

Share of required margin increases at top EU CCP members
Number of clearing members with total requirements of €10bn and above has been increasing since 2017
The proportion of European Union central counterparty (CCP) clearing members with aggregate margin requirements in the billions has been increasing over the past few years, European Securities and Markets Authority (Esma) data suggests.
Among members of the 15 CCPs subjected to Esma’s latest biannual stress test, seven had aggregate margin requirements of €10 billion ($10.2 billion) or more, compared with five in the 2019 test and none in the 2017 exercise. These members accounted for 23% of
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