Apra softens uncleared swaps margin rules

Australia's regulator follows JFSA and HKMA, as Asia leads in proposing margin-posting exemptions to non-netting countries

Break from the norm: Apra has introduced a minimum threshold to qualify for variation margin

The Australian Prudential Regulation Authority (Apra) is the latest supervisory body in Asia-Pacific to seek a pragmatic solution to the close-out netting conundrum, which has been a key sticking point in the region since the framework for margin requirements for uncleared swaps was published in 2013 by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions (BCBS/Iosco).

Rather than stipulating counterparty volume thresholds, Apra has opted to

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