LCH’s fixed income and IRS units hit by record margin breaches

- By Alessandro Aimone
- @aimoneale
- 06 Dec 2022

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Market volatility in the third quarter triggered a flurry of initial margin breaches across LCH’s fixed income and interest rate swaps clearing divisions.

At RepoClear, the clearing service for fixed income contracts, the number of backtesting deficiencies stood at 128, up from two reported in Q2 2022.

The peak breach was £924 million ($1.13 billion) in size, the biggest for the clearing service since public disclosures began in 2015. The average breach size was £41 million, the fourth-highest

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