GFMA requests uncleared margin delay in the US

Bifurcation of liquidity and major impact on FXPB cited for call

James Kemp: letter to US regulators calls for delay to initial margin requirements for US firms

The Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) has written to US regulators to request the implementation of margin requirements for uncleared swaps be postponed, as kickstarting the rule in September would lead to a bifurcation of liquidity between Europe and the US, and hinder the activities of prime brokers.

Uncleared non-deliverable forwards (NDFs) and FX options (FXO) are within the scope of initial and variation margin requirements, and while

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