ISDA Publishes Variation Margin Protocol to Address Certain Margin Rules for Uncleared Swaps

Relevant to Article 15 of the EU Securities Financing Transactions Regulation (“SFTR”) Article 15 of the SFTR has been interpreted to require all counterparties, including buy side counterparties outside Europe, to inform their European counterparties of the risks involved in collateral arrangements that permit the reuse of posted securities.