US regulators favour September margin deadline

September 1 rollout threatens bilateral swap-trading chasm between EU and US

No U-turn sign
No U-turns: lobbyists fear the disparity will drive counterparties to trade with uncollateralised EU dealers

US prudential regulators are leaning towards adhering to the September 1 implementation date to introduce posting of margin against non-cleared swap trades executed with the largest US banks.

A source familiar with the thinking at US prudential regulators says the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency currently intend to implement their rules – mandating the exchange of initial and variation margin on non-cleared swaps

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