The new rules on the application of variation and initial market on uncleared OTC derivatives will be starting in September in certain jurisdictions, including the US and Japan. However many jurisdictions are delaying the start of the rules, including in Europe. The start of the rules is reported in this article on the Bloomberg website.

The European version of the rules, will eventually cover all financial counterparties and non financial counterparties over the “clearing threshold”. For all but the largest banks, this will first involve variation margin and later initial margin according to a phased timeline going up to 2020.