A European Commission official has drawn a backlash by suggesting that the final phase of the uncleared margin rules could be deferred.
Patrick Pearson, head of the EC’s financial market infrastructure and derivatives unit, said at a Risk.net conference in London on May 14 that the rules posed “huge problems” and urged the industry to “keep banging the drum” for a delay.
Banks and clearing houses are balking at the idea. “We don’t want this,” says a margin manager at a European bank. “It’s