In 2011 the G20 leaders decided that it would be expedient to adopt mandatory margining of non-centrally cleared derivatives to enhance the stability of the financial system. This decision complemented the program for reforming the OTC derivatives market approved at the G20 summit in Pittsburgh in 2009. The purpose of this Consultation Paper is to present approaches for implementing the obligations as-sumed by Russia for phasing in the mandatory margining requirement for non-centrally cleared deriva-tives, for widespread discussion with financial market participants. The approaches introduced in this Consultation Paper are based on an analysis of the current state of the Russian derivatives market and regulatory practices in Canada, the European Union, Hong Kong, Japan and the USA, with due regard for the best practices elaborated by international professional asso-ciations in this area.