Peak IM calls at FICC leapt 13% in Q4

Number of margin breaches at the central counterparty’s GSD also edged higher, as some members increase exposures after margin calculations

The government securities division (GSD) of the Fixed Income Clearing Corporation demanded $3.4 billion in initial margin (IM) from its members on one day in the last quarter of 2021 – 13% higher than in Q3.

Required IM held at GSD at end-December was $20.4 billion, up almost 6% on Q3.

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The clearing house disclosed 106 IM breaches for the 12-month period ending December 31, the highest cumulative total going back to Q4 2020, and a net increase of 24 on the end-September tally.

The

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