Non-cleared margin rules pose cross-border challenge – Isda

National regulators are in the process of transposing global requirements on non-cleared margin to local regulation, but there are key differences between the US and European rules

The Basel Committee on Banking Supervision (BCBS) and International Organization of Securities Commissions (Iosco) brought a healthy degree of regulatory co-operation to the drawing up of non-cleared derivatives margin requirements, published in September 2013. While most of the other initiatives to reform derivatives markets – clearing, reporting and trade execution – were pursued on a jurisdiction-by-jurisdiction basis, the final non-cleared margin paper proved that regulators could work