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在未集中清算保證金監管要求(Uncleared Margin Rule, UMR)中的第五與第六階段將分別於2021年9月和2022年9月起開始實施，這兩階段的監管要求將把資產管理者納入監管範圍內。迄今為止，這些資產管理者尚未受到UMR的初始保證金（IM）規則的約束。 2021年是重要的一年，對以後的影響意義重大。根據ISDA的數據預測，在未來兩年內，將大約會有1,000名資產管理者被納入到監管範圍內。 Eurex股票與指數銷售美洲區域主管Rachna Mathur與我們共同探討了這一新規將對股指衍生品產生無法避免的影響。
作為一項資產類別的股票衍生品將會受到UMR第5和第6階段怎樣的影響呢？
於股票指數衍生品而言，這將會打開一個龐大資產管理公司的用戶群體。投資經理人可能會考慮調整其交易策略，從單純的雙邊場外交易風險敞口轉向集中清算掉期和交易所交易的衍生品；或者是通過增加交易所交易衍生品敞口來降低其依據UMR定義的平均加總名義投資金額（Average Aggregate Notional Amount, AANA）規模。
我們的重點將是引導這些客戶了解Eurex的股票ETD產品，以及哪些產品最適合他們用來管理他們的指數標準化或是客制化的投資敞口。
認為新規的施行對哪方面的影響最大？
對於將被納入監管範圍內的企業來講，運營結構將會將會受到最大的影響。這將會需要整個金融行業大量參與，以協助這些資產投資經理們建立正確的管理風險敞口的知識，包括交易擔保品、保證金計算、進入集中交易平台的渠道等方面。
這些知識包含他們通過清算公司正確處理所有行政簿記流程交易所交易的交易和清算，以及為他們的所有風險敞口提供擔保。這些資產管理公司中的大多數都曾用過單方初始保證金（IM），但現在他們必須建立自己的管理流程來支持雙方初始保證金IM，並了解保證金的模型和計算方法。
Eurex提供哪些解決方案？
歐洲期貨交易所是一個發展良好、流動性高的交易所交易市場，同時也被公認為是一個能夠高度響應客戶需求的交易市場。
在需要標準化產品的地方，歐洲期貨交易所（Eurex）的旗艦交易所交易和清算合約是公認的不二之選。 Eurex在股票指數板塊的發行滿足了這些需求，我們的產品有歐元STOXX指數衍生品、波動率指數衍生性金融商品、股息衍生品、MSCI衍生品、總回報期貨(TRF)等，這些都為市場提供了全面的解決方案。
相比場外交易的產品能提供靈活、定制化的解決方案，標準化合約可能會略遜一籌。對此，Eurex正陸續上市新的衍生品：如靈活期權(FlexOptions)、主題指數期貨（Thematic Futures）、個股總報酬期貨(ETRF)和一籃子股票總報酬期貨(BTRFs)。這些衍生品能滿足市場參與者對於各自獨特、定制化的對沖和投資交易需求。
集中清算的股票衍生品還能帶來哪些其他優勢？
很肯定，我們的客戶將從中充分受益。首先也是最重要的，如果產品在中央對手方
優點不止一個。由於CCP一般都接受範圍廣泛的抵押品，從主權債券、證券、ETF到現金抵押品，因此，您不僅擁有清晰透明的保證金計算和有效降低應交保證金的淨額結算優勢，你也可以有效運用擔保品。您還擁有強大的違約事件管理程序和CCP級別的風險保障瀑布機制，這對於許多大型資產管理公司來說都很重要。因為大多數清算經紀商已經連接到CCP，所以用戶使用CCP運營業務負擔能獲得很大程度的減輕。
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