Commenting on Basel Committee and IOSCO announcing the deferral of final implementation phases of the margin requirements for non-centrally cleared derivatives, John Straley, Executive Director, Institutional Trade Processing, DTCC, said:
DTCC supports the decision by the Basel Committee on Banking Supervision (BCBS) and International Organization of Securities Commissions (IOSCO) to delay the implementation of the final two phases of the uncleared margin rules (UMR) for non-centrally cleared derivatives by one year as a result of the Covid-19 pandemic. Covid-19 is an industry-wide challenge and the additional time provided by the UMR delay will be welcomed by industry participants as they focus resources on managing risks associated with current market volatility in conjunction with future regulatory requirements.
