Counterparty risk at the Fixed Income Clearing Corporation’s government securities division (FICC GSD) has become more diffuse since end-2016.
The percentage of total open positions held by the ten largest clearing members dropped to 37% on average at end-June from 44% eighteen months prior. These big dealers’ share of total posted initial margin slumped in concert, to 43% from 52%, in the same period.
At end-June, FICC GSD had 118 general clearing members, up from 103 at end-2016, and $11.5
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