European regulators have begun a second consultation on new rules requiring initial and variation margin to be exchanged for over-the-counter swap transactions that are not cleared through central counterparties. The consultation on draft regulatory technical standards for a new swaps regime that is scheduled to hit participants next September is open for just one month as European regulators seek to align with the pace already set by US authorities. A public hearing on the new framework proposed by the European Securities and Markets Association, the European Banking Authority and the European Insurance and Occupational Pensions Authority is scheduled for June 18, with the consultation set to conclude on July 10.
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