Tariff turmoil drives $31bn margin surge at FCMs
JPM and Goldman lead futures brokers to record margin highs amid Trump tariff shock
The first two weeks of April saw required margin for futures and options across US futures commission merchants (FCMs) soar by $30.9 billion – the largest fortnightly rise since March 2020 – after US president Donald Trump’s announcement of sweeping tariffs sparked sharp market volatility.
Across 49 reporting FCMs, aggregate required margin reached $331.1 billion as of April 18, up by 10.3% from
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