Washington, DC, March 5, 2019 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, regarding an announcement from Basel Committee and IOSCO on the implementation of the framework for margin requirements for non-centrally-cleared derivatives:

“SIFMA appreciates the guidance offered today, which recognizes the significant challenges market participants will encounter during the final phases of IM implementation. We believe further action is needed, however, to avoid disruption to the functioning of the derivatives market and we urge regulators to lift the phase five threshold and remove physically settled FX from the calculation.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate on legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. 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.