Europe set to delay variation margin regime

Delay to initial margin deadline likely to be accompanied by smaller shift in variation margin timetable

European Commission
European Commission: "Our objective is to deliver the standard before the end of the year"

The European Commission is set to delay its implementation of the global non-cleared margin framework for both initial margin and variation margin, Risk.net understands, throwing out an agreed deadline of September 1 for the largest swap dealers to begin posting initial margin (IM) to one another, as well as a deadline of March 1, 2017 for thousands of counterparties to begin exchanging variation margin (VM). In an emailed statement, the EC confirmed it would delay its implementation of the i