

EquityClear’s IM concentration hits record high
Membership dwindles as LCH SA continues to wind down service
LCH SA EquityClear’s five largest members were responsible for a record 60.9% of its initial margin (IM) on average during the second quarter, as the member base continued to shrink in anticipation of the service’s upcoming closure.
Average IM concentration was up 7.4 percentage points compared with Q1. At its intra-quarter peak, it hit 66.8%, also setting a new record for the service.
Previously, the highest average IM concentration stood at 57.3% in Q2 2022, while the prior peak was 63.3% in Q1
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