Brochure

UMR Phase 7

The next phase of Uncleared Margin Rules (UMR), which the industry is unofficially calling “Phase 7”, goes live September 1st, 2023 for CFTC and January 1st, 2024 for USPR & EMIR.

Phase 7 is the first phase of the foreseeable annual dates for which jurisdictions have set that entities trading OTC derivatives have to comply with.