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ARTICLE · 27 OCTOBER 2015

Mind Your Margin: OSFI Releases Draft Guideline On Margin Requirements For Non-Centrally Cleared Derivatives

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On October 19, 2015, the Office of the Superintendent of Financial Institutions (OSFI) issued a draft version of Guideline E-22: Margin Requirements for Non-Centrally Cleared Derivatives (the Draft Guideline).

CanadaFinance and Banking
Shahen Mirakian
Shahen Mirakian
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Introduction

On October 19, 2015, the Office of the Superintendent of Financial Institutions (OSFI) issued a draft version of Guideline E-22: Margin Requirements for Non-Centrally Cleared Derivatives (the Draft Guideline).

The Draft Guideline was developed to mitigate systemic risk in the financial sector and to promote central clearing of derivatives by requiring the exchange of margin to secure performance on non-centrally cleared derivatives transactions. To this end, the Draft Guideline substantially incorporates the margin requirements published by the Basel Committee on Banking Supervision (BCBS) in March 2015.

OSFI chose to issue a domestic guideline rather than simply reference the BCBS publication in order to put in place exemptions for smaller financial institutions that were unlikely to have a systemic impact and to describe the implementation process in greater detail.

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