On November 10, ISDA and seven other trade associations wrote to the European Supervisory Authorities (ESAs) to ask them to provide guidance to national competent authorities (NCAs) to exercise their supervisory powers in relation to the European Market Infrastructure Regulation (EMIR) margin requirements for equity options in a proportionate and risk-based manner between January 4, 2024 and the go-live date for EMIR III. Alternatively, the ESAs should extend the temporary exemption in the EMIR bilateral margin regulatory technical standards beyond the current January 4, 2024 expiry date or until EMIR III takes effect.
It is expected that the European Parliament and Council of the EU will support a permanent exemption for equity options from EMIR bilateral margin requirements.
The EMIR bilateral margin requirements have included a time-limited exemption for equity options since they first entered into force in 2016. This exemption has been extended several times, accompanied by guidance from the ESAs that NCAs should exercise their supervisory powers in a proportionate and risk-based way to bridge gaps between the expiry of previous exemptions and the entry into force of amended bilateral margin rules extending the derogation.
Documents (1) for Joint Trade Association Letter on EMIR Bilateral Margin Requirements for Equity Options
Latest
Paper on Proposal 6 on Margin Transparency
On November 16, ISDA published a document that looked at proposal 6 in the final Basel Committee on Banking Supervision (BCBS), Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO) report on margin transparency. Proposal...
Tender Issued for DC Administrator Role
ISDA and the Credit Derivatives Governance Committee have issued an invitation to tender for an independent regulated entity to serve as the administrator for the Credit Derivatives Determinations Committees (DCs), which includes assuming the role of DC secretary. The DC...
ISDA SIMM: The Standard for IM Calculations
The ISDA Standard Initial Margin Model (ISDA SIMM) plays an important role in ensuring margin calculations are consistent, transparent and aligned with global best practices and regulatory requirements. Since its launch in 2016, the model has been rigorously tested, regularly...
ISDA In Review – October 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in October 2025.