BCBS and IOSCO joint report on implementation of margin requirements for non-centrally cleared derivatives

The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) have published a joint report reviewing the implementation of their margin requirements framework for non-centrally cleared derivatives. Originally introduced in September 2013, the framework's final phase of implementation was completed in September 2022. According to the report, implementation has now reached a steady state. The assessment, drawing on a 2024 quantitative impact study, member surveys, and recent international margin-related work, concludes that the framework has been effectively applied. It has materially increased the amount of margin exchanged for non-centrally cleared derivatives since 2012, enhancing financial system resilience. No material issues were identified, and no changes to the framework are proposed. However, the BCBS-IOSCO Working Group on Margining Requirements recommends ongoing monitoring through supervisory information exchange and experience sharing among member authorities to address evolving market practices.

Return to main website.