The International Organization of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision (BCBS) have published a revised version of their September 2013 policy framework establishing minimum standards for margin requirements for non-centrally cleared derivatives.

Taking into account the operational and legal complexities of implementing the final framework, the BCBS and IOSCO have agreed to delay the implementation of the margin requirements. The requirement to collect and post initial margin will be delayed by nine months. The requirement to exchange variation margin will also be delayed by nine months, and will be subject to a six month phase period.

View Margin requirements for non-centrally cleared derivatives, 18 March 2015