Ice Clear Europe hit by $1.03bn margin breach

The CCP’s futures and options division reported its second largest IM breach ever in Q4, as energy prices skyrocketed

Ice Clear Europe incurred a $1.03 billion initial margin (IM) breach in the last quarter of 2021, the second highest on record for the central counterparty (CCP).

The peak IM breach was disclosed by the CCP’s futures and options (F&O) unit, and it is understood to be linked primarily to the rise in the price of natural gas and crude oil.

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The average IM breach for the quarter was $50.3 million, the highest since Q3 2018.

On a rolling 12-month period, the CCP posted 75 instances where

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