The regulators have relented! With acknowledgment from European, U.S. and various other regulators alike that market participants would not be ready to fully comply with variation margin requirements for uncleared derivatives by the 1 March 2017 deadline, promises have been made for some forbearance on enforcement actions against those that technically miss this deadline.

Unfortunately, both the manner of the last minute stays of execution and the way in which the industry forced this through lack of readiness raises a myriad of concerns and missed opportunity, write Peter Newton, Chief Operating Officer, and Akber Datoo, Managing Partner, of D2 Legal Technology LLP.

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