Margin Rules for Non-Cleared Derivatives to be Finalised in July

On 18-19 June 2013, the Board of the International Organization of Securities Commissions (IOSCO) met in Montreal.  Following this meeting, a press release was published on 1 July 2013 confirming that:

• the “Principles for margin requirements for non-centrally cleared derivatives” will be finalised in July, following discussion of a number of outstanding issues, including whether and how rehypothecation would be permitted and the treatment of cross-currency swaps;
• the final “Principles on Financial Benchmarks” will be published by mid-July; and
• together with the FSB, IOSCO intends to take a leading role in work on aggregation of trade repository (TR) data.