Banks missing margin transfer deadline due to timezone clash
Euroclear shuts at 12:15pm New York time, causing some US banks to miss T+1 cutoff
A number of banks have been missing the deadline to transfer initial margin on non-cleared derivatives trades to a custodian within a day of execution – a requirement under new margining rules – because of problems arising from the time difference between Brussels and New York.
"Despite people's best efforts to comply with the rule in all of its aspects, because the implementation was rushed so much there are many occasions every day where the rule is not being followed to the letter," says a
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