2019 UMR Impact Analysis Research Report


This research report summarises the findings from OpenGamma’s ‘Uncleared Margin Rules (UMR) impact analysis’ that we performed on behalf of 15 clients over the last 6 months.

The results are anonymised and aggregated by firm type, but help to quantify the margin impact of SIMM on the industry.

The report also outlines the steps firms can take to minimise the impact of SIMM, such as voluntary clearing and other optimisation approaches.

Download the full report to read:

  • Full UMR impact analysis for 15 firms, including 6 hedge funds, 6 asset managers and 3 pensions funds.
  • How SIMM and Cleared margin requirements impact funding costs.
  • How to optimise margin under UMR, including:
    • The regulatory schedule approach
    • ‘Cherry-picked’ backloading
    • Synthetic risk moves
    • Remaining below the $50m threshold.
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