Managing Margin Calls Before & After FINRA 4210
This webinar has concluded. Please view the webinar recording below.
In Agile’ latest webinar in Agile’s Trader Talk series, a group of expert panelists provided recommendations and commentary on the upcoming implementation of amendments to FINRA Rule 4210. View this webinar featuring Jim Schroeder of Baird, Brent Giese of Daiwa Capital Markets, Tom Mchugh of JVB Financial, and moderator Greg Vacura, president of Agile. FINRA amendments to Rule 4210 (“Margin Requirements”) for Covered Agency Transactions will have a variety of impacts on the ways mortgage lenders trade TBAs as part of pipeline hedging, and manage their associated broker dealer lines and margin calls.
FINRA Rule 4210 amendments and implementation schedule.
An overview of amendments imposing margin requirements on “Covered Agency Transactions.”
Potential implications for mortgage lenders.
Making the series of changes intended to “streamline, consolidate and clarify” the “Covered Agency Transactions” rule provisions.
Jim joined Baird in 2017 as a Trading Operations Manager and is currently a Vice President within the Fixed Income Capital Markets business. Prior to joining Baird, he served as the Head of Investment Operations at THL Credit and held various positions at BNY Mellon. Jim received his Bachelor of Arts in Economics from the University of Michigan. He is licensed through the Financial Industry Regulatory Authority (FINRA) as a General Securities Representative (Series 7), Uniform Securities Agent (Series 63), and Operations Professional (Series 99)
Mr. Vacura is a thirty-year mortgage industry veteran who previously served as SVP of Correspondent Pricing at Wells Fargo Funding, where he managed all aspects of correspondent mortgage pricing including the mandatory trade desk, best efforts lock desk, and revenue analytics. Mr. Vacura has been a proven pioneer throughout his career, changing the mortgage industry through groundbreaking innovations like the PerformanceWorks seller grading program, bid tape AOT loan sale deliveries, and a patented AI machine-learning loan-level bid automation system. He’s now been tasked with applying that deep industry expertise toward achieving Agile’s mission of creating a better MBS market. Mr. Vacura prides himself on prioritizing and developing his teams, fostering trust, loyalty, and collaboration. He holds a degree in Business Management from Hamline University and enjoys spending time outdoors with his wife and three children around their Minnesota home.
Mr. McHugh manages the firms Agency MBS, TBA, and Gestation Repo trading desks. In addition, Thomas heads the TBA & repo sales initiative for JVB. Thomas’s responsibilities include: trading and structuring all liabilities; oversight of the trade margining and exposure to counterparties; coordination of trade settlements; cash management; and maintaining the trading and credit relationships with the broker dealer and securities lending community. Mr. McHugh is also instrumental in the negotiations of the credit terms within all trading agreements
Specialties: TBA & MBS/ABS/CMBS/Corporate Repo trading and managing a matched repo book, structuring long term repo, trade settlement, Cash Managment, Counterparty Credit process, design of trade, margin and liability platforms and Negotiation of trade agreements (ISDA, MRA, Sec Lending, MSFTA, Prime Brokerage, Futures, Custodian)
Brent Giese is an Executive Director in Fixed Income at Daiwa Capital Markets America and is primarily responsible for the sales strategy, implementation and coverage of the Mortgage Origination Industry. In addition, Brent covers a variety of other mortgage oriented accounts including Banks, REITs and Money Managers. He recently launched Daiwa’s Whole Loan Brokerage Operation which services 450 mortgage originators and over 100 end buyers of whole loans.
Prior to joining DCMA, Brent worked at Janney Montgomery Scott as Managing Director and Head of the firm’s Mortgage Whole Loan Business. He also worked at MountainView Capital Group as Managing Director in New York heading up that office and was responsible for the sourcing and sale of distressed mortgage assets for a Principal hedge fund initiated by the firm. Prior to MVCG, Brent spent over 10yrs at Bear Stearns as Managing Director Principal and Head of the Mortgage Origination Sales Group. He was also the Producing Manager of Bear’s Correspondent Sales Team for the firm’s mortgage subsidiary, EMC. In addition, Brent spent 6yrs at UBS, as Managing Director and 6 yrs at JPM as Vice President heading up of their respective Mortgage Origination Sales Groups.
Brent graduated from Duke University in 1986 with a BA in Economics.
Securities Licenses: Series 24, 7 and 63
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