During 2011, G20 Leaders agreed to include margin requirements on non-centrally-cleared derivatives within the reform programme for OTC derivatives markets in order to help mitigate systemic risk, to encourage standardisation and to promote central clearing. On 7 July 2012, the Basel Committee on Banking Supervision (BCBS) and the Board of the International Organisation of Securities Commissions (IOSCO) published a ‘Consultative Document on margin requirements for non-centrally-cleared derivatives’which sets out high-level principles on margining practices and treatment of collateral and proposes margin requirements for non-centrally-cleared derivatives. The principles contained within the Consultation are intended to apply to all transactions involving either financial firms or systemically important non-financial entities. The consultation closes on 28 September and will feed into a final joint proposal on margin requirements for non-centrally-cleared derivatives, to be released by BCBS and IOSCO by the end of 2012.