FCMs’ required client margin up 29% in 2019

Required client margin held by US futures commissions merchants for swaps trades leapt $26.8 billion (+29%) in 2019.

As of December 2019, total required margin held by FCMs for swaps was $118.5 billion, compared with $91.7 billion the year prior. There were 18 FCMs that cleared swaps at end-2019, one more than at end-2018.

Citi built up required margin the most over the year, adding $6.2 billion (+23%), followed by Morgan Stanley, which disclosed a $6 billion (+23%) increase.

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