March margin deadline may force clients onto new CSAs

Dealers say they lack capacity to renegotiate thousands of existing collateral agreements

From March 1 most counterparties must post variation margin on trades

Dealers warn that thousands of clients may be forced to sign new derivatives collateral agreements with standardised terms in order to trade non-cleared swaps beyond March 2017.

New margin rules for non-cleared derivatives came into force in the US, Japan and Canada on September 1, 2016, requiring the largest dealers to post initial and variation margin on non-cleared over-the-counter derivatives trades. From March 1, most other counterparties must post variation margin on trades.

Ahead of March

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