The Office of the Superintendent of Financial Institutions (OSFI) announced on Friday that it’s giving firms more time to comply with new margin requirements for non-centrally cleared derivatives, extending the deadline to Sept. 1 from March 1.
OSFI is following the lead that foreign regulators have taken in other major jurisdictions to “avoid causing substantial disruptions to the derivatives market.”
Says OSFI: “Given the global nature of this market, OSFI recognizes that a harmonized implementation of the variation margin requirements would be helpful in ensuring a level playing field and a stable derivatives market for Canadian [financial services firms].”