Final Implementation Phases of Initial Margin for Uncleared Derivatives Set for Deferral

On April 3, 2020, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) announced that they have agreed to a one-year extension of the deadlines for completing the final two implementation phases of initial margin requirements for uncleared derivatives.¹ This extension was issued in response to industry advocacy efforts requesting BCBS, IOSCO and global regulators suspend the current timeline for the initial margin phase-in to allow market participants to focus their resources on ensuring continued access to the derivatives markets in light of the significant challenges posed by the COVID-19 pandemic.²

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