Not so smooth everywhere
However, this was not the case
for all buy-side firms. Speaking
to The TRADE anonymously
one asset manager which used a
tri-party agent (TPA) to manage
its post-trade processes, said its
TPA could not meet the deadline
and as a result, it had to inform its
counterparties it could not trade on
that day.
Another head of derivatives
operations at a UK investment
management firm said that while
they were almost 90% completed
with its CSA repapering, its sell-side partners made the process
even more difficult.
“It was a process doomed to fail.
What I need to add is how badly
explain how they managed rene-
gotiations and collateral manage-
ment in-house, and did not have to
cancel any trades.
Certainly the fact that the go-live
of the rules in Europe and parts of
Asia was a ‘soft go-live’ has helped
the buy-side with their repapering
exercise. The US granted a six-month exemption of the rules, as
did regulators in Australia, Hong
Kong and Singapore.
“With the no action in the US and
action for regulators globally, there
has been a soft deadline. What we
are hearing is that good progress
is being made, with some buy-side
being fully repapered,” says David
White, head of sales triResolve,
NEX Group.
