EBA: Objections over WGMR rules not our fault

EU authorities claim hands are tied by WGMR proposals on non-cleared margin requirements

European Banking Authority headquarters

European regulators have defended their stance on global margin requirements for uncleared derivatives, arguing they are bound by the original recommendations from the Working Group on Margin Requirements (WGMR). But banks insist they would be unable to implement the requirements owing to confusion over the complex rules, and an industry group has called for a two-year delay to the implementation date.

"The European authorities published their draft rules before everybody else in the world, so

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