Just six banks caught by phase two of IM regime

Four EU, one Japanese and one Australian bank to start posting initial margin on non-cleared trades from September

Compression has helped some firms avoid being in scope for the next phase of the margin rules

Just six banking groups will start posting initial margin on new non-cleared derivatives trades from September, Risk.net has learned – a group with some notable absentees. The deadline marks the start of the margining regime's second phase; the market's largest dealers became subject to the rules last year.

Sources at ANZ, Danske Bank, ING and Nordea have confirmed they will be caught by the rules from September. Well-placed industry sources say Santander and Japan's SMBC are also in scope, but