Two consortia are racing to automate the negotiation and execution of initial margin agreements: one includes A&O and Markit, the other Linklaters and ISDA. IM began in September 2016 with 20 or so very big users, and has to be fully phased in for FCs and NFC+s by September 2020. Collecting it is more complicated than VM because article 19(3) of the relevant RTS requires it to be segregated, and so not only do the two counterparties have to agree a CSA and an eligible collateral schedule, their two custodians have to agree the custody agreement. As from September 2018, counterparties with over EUR 750bn notional of uncleared derivatives will be caught, and from September 2020 any with over EUR 8bn will be in scope. The applications provide for on-line negotiation, data capture, automatic document production and electronic signature execution. The Holy Grail is treating derivatives documents as machine-readable data.