When setting the level of initial margin requirements, the Basel Committee on Banking Supervision and the Board of the International Organization of Securities Commissions have explicitly considered two aspects, as reflected in their framework, ‘Margin requirements for non-centrally cleared derivatives’ of March 2015 (‘BCBS-IOSCO framework’).
Le second est le principe de proportionnalité, les contreparties financières et non financières de plus petite taille risquant d'être touchées de façon disproportionnée par les exigences de marge initiale.