As the final phase of the initial margin ‘big bang’ implementation for non-cleared derivatives has been split into two parts, questions emerge on whether tech preparations will stall and if the risk of a bottleneck remains.

Although some smaller buy-side firms will breathe a temporary sigh of relief due to the latest extension for initial margin (IM) rules on uncleared derivatives, concerns remain on whether the extended deadline will offer firms enough time for tech preparations and remove the