outsideofcollateralrequiredforCCP-clearedtrades,theintroductionofinitialmarginforbilateraltradesposesadditionalchallengesforderivativesmarkets,not least a significant increase incollateraldemandacrossclearingmembersandtradingcounterparties。Challengesfortheindustryaremanifoldintermsofdevelopmentofnewinfrastructureandcapabilities,aswellasdrivingafundamentalshifttomanagementofliquidityrisk(andcollateralavailability),ratherthanon-balancesheetcounterpartycreditrisk。
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