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Margin Rules for Non-Cleared Derivatives Delayed Again

Any hopes of seeing a global standard with respect to the margining of non-cleared derivatives in the near future seem to have been dashed. Risk reports that the group tasked with drafting the rules, the Working Group on Margining Requirements (a joint working group of the Basel Committee on Banking Supervision and the International Organization of Securities Commissions), is likely to publish a further consultation document and quantitative impact study in the near future. This would push back any implementation of a global standard significantly. The delay is a direct result of concerns about the amount of collateral needed to comply with the rules and their impact on the global recovery.

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