FX swaps and forwards off initial margin hook

Working Group on Margining Requirements has confirmed the exemption of FX swaps and forwards from initial margin, as well as a more restricted exemption for cross-currency swaps


The foreign exchange industry has cleared an important regulatory hurdle, with the exemption of physically settled foreign exchange swaps and forwards from the onerous requirement to post initial margin for non-centrally cleared derivatives. The decision was highlighted in a set of international rules published this morning.

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

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