Published On: Fri, Feb 17th, 2017

Banks gain no relief from CFTC's variation margin delay


Limited effect: CFTC’s margin rules only apply to swap dealers not supervised by a prudential regulator

The US Commodity Futures Trading Commission’s (CFTC) no-action letter delaying the mandatory exchange of variation margin for non-cleared derivatives, issued on February 13, does not apply to swap dealers supervised by the Federal Reserve or other prudential regulators, which account for the vast majority of swaps trading activity. “This relief only impacts those CFTC-registered swap dealers that…

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