Uncleared margin rules could hold back new CSA adoption

Tied up hand

New rules on the margining of uncleared derivatives could hold back adoption of a new standard credit support annex (CSA) if regulators decide to stick with a controversial new haircut meant to minimise foreign exchange risk, some dealers acknowledge.

The haircut requirement appears in the appendix of new proposals on the margining of uncleared derivatives, published on February 15 by the Working Group on Margining Requirements (WGMR) – a body led by the Basel Committee on Banking Supervision

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