Margin for longer-dated uncleared FX would be unpopular, FSA official admits

Heather Pilley at the UK FSA
Heather Pilley, FSA

A controversial requirement to mandate the posting of collateral for bilaterally traded foreign exchange swaps and forwards above a certain tenor has received little support from the industry, a senior official at the UK Financial Services Authority (FSA) has recognised.

Speaking at the FX Week Europe conference in London yesterday, Heather Pilley, technical specialist in over-the-counter derivatives and post-trade policy at the FSA, and a member of the international Working Group on Margining R