Basel and Iosco under pressure to exclude FX from margin rules

A high-profile body of international regulators and central banks has come under intense pressure from the foreign exchange industry to exempt foreign exchange swaps and forwards from a new regime in which non-centrally-cleared derivatives are subject to mandatory margin requirements.

The working group on margining requirements of the Basel Committee on Banking Supervision and the International Organization of Securities Commissions published its proposals in a consultative paper in July, which