FCM client margin for swaps hit record high in September

JP Morgan reported the largest monthly increase across the 13 reporting firms

Total required client margin held by US futures commission merchants (FCMs) for clearing swap trades hit a record high for the second month in a row in September.

Data from the Commodity Futures Trading Commission shows funds held by the FCMs reached $154.5 billion, up 1% on end-August, and 7% year on year.

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Barclays, Goldman Sachs, HSBC and Royal Bank of Canada (RBC) all recorded the highest balances on record, while UBS’s figure was the highest since April of 2016. On average, the

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