Financial services firms are fighting a two-front battle to optimize collateral management, especially if they are trading in uncleared, over-the counter (OTC) and/or exchange-traded derivatives (ETDs) markets. They face new margining challenges via volatile markets created by the Black Swan and global pandemic-lockdown. Secondly, the regulatory reforms of the Uncleared Margin Rules (UMR) are having ripple effects beyond the overhaul of initial and variable margin levels needed for uncleared swaps.