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Post the financial crisis of 2007-2008, the G20 instigated a regulatory reform compiling of a list of international standards to cover OTC derivatives markets and other market participants. In 2013, the Basel Committee for Banking Supervision (BCBS) along with the International Organisation of Securities Commissions (IOSCO) produced a framework for margin requirements for non-centrally cleared derivatives.
From this, global regulators implemented the BCBS-IOSCO framework into a set of rules titled ‘Uncleared Margin Rules’ or UMR, that would be phased in over a set period, and would require the exchange of initial margin (IM). As per the European Market Infrastructure Regulation (EMIR), implementation of variation margin (VM).