BIS/IOSCO: Margin requirements for non-centrally cleared derivatives - final document

This report sets out the final framework for margin requirements for non-centrally cleared derivatives. It has been designed to reduce systemic risks related to OTC derivatives markets, as well as to provide firms with appropriate incentives for central clearing while managing the overall liquidity impact of the requirements. The final requirements have been developed taking into account feedback from two rounds of consultation, as well as a QIS. A number of modifications have been introduced as a result of the consultation process. The requirement to collect and post initial margin on non-centrally cleared trades will be phased in over a four-year period, beginning in December 2015 with the largest, most active and most systemically important derivatives market participants.