ISDA has published the following response to the statement by the Basel Committee on Banking Supervision and International Organization of Securities Commissions on the final implementation phases of the margin requirements for non-centrally cleared derivatives.

“We’re glad that regulators have recognized the challenges posed by the phase-five implementation of initial margin requirements. However, based on thorough data analysis, we believe the most appropriate solution is to lift the phase-five compliance threshold. This will create certainty and reduce operational complexity for smaller firms, without compromising safety and soundness.”

For Press Queries, Please Contact:

Nick Sawyer, ISDA London, +44 203 808 9740, nsawyer@isda.org

Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org

Amanda Leung, ISDA Hong Kong, +852 2200 5911, aleung@isda.org