Regulators urged to back non-cash variation margin

Market participants warn FSB on cash collateral demand as banks curb collateral upgrade trades


Market participants want regulators to support the use of non-cash instruments for variation margin (VM) calls, in response to stress events in recent years that have led to sharp spikes in margin requirements. Non-cash collateral is already accepted by dealers and some clearing houses as initial margin, but its uptake for variation margin is rarer.

In some ways, this looks like applying banking standards to market participants where that is not possible or appropriateIn-house counsel at an

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: