Risk.net

Margin concentration

The level of concentration of margin within the top five FCMs has increased incrementally since banks first began reporting this data at the start of 2014, when the top five held around 72% of client margin for cleared swaps. Since then, the amount of client margin for cleared swaps held at FCMs has more than trebled, from $25.5 billion in January 2014 to $80.2 billion at the end of 2016. Margin concentration is now at its highest level since these reports began, with 75.35% of client margin held at the top five FCMs and 97.22% in the top 10.

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