
TMX backs down on blanket margin hike after members revolt
Canadian CCP will review methodology and apply margin multipliers at the product level

Canada’s largest clearing house has abandoned plans to impose a flat 15% top-up to initial margin balances after a backlash from members.
The Canadian Derivatives Clearing Corporation had claimed the move was necessary to guard against volatile markets; members argued it was procyclical and flew in the face of the defaulter-pays logic of central clearing.
After taking feedback from members, the clearing house – which is owned by exchange operator TMX Group – decided to move ahead with a 1.15
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