Senior EC official says smaller firms “really struggling” to comply with margin rules

A top European Commission official has hinted that the final phase of initial margin rules for non-cleared derivatives trades could be deferred, encouraging the industry to “keep on banging the drum” on the issue.

Patrick Pearson, head of the financial market infrastructure and derivatives unit at the EC, told the OpRisk Europe conference in London (May 14) that the application of the rules posed “huge problems” for the industry.

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