OCC issued $6.1bn VM call in Q4

December options expiration behind highest VM call in six years

A single clearing participant at the Options Clearing Corporation (OCC) triggered a $6.1 billion variation margin (VM) call in the last quarter of 2021, the largest reported by the central counterparty since public disclosures began in 2015.

The peak payment obligation was 34% larger than the previous quarter, and it is understood to be linked to a larger quantity of open interest going into the December quarterly options expiration.

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