VM switch shrinks Nomura's balance sheet

Nomura started treating variation margin on certain cleared swaps as settlement of these trades and shifted some client margin off the books in the second quarter – accounting tweaks that cut ¥247 billion ($2.2 billion) from its end-March balance sheet.

The Japanese bank changed its margin accounting policy as of April 1 to subtract some cash collateral held on behalf of clients from its total assets, and an equivalent amount reflecting its obligation to pay back the collateral in future from

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