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SIFMA Statement on the Federal Reserve’s Proposed Rule on Margin Requirements for Non-Cleared Swaps

Release Date: September 3, 2014
Contact: Carol Danko, 202.962.7390, cdanko@sifma.org

SIFMA Statement on the Federal Reserve’s Proposed Rule on Margin Requirements for Non-Cleared Swaps 

Washington, DC, September 3, 2014 — SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the proposed rule unanimously approved by the Federal Reserve Board regarding margin and capital requirements for covered swap entities:

“SIFMA appreciates the reproposal issued today and we are currently reviewing it with our members.  Given the global nature of the swaps market, we believe it is essential that U.S. margin requirements for non-centrally cleared swaps and security-based swaps are consistent with the final policy framework agreed by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions for margin requirements for non-centrally cleared derivatives. We look forward to working with the agencies on national implementation of the BCBS-IOSCO Framework for margin requirements for non-centrally cleared derivatives and to meet the principal objective of consistency on a domestic and global level.”

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The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.

 



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In New York:
Katrina Cavalli
212.313.1181


-or-


 Liz Pierce

212.313.1173

 

In Washington:

Carol Danko
202.962.7390

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