VM switch shrinks Nomura's balance sheet
Revised treatment of variation margin reduces exposures by ¥247 billion
Nomura started treating variation margin on certain cleared swaps as settlement of these trades and shifted some client margin off the books in the second quarter – accounting tweaks that cut ¥247 billion ($2.2 billion) from its end-March balance sheet.
The Japanese bank changed its margin accounting policy as of April 1 to subtract some cash collateral held on behalf of clients from its total
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