Non-centrally-cleared derivatives

This consultative document presents the initial policy proposals emerging from the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) joint Working Group on Margining Requirements (WGMR). These proposals would establish minimum standards for margin requirements for non-centrally-cleared derivatives. These proposals were developed in consultation with, and with the active participation of, the Committee on Payment and Settlement Systems (CPSS) and the Committee on the Global Financial System (CGFS).