Australian banks lobby for reduced margin on cross-currency swaps

currency

Banks in Australia are concerned that the regulatory proposal to exchange initial margin on uncleared derivatives such as cross-currency swaps (CCSs), will disproportionately affect the Australian market and are lobbying for an exemption. The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (Iosco) released changes to the initial margin regime for uncleared swaps at the end of March including introducing a phase-in period from 2015. Ho