Japan holds firm on VM deadline as Fed tracks progress

JFSA says no “strong reason” for delay; Bafin and Fed monitor developments

Japan's financial watchdog is insisting banks adhere to the deadline

Another deadline in the global roll-out of derivatives margining rules; another game of who-blinks-first.

With 10 working days until the exchange of variation margin becomes mandatory for non-cleared trades, banks and other market participants claim only a fraction of the thousands of affected firms will be able to meet the March 1 deadline. They want to see a postponement of the rules or a period of forbearance in which breaches are not punished.

For the most part, regulators are holding the