This chapter describes the instruments, transactions and entities to which margin requirements apply. It also describes regulatory activities to ensure consistent and non-duplicative margin requirements across jurisdictions.

Version effective as of 15 Dec 2019

First version in the format of the consolidated framework.

Scope of coverage – instruments subject to the requirements

10.1 Appropriate margining practices should be in place with respect to all derivatives transactions that are not cleared by central counterparties (CCPs). [These margining practices only apply to derivatives transactions that are not cleared by CCPs and do not apply to other transactions, such as repurchase agreements and security lending transactions that are not themselves derivatives but share some attributes with derivatives. In addition, indirectly cleared derivatives transactions that are intermediated through a clearing member on behalf of a non-member customer are not subject to these requirements as long as (a) the non-member customer is subject to the margin requirements of the clearing house or (b) the non-member customer provides margin consistent with the relevant corresponding clearing house’s margin requirements.]