
US firms must rerun non-cleared margin test in March
Proposed CFTC calculation delay offers in-scope firms chance to trade out of phase five compliance

A planned change to margin rules will require US firms to rerun the test to determine whether they must post initial margin on non-cleared derivatives in September 2020, giving parties a second chance to trade their way out of scope.
Rules proposed in October by the Commodity Futures Trading Commission and a group of US prudential regulators would transpose into law recommendations by global standard-setters to split the so-called initial margin ‘big bang’ into two phases.
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