Another deadline in the global roll-out of derivatives margining rules; another game of who-blinks-first.
With 10 working days until the exchange of variation margin becomes mandatory for non-cleared trades, banks and other market participants claim only a fraction of the thousands of affected firms will be able to meet the March 1 deadline. They want to see a postponement of the rules or a period of forbearance in which breaches are not punished.
For the most part, regulators are holding the
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