Friday March 17 2017
News Source: Global Exchanges
Focus: Derivative Market Segment
Type: General
Country: Ireland
Link: http://www.centralbank.ie/regulation/EMIR/Pages/FAQs.aspx
In light of statements from both IOSCO and the European Supervisory Authorities, the Central Bank has published the following comment on its expectations, in terms of counterparties who may face difficulties meeting the exchange of variation margin requirements for non-centrally cleared derivatives.
“It is a legal obligation to exchange variation margin from the 1st March 2017. However, it has been recognised by authorities across the EU and by IOSCO that there are operational challenges in meeting this deadline.
The Central Bank of Ireland applies a risk-based approach to the supervision of the adequacy of processes adopted by entities. All counterparties are expected to make every effort to move into full compliance at the earliest possible date.”
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