US bilateral margin rules: a hit parade of horrors
US regime differs on currency, threshold, eligible collateral and non-financials
Rules requiring margin to be exchanged on non-cleared swaps have been in the works for three years and are not set to take effect until the end of 2015, but in August the industry made a plea for more time – around 18 months' more time.
"December 2015 might sound a long way off, but once we explain what has to happen before then, you can see just how complex it's going to be," says Christopher Perkins, global head of over-the-counter clearing at Citi in New York.
Speaking on condition of
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