Huge Brexit margin calls stoke intra-day funding fears

Calls on June 24 may have topped $40 billion; critics urge regulators to review episode

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Image: Stephen Lee / NB Illustration

June 24 meant different things to different people: for those hoping the UK would cut its ties with the European Union, their shock victory ushered in a joyful 'independence day'; for politicians, it was a popular uprising; for sterling traders it was a day of historic volatility. And for swaps clearing houses and their members, it was an edge-of-the-seat, real-world stress test.

Estimates of the combined margin call issued by derivatives central counterparties (CCPs) on the day range from $25

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