Frankel: new QIS needed to avoid pro-cyclical margin

Future crisis could see non-cleared swap margin double, says Goldman exec

multicoloured-neon-spinning-fairground-ride-on-black-background
Bilateral margin could be procyclical

Regulators should conduct a second impact study in order to ensure margin rules for non-cleared derivatives do not exacerbate a future crisis, according to Oliver Frankel, managing director for