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A new trading rule to prevent another 2008 crisis is almost here – and it could blindside 800 firms

Phase six of the uncleared margin rule, or UMR, for derivatives kicks in on 1 September

Phase six will bring firms who hold more than $8bn in average notional value in uncleared derivative contracts into scope
Phase six will bring firms who hold more than $8bn in average notional value in uncleared derivative contracts into scope Photo: Martin Leissl/Getty Images

A sixth and final phase of regulation known as uncleared margin rules will kick in come September, and funds and trading firms are pushing to be ready. The worry is, they aren’t.

In two months, close to 800 companies globally will be in scope of the rule, more than double those in phase five, the International Swaps and Derivatives Association estimates.

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