Friday August 22 2014
News Source: Global Exchanges
Focus: Derivative Market Segment
Type: General
Country: International
Link: http://www2.isda.org/attachment/Njg5Nw==/WGMR%20MarginTiming%20final%2018082014%20(2).pdf
ISDA have published a letter To BCBS/IOSCO on Timing Issues for Margin Rules for Uncleared Derivatives. ISDA member firms participating in the industry-led WGMR implementation initiative are concerned about the market’s ability to meet an implementation date of December 2015.
ISDA proposed that rules become effective two years after rules are clarified and finalised in Europe, Japan, and USA.
Additionally ISDA has also proposed a phase-in schedule for upcoming Variation Margin (VM) requirements and urged regulators to avoid imposition of implementation dates during the year end code freeze periods. Based on the above, the practical start date of the WGMR requirements would be April 2017.
Click link above for further details.