WGMR exemption for FX swaps and forwards expected imminently

Final rules on margin requirements for non-centrally cleared derivatives are expected within weeks, including a long-awaited exemption for forex swaps and forwards


After almost 14 months of industry consultation and impact testing, a powerful regulatory working group is expected to exempt physically settled foreign exchange swaps and forwards from forthcoming initial margin requirements for non-centrally cleared derivatives, with final guidance expected within weeks.

The Working Group on Margining Requirements (WGMR) – a joint working group of the Basel Committee on Banking Supervision and the International Organization of Securities Commissions – was

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