JSCC issued $2.8bn VM call on a clearing member in Q1

The call was for a participant in the CCP’s clearing services that cover IRS, CDS and exchange-traded financial products

A single clearing participant at the Japan Securities Clearing Corporation triggered a ¥306 billion ($2.8 billion) variation margin (VM) call in the first quarter of the year, the largest reported by the central counterparty since Q3 2019.

The peak payment obligation was 21% larger than the previous quarter, but 37% smaller than the previous record of ¥486 billion.

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