Forwards users unclear on status of EU’s margin regime

National regulators have not all taken public stance on pending postponement

euro-notes-currency
Posting variation margin between firms for physically settled forex forwards was slated to go live on January 3

Three weeks into Europe’s new margining regime for foreign exchange forwards, some buy-side users are still wondering whether they need to comply, after national regulators failed to take a public stance on a pending, formal postponement of the regime for funds.

The UK’s Financial Conduct Authority and the Central Bank of Ireland issued statements confirming they would not enforce the requirements after they took effect on January 3. Others did not follow suit.  

“The FCA was much clearer

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