Morgan Stanley’s swaps clearing unit boosts client margin by $4.8bn

In total, FCMs see required client margin increase 18% quarter on quarter

Required client margin held by Morgan Stanley’s swaps clearing unit jumped up by $4.8 billion (28%) in the third quarter – the most of the 17 reporting US futures commission merchants (FCMs).

Data from the Commodity Futures Trading Commission (CFTC) shows Morgan Stanley held $21.9 billion from clients to cover their swap trades, the highest level since Q2 2018. 

Citi posted the second-largest quarterly increase, with required margin up $3.6 billion (13%) to $31.9 billion. 

Of the remaining

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