Buy-siders hope for late reprieve on margining for non-cleared swaps

National supervisors coming round to industry view on same-day settlement, say sources

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Lobbyists argue same-day settlement is unfair for smaller firms

European buy-siders are hopeful of a late breakthrough in talks on margining requirements for non-cleared over-the-counter derivatives, which they say would impose a disproportionate cost and operational burden on smaller firms unless changed. The rules are set to impose same-day settlement for variation margin on smaller firms – a step lobbyists argue is unfair because the firms in question pose limited systemic risk. If supervisors refuse to soften the requirement in a decision expect