China finalises IM rules but gaps remain
Largest banks and insurers must start posting from 2027, but details for securities houses are yet to appear
China’s newly published non-cleared margin rules are largely consistent with international standards, but legal experts point to gaps that need to be addressed around domestic securities houses and custodian infrastructures.
The country’s banking regulator, the National Financial Regulatory Administration (NFRA), issued its final version of the rules on January 6, requiring the largest banks and domestic financial institutions to begin posting initial margin on new bilateral derivatives trades
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