Regulators relent ahead of VM big bang

Firms with 'significant exposures' must stick to March 1 deadline, however

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US and EU regulators provide a last-minute reprieve on VM

New variation margin rules for non-cleared derivatives will be enforced on a case-by-case basis, with regulators in Europe and the US still expecting firms with “significant exposures” to begin exchanging collateral on March 1 despite granting those with smaller positions a reprieve earlier today (February 23).

Banks that spoke to Risk.net welcomed the move, but note the extent of the relief is not entirely clear; one says it plans to continue trading with customers that are in the process of m