Initial margin at Ice CCPs surged over 2020
Required IM at Ice Clear US increased 42% year on year
Required initial margin (IM) held by Ice Clear Credit (ICC), Ice Clear US (ICUS) and Ice Clear Europe (ICEU) at end-2020 was almost 25% higher than a year ago, but far below its mid-year peak, disclosures show.
Required IM at ICC ended 2020 at $44 billion, up 26% on end-2019 but down 13% from its Q1 peak. Total IM, including amounts surplus to minimum requirements, came to $44.5 billion. Of this, 64% was held in cash at ICC’s central bank.
At Ice Clear US, required IM amounted to $26.6 billion
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