viivisnõuete

viivisnõute is an Estonian term that translates literally to "margin requirements" in English. It refers to regulatory, contractual, or internal rules that dictate the amount of collateral that must be posted by a party in a financial transaction, especially in derivatives and securities lending markets. By requiring a margin, viivisnõute help limit counterparty credit risk and ensure that positions are fully backed by liquid assets.

The concept of viivisnõute emerged in the early 1990s as Estonian financial markets evolved from a centrally planned system to a liberalized, market‑based economy. The establishment of the Estonian Stock Exchange (ETSE) and the introduction of derivative trading in the mid‑1990s prompted the need for standardized margin frameworks. Regulation of viivisnõute is overseen by the Estonian Financial Supervision Authority (Finantsinspektsioon), which aligns national rules with European Union directives such as the European Market Infrastructure Regulation (EMIR) and the Market Abuse Regulation (MAR).

Typical viivisnõute requirements set initial and variation margins that adjust daily or intraday in response to market movements. Initial margin covers potential future exposure to a financial counterparty, while variation margin settles real‑time price changes. The margin amounts are calculated using standardized exposure models or bespoke counterparty credit risk models, and the collateral may be cash or liquid securities acceptable to the clearinghouse.

Applications of viivisnõute extend beyond derivatives to include securities lending, repurchase agreements, and OTC trading of non‑standard instruments. In Estonia, nearly all institutional investors and banks must comply with viivisnõute when engaging in these activities. Failure to meet required margins can result in enforcement actions, settlement restrictions, or forced unwinding of positions.

Overall, viivisnõute play a crucial role in maintaining systemic stability in the Estonian financial sector by ensuring that contractual obligations are supported by adequate collateral. They promote transparency, reduce credit exposures, and help create a robust market infrastructure that adheres to international best practices.