Regulatory Alerts2023-10-19
Added · Updated
Margin Requirements for Non-Centrally Cleared Derivatives Transactions
The Indonesian Financial Services Authority (OJK) issued Circular Letter No. 17/SEOJK.03/2023 to implement Basel Committee standards requiring banks to provide adequate margin for non-centrally cleared derivatives (NCCD) to mitigate counterparty risk. The regulation mandates that conventional commercial banks, including branches of foreign banks, adhere to eight principles governing initial and variation margin management and data administration. Implementation of these margin requirements applies to NCCD contracts agreed upon starting from September 1 of the year following the first qualifying Central Counterparty's operation in Indonesia.
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