The Uncleared Margin Rules (UMR) have already re-shaped the OTC Derivatives market with all impacted sell-side banks and broker-dealers opting to use a triparty collateral management solution to address their margining needs.
UMR phases 5 & 6 will introduce more and more buy-side firms to the world of Regulatory Initial Margin (Reg IM). Reg IM takes the form of collateral posted to help reduce risk to a given counterparty.