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ARTICLE · 12 JUNE 2020

GMAC Considers Recommendations On Margin Requirements For Non-Cleared Swaps

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The CFTC Global Markets Advisory Committee ("GMAC") considered Subcommittee recommendations for improving the scoping and implementation of initial margin requirements for uncleared swaps.

United StatesFinance and Banking
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The CFTC Global Markets Advisory Committee ("GMAC") considered Subcommittee recommendations for improving the scoping and implementation of initial margin requirements for uncleared swaps.

At the meeting, the GMAC Subcommittee on Margin Requirements for Non-Cleared Swaps introduced a report containing a series of recommendations for modifying initial margin ("IM") requirements for uncleared swaps. In addition to making the recommendations below, the Subcommittee urged the CFTC to promptly adopt the COVID-19-related one-year delay in implementation suggested by a Basel Committee on Banking Supervision and IOSCO ("BCBS-IOSCO") recommendation. (The CFTC announced an open meeting on May 28, 2020, at which it is expected to consider this extension.)

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