and printer toner — a commodity literally more expensive per gram than enriched plutonium. | This seems to us rather a waste of trees, and printer toner — a commodity literally more expensive per gram than enriched plutonium. | ||
We are all environmentalists now: are there good grounds for such profligacy? As is usual for the squad’s lexical peccadilloes, the answer is “in theory, yes. In practice — perhaps once upon a time, if you tilt your head and screw your eyes quite tightly. | |||
Regulatory margin was not something that anyone asked for. The financial services community had it imposed upon it, but the financial regulation community, in a fit of exasperation after the manifold disasters of the [[global financial crisis]], the way a fearsome kindergarten teacher might order a truculent child to the a naughty step or to wear an embarrassing hat for the afternoon. | |||
Said truculent child did as truculent children do: instead of accepting its punishment with grace and understanding and treating it as a learning moment, it did its best to work around it. Swap transactions that were already on foot before commencement of the new regulations were “[[grandfathered]]” and were not, specifically, required to be margined. Certain classes of transaction — not many, in the end — were out of scope for compulsory margin. So the industry prepared for a world where single {{isdama}} might have ''two'' CSAs: a regulatory one for inscope products after the commencement date, and a non-regulatory one for grandfathered products and those out of scope after the commencement date. | |||