FCM client margin ebbed from record highs over Q2

Aggregate required client margin for swaps trades held by US futures commissions merchants (FCMs) declined $5.4 billion (-4%) over the three months to end-June, having climbed a record $34.8 billion the prior quarter. Still, year-to-date required margin was up a whopping 25%.

Goldman Sachs was the only one of the eight largest FCMs to post a meaningful increase in required margin quarter-on-quarter, of $837 million (+8%). Citi, the largest FCM, saw required margin amounts pare back 5% to $36

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