NEW YORK, March 18, 2015 – The International Swaps and Derivatives Association, Inc. (ISDA) today published the following statement regarding the revised implementation date for non-cleared derivatives margin rules:
“ISDA very much welcomes the extension to the start date for non-cleared derivatives margin rules. The new rules will require firms to make significant changes to their infrastructure, technology, processes and documentation. Firms have been working hard to prepare for the rules, but the changes would have been all but impossible to complete by the original December 2015 effective date, particularly as final rules have not yet been published by US, European and Japanese authorities.
“While still challenging without final rules, the revised implementation date should give firms additional time to develop, implement and test new systems. We are grateful that regulators have listened to concerns expressed by ISDA and other market participants on this issue. We urge the national regulators to publish the final rules as soon as possible, and we look forward to working closely with the regulators over the coming months,” said Scott O’Malia, ISDA Chief Executive Officer.