Of all the trade disputes around Initial Margin (IM) that have happened since UMR phase 1, the majority have been because of differences in FX end-of-day snap timing, according to one industry expert. Industry experts debate UMR phases five and six at TradeTech FX virtual summit Speaking on Wednesday, 10 February, at the TradeTech FX virtual panel session on the Uncleared Margin Rules (UMR), Basu Choudhury, Head of Strategic Initiatives at CME Group’s Traiana, said: “Right now you have different banks taking FX snaps at different times for end-of-day UMR calculations. This is causing a lot of issues already. What ... (full story)