Peak IM calls at FICC leapt 13% in Q4

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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.

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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