Industry grapples with uncleared margin rules

Confusion remains over uncleared FX swaps and forwards margin rules

FD minefield by Bill McConkey

Some financial institutions are deeply concerned they will be brought under variation margin rules when trading foreign exchange forwards and swaps in the European Union (EU) and the US, as the industry attempts to untangle the web of proposed legislation in the Federal Reserve Board's latest consultation document on swaps margin requirements, published on September 3.

Many participants had assumed FX forwards and swaps were exempt from margin requirements as a result of the US Treasury's exempt

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