Banks get no relief from CFTC’s variation margin delay

No-action letter will benefit only a dozen or so swaps brokerages and energy firms

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CFTC acted alone among US regulators in granting no-action relief on September 1, 2016

The US Commodity Futures Trading Commission’s (CFTC) no-action letter delaying the mandatory exchange of variation margin for non-cleared derivatives – issued on February 13 – does not apply to