Client margin up 40% at Morgan Stanley’s swaps unit in Q1

Aggregate US FCM margin up a huge $34.8 billion quarter-on-quarter

Required client margin held by US futures commissions merchants for swaps trades jumped $34.8 billion (+29%) over the first quarter of 2020, more than over the whole of 2019, with Morgan Stanley hoovering up an additional $8.5 billion (+40%) alone.

As of March 2019, total required margin held by FCMs for swaps was $153.3 billion, compared with $118.5 billion three months prior. There were 19 FCMs holding client margin at the end of the first quarter, one more than at end-2019, with CHS Hedging

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