FX dealers seek harmony in margin row

A group of 22 global foreign exchange dealers are appealing to Asian regulators not to impose margin requirements on FX swaps and forwards. Together the dealers represent 90% of the world’s FX market, says the Global Financial Markets Association (GFMA) – a coalition of three international bodies* that is representing them. The GFMA is preparing to submit objections in response to a consultation paper from the Bank of International Settlements (BIS), which has set up a working g…