Ice Clear Europe issued $5.4bn VM call in Q4

Price volatility in energy markets behind the largest cash call on record by the CCP

A single clearing member at Ice Clear Europe triggered a $5.4 billion variation margin (VM) call in the fourth quarter of 2021, off the back of heightened volatility in energy markets.

The peak payment obligation was 209% larger than the previous quarter and the largest reported by the central counterparty (CCP) since public disclosures began in 2015. The cash call was made to a participant in the CCP’s futures and options (F&O) division that specialises in the clearing of a large number of

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