In April 2026, ISDA reiterated our strong support for the proposed amendments to the uncleared swaps margin requirements for swap dealers and major swap participants published by the Commodity Futures Trading Commission in the Federal Register on August 8, 2023 (the “2023 Margin Proposal”). The 2023 Margin Proposal focuses on three amendments: (1) elimination of the asset transfer restriction that currently prevents many money market funds from qualifying as eligible collateral when they use common liquidity-management tools such as repos and securities lending; (2) amendments relating to the treatment of certain seeded investment funds for purposes of determining whether initial margin is required to be exchanged; and (3) amendments to the standard haircut schedule that would create a haircut methodology applicable to securities of MMFs and other similar funds.
Documents (1) for ISDA Reiterates Support for CFTC Margin Proposal
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Expanding the Universe of Eligible VM
ISDA conducted a series of interviews with buy- and sell-side firms to understand the drivers of a growing use of non-cash assets as variation margin (VM) for non-cleared over-the-counter (OTC) derivatives and the barriers that remain to expanding the use...
ISDA Response on Hedge Accounting Guidance
On August 14, ISDA responded to an exposure draft from the Financial Accounting Standards Board (FASB). ISDA broadly supports the FASB’s proposed targeted improvements to hedge accounting, including allowing interest rate hedging of held-to-maturity (HTM) debt securities, recognizing all Secured...
Joint Response to EBA Consultation
On August 12, ISDA and the Association for Financial Markets in Europe (AFME) responded to the European Banking Authority’s discussion paper on certain taxonomy key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of...
Response to JSCC on Clearing Fund Consolidation
On August 12, ISDA responded to the Japan Securities Clearing Corporation’s (JSCC) consultation on its proposal to consolidate clearing fund consumption, calculation and deposit segmentation across six clearing qualifications under the Financial Instruments and Exchange Act. ISDA members broadly support...