Senate approves margin carve-out for non-financials

Bill confirming margin exemption now needs President Obama's approval

Capitol Hill in Washington DC

Non-financial derivatives users in the US are a step closer to being shielded from margin requirements for non-cleared swaps after the Senate overwhelmingly passed a bill confirming their exempt status yesterday.

The upper chamber voted 93 to 4 to reauthorise the Terrorism Insurance Act (Tria), a 69-page bill that included an amendment to section 731 of the Dodd-Frank Act. The amendment clarifies any entity meeting the law's end-user exemption would not have to abide by capital and collateral

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