ISDA® 2016 Variation Margin Protocol

The ISDA® 2016 Variation Margin (VM) Protocol sets out a new and highly complex documentation framework governing regulatory requirements for non-cleared over-the-counter (OTC) derivatives across multiple regulatory systems (e.g. United States (US), Canada, European Union (EU). New regulatory requirements set out new minimum mandatory variation margin requirements (e.g. marked-to-market, eligibility, thresholds, haircuts) that are required to be implemented by non-cleared OTC derivatives counterparties. This project provides comprehensive knowledge and understanding of how the new framework operates, what are the different compliance methodologies that can be invoked, and what key provisions should be negotiated and documented under the new VM CSA framework.