European regulators undecided on initial margin rules for uncleared swaps
Counterparties will have to post variation margin on uncleared trades – but questions remain over which firms will have to post and collect initial margin
European regulators are still unsure to what extent swaps counterparties should be required to provide and collect initial margin on uncleared derivatives trades, and are considering three potential options - one of which resembles the uncleared margin rules proposed by US regulators in April last year.
The proposals were set out in a joint discussion paper published by the European Securities and Markets Authority, European Banking Authority and the European Insurance and Occupational Pension
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