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Commentary by Nihal Patel

Staff members of the CFTC Office of the Chief Economist concluded that Phase 5 of the initial margin regime implementation will capture a substantial number of entities with a relatively low average aggregate notional amount ("AANA") of swaps, and with a high proportion of physically settled FX swaps. The economists prepared the newly released paper as a guide for regulators as they respond to requests for relief by market participants who had argued that Phase 5 (which goes into effect on September 1, 2020) would bring a substantial number of relatively small market participants into scope