ISDA published a guide to the cross-border application of U.S., EU and Japan margin rules for non-cleared derivatives and the availability of substituted compliance. The guide is intended primarily for non-dealers.

According to ISDA, the guide is intended to help market participants who will fall under the initial margin ("IM") requirements for non-cleared derivatives in 2020 and 2021 - in particular, non-dealers - to understand the implications of trading across national boundaries.