墨西哥的全球非集中清算保证金规则：交易后运营的下一步走向

Core Viewpoint - Mexico has aligned its over-the-counter (OTC) derivatives market with the global non-centrally cleared margin rules (UMR) established by BCBS-IOSCO in 2015, aiming to reduce uncollateralized risk exposure and enhance financial stability [1] Group 1: Regulatory Framework - The new margin requirements will officially take effect on December 31, 2024, with a second phase expanding coverage to development banks and corporations by September 30, 2025 [1] - Financial institutions and investment funds must exchange initial margin (IM) and variation margin (VM) for non-centrally cleared derivatives [1] Group 2: Initial Margin Requirements - The exchange threshold for IM/VM is set at 20 billion UDI, applicable only above this level [3] - Each counterparty is required to maintain over 1.25 billion UDI in initial margin, which must be held in isolation and cannot be reused [3] - Daily settlement of variation margin is required, reflecting current risk exposure without a threshold limit [3] Group 3: Compliance and Preparation - Companies nearing the IM threshold should allocate at least six months for preparation, covering IM calculations, legal documentation, and the establishment of segregated accounts [2] - A checklist for compliance includes confirming counterparty classifications, signing collateral support annexes, and obtaining legal opinions on enforceability [4][5][6] Group 4: Post Trade Solutions - LSEG's Post Trade Solutions aims to enhance operational efficiency and compliance with UMR requirements, allowing companies to build more efficient post-trade processes [7] - The solutions include tools for seamless calculation and reconciliation of initial margin, verification of risk models, and simplified collateral management [11][10] - The integration of Acadia, Quantile, and SwapAgent is designed to streamline operations and reduce risks while enhancing capital efficiency [13][15]