Hope fades for threshold hike in new IM rules

Smaller buy-side firms could still escape compliance burden via expected regulatory guidance

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There is bad news and good for swaps users hoping to avoid the market’s new initial margin regime.

Regulators are expected to rebuff lobbying calls for a global rule change that would raise the compliance threshold for the final phase of the regime’s roll-out – excluding hundreds of smaller firms from a feared ‘big bang’ in September 2020. But they may be open to guidance that would have a roughly similar effect.

“Based on what I’m hearing, I’m not optimistic the threshold gets raised at this

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