Uncleared margin kick-in raises clearing-house rules
In the run-up to the new rules coming into force in the US and Japan, volumes surge on ForexClear
Margin rules for uncleared swaps are set to kick in on September 1 in the US and Japan, raising hopes that clearing firms will see a pick-up in volumes from foreign exchange contracts, including non-deliverable forwards (NDFs).
New rules will mandate the exchange of initial and variation margin on non-cleared swaps between counterparties with more than $3 trillion in aggregate daily notional exposure, but only in the US and Japan. Other jurisdictions, such as Europe, are delaying implementation
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