CME reports two margin breaches in Q1

Shortfalls totalling $79 million were by far the largest for the CCP since public reporting started in 2015

Clearing house CME reported two margin breaches totalling $79 million in the first quarter of the year. The CME attributed the shortfalls to increased volatility, without identifying either the parties or the positions involved. The bigger of the two breaches, $47 million in size, was the largest since public disclosure began in 2015.

The breaches occurred at the Base Products clearing service, which handles futures and options contracts other than interest-rate swap contracts. The smaller of

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