US FCMs far apart on target residual interest levels

- By Lorenzo Migliorato
- 11 Mar 2024

As demand for swaps clearing surged in 2023, US futures commission merchants (FCMs) showed a notable divergence in how much they set aside to cover potential shortfalls in their clients’ obligations, Risk Quantum analysis of Commodity Futures Trading Commission (CFTC) filings shows.

Among the 13 US FCMs registered to clear swaps, the target residual interest (TRI) – the amount of own funds that

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