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Margin Services

Collateral and Financing Solutions For a Changing Market

Optimize Your Collateral and Find Efficiencies

BNY Margin Services helps clients efficiently manage collateral using innovative solutions for both collateral providers and receivers. As a global provider, we help buy-side and sell-side clients optimize their collateral portfolios with sophisticated analytics and eligibility tools, as well as flexible bilateral and triparty solutions, while meeting increasingly complex financing and liquidity requirements.

Our Collateral and Financing Solutions

We have made enhancements to our Triparty platform offering by developing solutions that make it easier for you to do business with us. In this evolution—and to support the increasing market trend on buy-side repo financing in Triparty—we have collaborated with GLMX on a new integration to streamline the execution, notification, and settlement process.

Our Solutions

Expand their collateral activity on our International Triparty Platform to support their evolving collateral and funding requirements.

Our latest offering opens our full suite of Triparty solutions to buy-side clients to connect their securities finance, liquidity and derivatives trading counterparties all within the same collateral eco-system.

Navigating the Regulatory Maze

Compliance with the margin requirements is a journey. We’ve helped hundreds of clients meet their compliance requirements. See below to learn how we can help guide you through these regulations.

Uncleared Margin Rules

The Uncleared Margin Rules require counterparties in non-cleared over-the-counter (OTC) derivative trades to exchange initial margin (IM) and variation margin (VM) with each other.

These rules began life in 2009, when the G20 countries committed to reforming the OTC derivatives market in the wake of the financial crisis. The G20 agreed to two major reforms: The first was that standardized derivatives would be cleared at central counterparties. The second was that non-standardized derivatives unsuitable for central clearing would be subject to IM and VM requirements.

In the years since, the rules have been codified as legally binding regulation in Australia, Canada, the European Union, Hong Kong, Japan, Korea, Singapore, Switzerland and the United States.

Am I Captured?

Determining whether you are captured under the rules is based on whether your average aggregated national amount (AANA) of non-cleared OTC derivatives exceeds a certain threshold over a certain period of time.

Take the test to find out how the Uncleared Margin Rules impact you.

The Journey

If you are captured, the rules will impact the entire lifecycle of your trade from inception through to post trade settlement. Here, you can learn about the individual steps toward compliance, explained simply across Pre-Trade, Exchange, and Settlement.

Your Segregation Options

Meeting the Uncleared Margin Rules need not be complicated. Here, you can learn about the different options BNY offers to help guide you through this journey.

Triparty is a low-touch option. It maximizes the efficiency and flexibility for collateral pledgors by outsourcing many of your day-to-day margin segregation responsibilities. This makes the account structure particularly suitable for portfolio managers running multiple funds with complex allocation requirements.

Triparty Resources

MarginDirect Set-Up Guide

Review the key steps that Collateral Receivers/Providers or collateral administration agents, will need to complete to onboard with our MarginDirect service.

Triparty Collateral Provider Set-Up Guide

Review the key steps that Clients will have to complete to onboard as a Collateral Provider in our Segregated IM Triparty Service.

FINRA 4210

On May 22, 2024, firms who trade bilateral Covered Agency Transactions will be required to exchange Market to Market Variation Margin on a daily basis.

Covered Agency Transactions include:

  • To-be-announced (TBA) trades: TBA trades account for the majority of trading in the agency mortgage backed securities (MBS) market.
  • Specified Pool transactions: For transactions in which the settlement date is more than one business day after trade date.
  • Collateralized Mortgage Obligations (CMO): For transactions in which the settlement date is more than three business days after trade date.


Triparty for Buy-Side

Findaium: Buy-side firms, triarty and a new look at generating alpha

This article investigates why buy-side firms are making the change to triparty and what benefits can be gained.

UnCleared Margin Rules

Webinar: Operation Readiness

Discussion on the challenges of the next phase.

Webinar: Operation Readiness

Discussion on the challenges of the next phase.

Webinar: Operation Readiness

Discussion on the challenges of the next phase.

ISDA: Ready for IM Regulatory Requirements

This online tool provides buy-side firms with legal review on the enforceability of netting and collateral arrangements in key jurisdictions across the globe.


Looking for information about the Standardized IM Methodology? Find it here.

EU Regulation on Uncleared Derivatives

Read the EU regulation that brought the Uncleared Margin Rules into force in Europe.

CFTC Final Rules on Margin Requirements for Uncleared Swaps

You can find the CFTC rule enforcing the margin requirements in the US here.

Our Experts

Laide Majiyagbe

Laide Majiyagbe

Head of Financing and Liquidity

Ted Leveroni

Ted Leveroni

Head of Global Margin Services

Sean Lynn

Sean Lynn

Global Head of Collateral Administration Product

Nick Kurzel

Nick Kurzel

Buy-Side Strategy & Product Management

Delaney Gardiner

Delaney Gardiner

Global Head of Liquidity & Margin Services Sales

Mark Bellward

Mark Bellward

Head of Liquidity & Margin Services EMEA

Mark Higgins

Mark Higgins

Head of Product Development EMEA

Cherry Li

Cherry Li

Head of Liquidity & Margin Services APAC