Tariff volatility triggers record margin calls at global CCPs
Aggregate average VM call in Q2 eclipsed pandemic highs
Several central counterparties (CCPs) made record margin calls in the second quarter as tariffs sparked volatility.
The maximum variation margin (VM) collected across 14 CCPs analysed by Risk Quantum totalled $129.6 billion, a 25.9% quarterly increase that surpassed the previous record high set in Q1 2020, at the onset of the Covid-19 pandemic. The aggregate average VM across the group also hit a
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