Review of the implementation of margin requirements for non-centrally cleared derivatives

The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) today published a review of the implementation of the framework for margin requirements for non-centrally cleared derivatives. The framework was introduced in response to the 2011 G20 call to enhance the resilience of financial markets and was implemented in several phases, the last of which began in September 2022. The review found no material issues with the framework. The BCBS and IOSCO do not propose changes to the framework, but recommend continued monitoring in the form of supervisory information exchange and the sharing of experiences among their members to address evolving market practices.