Initial margin requirements hit record highs at major CCPs

- By Joshua Walker
- 13 Jan 2025

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Required initial margin (IM) hit all-time highs at three major clearing services in the third quarter of last year, driven by market volatility in August.

The government securities division (GSD) of the Depository Trust and Clearing Corporation (DTCC) reported a 25.5% increase in margin requirements, rising to $56.3 billion by September 30. This surpassed the previous record of $48.1 billion set nine months earlier.

Similarly, the Japanese Securities Clearing Corporation’s (JSCC) required IM for

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