Profit & Loss quoted Matt Kulkin in a March 18 article titled "CFTC Extends Relief for UMR." The article discusses the Commodity Futures Trading Commission (CFTC) unanimous vote to finalize a one-year extension of the initial margin compliance deadline for market participants with the smallest uncleared swaps portfolios.
Kulkin, who worked on the uncleared margin rules (UMR) while serving as director of CFTC's Division of Swap Dealer and Intermediary Oversight, says: "The CFTC should be commended for swiftly implementing the international Working Group on Margin Requirements' decision to bifurcate the remaining market participants into two phases over the next 18 months. This important decision will allow market participants, including dealers, customers and custodians to focus their limited resources and ensure a smooth transition to the new regulatory regime, while limiting potential risks to financial markets. Once again, the CFTC has taken the lead among global regulators and has set an example for how to best provide clarity and certainty to the market."
The full article can be read at Profit & Loss.