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

Photo: John Harrington

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.

Hidden away in the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here