Regulatory confusion clouds first annual IM recalculation
Firms dropping out of scope may need to continue posting non-cleared margin in some jurisdictions
The derivatives industry is calling on global regulators to iron out differences in the way they treat firms that fall out of scope for the non-cleared margin rules before the first annual recalculation of exposures becomes effective in September.
Firms subject to the rules must calculate their average aggregate notional amount (Aana) of non-cleared derivatives annually to determine whether they breach the €8 billion ($8.6 billion) compliance threshold for posting regulatory initial margin (IM)
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