US margin rules 'punish lenders', warns CFTC's Giancarlo
New CFTC commissioner fears $3 billion threshold for collateral posting will disadvantage US. International standard is roughly $11 billion
The Commodity Futures Trading Commission (CFTC) has unanimously approved proposed rules on margining for non-cleared swaps, despite one commissioner's concerns that the rules will apply to more US entities than would be the case under the equivalent international standards.
In a 4-0 vote held yesterday at the commission headquarters in Washington, DC, the CFTC released proposals that would eventually catch entities that have non-cleared swap portfolios with a gross notional exposure of more than
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