Before revision:  At 5-day margin period of risk, 99-percentile, and 150 bp margin funding cost, a standalone at-the-money uncollateralized swap of 10 year maturity shows about 2 basis point equivalent charge. The model illustrates that recent CME-LCH basis spread widening is related to elevated MVA accompanying dealers' hedging of customer flows.
After revision:  In particular, a link to ISDA SIMM for equity, commodity and fx risks is established through the PDE with its vega and curvature IM components captured fully. Numerical examples are given for swaps and equity portfolios and offer a plausible attribution of recent CME-LCH basis spread widening is related to elevated MVA accompanying dealers' hedging of customer flows.