From ACT Wiki
Derivatives - margin requirements.
Aggregate average notional amount.
- Deferral of margin requirements for non-centrally cleared derivatives
- "In light of the significant challenges posed by Covid-19, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) have agreed to extend the deadline for completing the final two implementation phases of the margin requirements for non-centrally cleared derivatives, by one year.
- "With this extension, the final implementation phase will take place on 1 September 2022, at which point covered entities with an aggregate average notional amount (AANA) of non-centrally cleared derivatives greater than €8 billion will be subject to the [initial margin] requirements.
- "As an intermediate step, from 1 September 2021 covered entities with an AANA of non-centrally cleared derivatives greater than €50 billion will be subject to the requirements."
- Association of Corporate Treasurers, April 2020.