Non-cleared margin transfer rules vex asset managers

Market split on whether MTA applies at the client or account level

The wording of the rules is causing confusion for market participants

A discrepancy in the language used in the US non-cleared margin rules has sowed confusion over whether asset managers or their clients will be responsible for posting variation margin on separate accounts.

Under the rules, a "covered swap entity and its affiliates" must collect or post initial margin when its aggregate credit exposures to "a counterparty and its affiliates" exceed the initial