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FCA statement on variation margin deadline

Following the statement yesterday from the ESAs on the upcoming variation margin deadline on 1st March, and the letter of no action relief from the CFTC a few weeks ago, the UK’s Financial Conduct Authority has issued this notice. The statement is along the lines of the ESAs’ statement, which guides National Competent Authorities to take a pragmatic approach to enforcement. The approach is to consider the difficulties that firms have had in setting up operations to comply, and expect to see a continuous effort to move to compliance as soon as possible.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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