Extraterritoriality, uncleared margin and futurisation – Isda on OTC derivatives reform
The first clearing mandates came into force in the US on March 11, but there is still plenty of uncertainty about how certain parts of the new regulatory framework will function. In this roundtable discussion, Nick Sawyer talks to two senior board members from the International Swaps and Derivatives Association about the clearing mandates, extraterritoriality and uncleared margin rules
Nick Sawyer, editor-in-chief, Risk
Stephen O'Connor: Chairman of the International Swaps and Derivatives Association and a managing director at Morgan Stanley
Eric Litvack: Vice-chairman of Isda and head of regulatory strategy at Société Générale Corporate & Investment Banking
Risk: The first clearing mandates under the Dodd-Frank Act came into force on March 11, capturing swap dealers, major swap participants and active funds. Were there any issues in the approach to this deadline?
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