Foreign regulators leave US isolated on uncleared margin rules

Follow the leader?

Congressman Darrell Issa: some regulators may be tempted to soft-pedal on the rules in order to attract derivatives business

As appeals go, the one made on June 6 by US Treasury secretary Timothy Geithner was pretty direct: “Just as we have global minimum standards for bank capital – expressed in a tangible international agreement – we need global minimum standards for margins on uncleared derivatives trades,” he said, at a conference in Atlanta.

That kind of consensus seems a long way off. Although the European Union plans to introduce uncleared margin rules – proposals could appear in October or November – five other

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