As the last phases of the uncleared margin rules (UMR) play out, the derivatives industry enters a new era of opportunity. The decade-long regulatory journey is now revealing a more transparent and democratic industry, with opportunities for more efficient and effective management of systemic risk. For the individual firms involved, which are now required to collateralise uncleared trades, it has been a costly and burdensome exercise. However, the ripple effects of UMR are starting to show in areas such as foreign exchange clearing, which has seen a sharp increase in activity, in large part due to the increasing cost of collateralising bilateral trades.[…]