SIFMA Statement On Basel And IOSCO Guidance On Final Implementation Phases Of The Margin Requirements

SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, regarding an announcement from Basel Committee and IOSCO on the implementation of the framework for margin requirements for non-centrally-cleared derivatives:

“SIFMA appreciates the guidance offered today, which recognizes the significant challenges market participants will encounter during the final phases of IM implementation. We believe further action is needed, however, to avoid disruption to the functioning of the derivatives market and we urge regulators to lift the phase five threshold and remove physically settled FX from the calculation.”