Banks and non-bank securities firms in Hong Kong fear they may face conflicting variation margin (VM) rules, after a consultation from the local securities regulator contradicted earlier measures issued by the banking regulator on several key aspects.
The Securities and Futures Commission (SFC), responsible for non-bank financial market firms in Hong Kong, issued the consultation on margin requirements on June 19, with the aim of introducing final rules before a September 2020 deadline set by
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