In September 2013, the Basel Committee and the International Organization of Securities Commissions adopted final standards on margin requirements that will require financial firms and systemically important nonfinancial entities to exchange initial and variation margin on a bilateral basis for non-cleared derivatives trades.
However, this pattern was broken in 2021 and 2022 when, in multiple quarters, the share of firms expecting to increase their prices was equal to or larger than the share expecting increases in costs. For details, see “Chart 9: Businesses expect growth in their input and output prices to slow,” Business Outlook Survey— Fourth Quarter of 2022 (January 2023).