FCM client margin for swaps continued to shrink in Q3

Aggregate required client margin for swaps trades held by US futures commissions merchants (FCMs) declined $5.8 billion (-4%) over the three months to end-September, following a similar-sized drop in Q2. Compared with end-2019, total required client initial margin was up one-fifth, but had been as much as 29% higher earlier in the year.

Of the eight largest FCMs, only Barclays posted a meaningful increase in required IM quarter on quarter, of $1.7 billion (+22%). The bank accounted for 6.5% of

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