Mark Aldoroty | Source | Managing Director at BNY Mellon | Pershing

UMR is going to create the need for infrastructure around uncleared margin which hasn’t previously existed, starting with the larger players in the market, in terms of the rollout, down to the smaller players. The question will be: what kind of build-out will be needed? What will the cost be? Will it be adding value to clients and help them to be more efficient with their collateral?