US clearing banks still push for leverage ratio IM offset

Potential cut in ratio and adoption of SA-CCR not enough to stop shake-out, FCMs warn

Dollar balance
An offset for client initial margin is crucial

A potential cut in the US supplementary leverage ratio being considered by the US Federal Reserve is not sufficient to restore the economics of client clearing and avoid more firms exiting the business, futures commission merchants (FCMs) are warning.

The head of clearing for a global systemically important bank (G-Sib) tells other forms of relief from capital charges are welcome, but an offset for client initial margin (IM) is crucial.

“The main focus we have had over the last

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