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ARTICLE · 22 DECEMBER 2017

EMIR Update – Central Bank Issues Statement On The Variation Margin Requirements For Physically-Settled FX Forwards

Dillon Eustace
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The Central Bank issued a statement on 19 December 2017 in response to the European Supervisory Authorities ("ESAs") joint statement on 24 November 2017 in respect of the requirement...

IrelandFinance and Banking
Grace O'Conner
Grace O'Conner
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Central Bank Statement

The Central Bank issued a statement on 19 December 2017 in response to the European Supervisory Authorities ("ESAs") joint statement on 24 November 2017 in respect of the requirement under EMIR's regulatory technical standards (the "Margin RTS") to exchange variation margin for physically-settled FX forwards from 3 January 2018 (the "ESAs Statement"). This follows-on from similar statements recently issued by, inter alia, the Financial Conduct Authority (FCA) in the UK on 7 December and the Federal Financial Supervisory Authority (BaFin) in Germany on 12 December in support of the ESAs Statement and providing guidance to the market.

The Central Bank's statement provided the following:

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