EU non-cleared margin rules published in OJ

The long wait for EU non-cleared margin rules is finally over. Delegated Regulation (EU) 2016/2251 was published in the Official Journal this morning. Publication fires the starting gun for application, giving a phase 1 start date for Category 1 IM and VM of , which will make an effective date of 6 February 2017.  Phase 2 VM will follow the “global” timetable, commencing 1 March 2017.