LCH Ltd sent record €6bn VM call to one clearing member in Q3

Largest estimated payment obligation in the event of a member default also climbs quarter on quarter

A single clearing participant at LCH Ltd triggered a €6.2 billion ($7.5 billion) variation margin (VM) call in Q3, the largest reported by the clearing house since public disclosures began.

The peak payment obligation was 19% larger than the previous record of €5.2 billion set in Q1, when the coronavirus pandemic first struck Europe. 

The largest aggregate VM call in Q3 posted by LCH Ltd was for SwapClear participants. On one day, combined VM requests amounted to £7.7 billion. In Q2, the

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