IOSCO and the Bank of International Settlements yesterday announced that the upcoming rules which require those who trade bilateral uncleared OTC derivatives trades (over 50m Euro) to post initial and variation margin will be delayed by 9 months. The full press release can be found here.
The rules were to come in at the end of this year, in a phased approach initially covering only the largest companies. The phase in was stepped with the lowest group (those with outstanding notional of over 8bn Euro, including hedges) needing to comply with the rules from the end of 2019. All of the phases have been delayed by 9 months so the smallest group will now only see those rules in place from September 2020.
ISDA also welcomed the new with this statement.