SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the proposed rule unanimously approved by the Federal Reserve Board regarding margin and capital requirements for covered swap entities:
“SIFMA appreciates the reproposal issued today and we are currently reviewing it with our members. Given the global nature of the swaps market, we believe it is essential that U.S. margin requirements for non-centrally cleared swaps and security-based swaps are consistent with the final policy framework agreed by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions for margin requirements for non-centrally cleared derivatives. We look forward to working with the agencies on national implementation of the BCBS-IOSCO Framework for margin requirements for non-centrally cleared derivatives and to meet the principal objective of consistency on a domestic and global level.”