Margin rules for uncleared FX rest with regulatory working groups

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Two regulatory working groups - one at a European level and the other at an international level - are set to issue standards that could determine the crucial question of whether foreign exchange derivatives not cleared through central counterparties (CCPs) should instead be subject to mandatory collateral requirements under new regulation. The standards are expected to be controversial - Steven Maijoor, chair of the European Securities and Markets Authority (Esma), warned in a speech earlier