Citi’s default fund contributions climbed $2bn in Q1

US bank sees requirement hike 27% quarter-on-quarter

Citi had $10.1 billion tied up in the default funds of central counterparties (CCPs) at end-March, up 27% on three months prior.

Collectively, the six top US clearing banks – Bank of America, Citi, JP Morgan, Goldman Sachs, Morgan Stanley and Wells Fargo – declared $42.9 billion of default fund contributions for Q1, up 7% on the prior quarter.

BofA, Goldman Sachs and Morgan Stanley joined Citi in seeing their default fund amounts increase quarter-on-quarter, by 7%, 21% and 8%, respectively. In

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