{"data":{"id":"us/17-cfr-23.700","jurisdiction":"us","citation":"17 CFR 23.700","heading":"Definitions.","body":"As used in this subpart:\nInitial Margin means money, securities, or property posted by a party to a swap as performance bond to cover potential future exposures arising from changes in the market value of the position.\nSegregate means to keep two or more items in separate accounts, and to avoid combining them in the same transfer between two accounts.\nVariation Margin means a payment made by or collateral posted by a party to a swap to cover the current exposure arising from changes in the market value of the position since the trade was executed or the previous time the position was marked to market.","path":["Title 17—Commodity and Securities Exchanges","CHAPTER I—COMMODITY FUTURES TRADING COMMISSION","PART 23—SWAP DEALERS AND MAJOR SWAP PARTICIPANTS","Subpart L—Segregation of Assets Held as Collateral in Uncleared Swap Transactions"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-17.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:31Z","sha256":"664cf2910fe04c77abf01910f43354017338af8e3b7fc18f9878e4b45723b62a","source_id":"us-cfr","stale":true,"prev":"us/17-cfr-23.611","next":"us/17-cfr-23.701"},"notice":"GroundRules: Original legal text. Not legal advice."}