Less Than Six Months To Go Before Phase Five Of The Uncleared Margin Rules â Comment From DTCC Date 06/04/2021 With less than six months to go before Phase Five of the Uncleared Margin Rules (UMR), Bob Stewart, Executive Director of ITP Product Management at DTCC, commented on firms’ preparedness ahead of the implementation. Bob Stewart, said – “There are now less than six months to go before Phase Five of the Uncleared Margin Rules (UMR) is implemented. Without doubt, this Phase will capture a significant number of firms that trade over-the-counter derivatives, requiring in...