In a wise move, the Basel Committee on Banking Supervision has imposed a 9 month delay in the implemenation schedule of their propsed margin rules. However, even this delay may not provide enough time to reconcile conflicts with pending US rules.
Banks won a delay in the introduction of minimum global rules on the collateral needed to back trades in the $691 trillion market for swaps and other over-the-counter derivatives. International regulators said the date for beginning to phase in the measures would be September 2016 compared with previous plans for a December 2015 start. The rules were approved in 2013 to ensure lenders have sufficient safeguards in place when a trading partner defaults. “The full phase-in schedule has been adjusted to reflect this nine-month delay,” the Basel Committee on Banking Supervision and the International Organization of Securities Commissions, said in a joint statement. Regulators “will continue to monitor progress in implementation to ensure consistent implementation across products, jurisdictions and market participants.”