US bilateral margin rules: a hit parade of horrors

US regime differs on currency, threshold, eligible collateral and non-financials

federal reserve
Federal Reserve: one of the agencies behind the US rules

Rules requiring margin to be exchanged on non-cleared swaps have been in the works for three years and are not set to take effect until the end of 2015, but in August the industry made a plea for more time – around 18 months' more time.

"December 2015 might sound a long way off, but once we explain what has to happen before then, you can see just how complex it's going to be," says Christopher Perkins, global head of over-the-counter clearing at Citi in New York.

Speaking on condition of anony