Blame and begging as market bleats for margin reprieve
With less than a month to go until a major global deadline for market participants to begin posting variation margin, concern has turned to clamour as buy-side officials, industry bodies and service providers have lined up to ask regulators to allow a reprieve.
Weaker than expected uptake of an International Swaps and Derivatives Association protocol has left banks well behind schedule to meet the March 1 variation margin deadline and facing a “massive capacity crunch in February”, according to a report released on Wednesday.
The report arrived as ISDA itself called
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