On March 17, the Commodity Futures Trading Commission (CFTC) adopted a final rule extending the compliance schedule for uncleared margin requirements to September 1, 2021 for market participants with the smallest uncleared swaps portfolios, i.e., Phase 5.

Currently, the CFTC’s initial margin requirements apply to the largest 40 swap dealers, which represents 97 percent of the US portion of the global market. The compliance of the remaining 3 percent of the US market represents the final phase of initial margin compliance for swap dealers.

The final rule is not yet available.