Non-cleared derivatives margining jumps after framework rollout
Margin-to-notional ratio trails early regulatory estimates
Initial margin (IM) held against non-centrally cleared derivatives has risen sharply since the introduction of a global margining framework completed in 2022, but the increase has fallen well short of early projections.
In September 2013, the Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (Iosco) set out a framework establishing minimum
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