For a year now the world's 20 largest swaps dealers have had to meet new regulatory margin requirements for their non-cleared trades. These rules were expanded to cover the vast majority of market participants — the so-called "phase two" derivatives users — on September 1, 2017. But many swaps dealers are still struggling with the reforms – most notably with the new variation margin (or VM) requirements for non-centrally-cleared derivatives.

Thomson Reuters Regulatory Intelligence recently caught up with Ted Leveroni, the chief commercial officer for DTCC-Euroclear Global Collateral based in in Boston, to discuss the next steps for the OTC derivatives sector.