Dealers warn of hit to Asia from short margin transfer times

Japanese firms and Isda call for T+3 for cross-border uncleared swap trades

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Two groups representing major banks have warned of a disproportionate burden on counterparties in Asia-Pacific as a result of incoming US and European collateral rules for uncleared swaps, and called for three business days to be allowed for the transfer of initial and variation margin in cross-border trades rather than only one.

In a December 8 letter to the Basel Committee on Banking Supervision and the International Organization of Securities Commissions, seen by Risk.net, the Japan Financial

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