Non-cleared margin rules- EC finger officially removed

As expected the European Commission has today adopted the EMIR non-cleared margin RTS. The adoption is in the form of a Delegated Regulation which will be subject to an objection period by the Parliament and the Council.

While both bodies are entirely capable of lodging late-stage objections, as evidenced by the recent PRIIPS paralysis, such a procedure is unusual, and made even more so by the pressing need to re-establish global synchrony. The adoption confirms a likely phase 1 start date on or around the 20 January 2017.

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