As smaller banks and asset managers brace themselves for new rules covering how they trade exotic derivatives come into force, lobby groups and vendors are joining forces to create technology that, trading firms say, may be too difficult to manage in-house once the big bang hits.

Later this year, and into 2020, these firms will be required to calculate and exchange initial margin on their derivatives trades that don’t pass through clearinghouses. For many, this will be the first time they’ve