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Concerned with the integrity of customer accounts, ISDA CEO Scott O'Malia criticized the Basel Committee on Banking Supervision for using a leverage ratio that doesn't take client margin protections into account when determining the exposures that banks face as a result of their client clearing businesses. O'Malia posted his opinion titled "Client Margin Protections Should Be Recognized" on the ISDA blog, derivatiViews . Mr. O'Malia discussed what he asserts is a major shortcoming of the Basel Committee on Banking Supervision's "leverage ratio"; i.e. , that margin provided by customers in

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions ("IOSCO") released the final framework for margin requirements for non-centrally cleared derivatives. Under these global standards, all financial firms and systemically important non-financial entities that engage in non-centrally cleared derivatives will have to exchange initial and variation margin commensurate with the counterparty risks arising from such transactions. Below are key principles set out in the framework. Appropriate margining practices should be in place with respect to all