Commercial bank cash grows more popular for initial margin

Shift driven by Ice Europe as CCPs diverge on preferred type of collateral

Initial margin composition shifted towards secured cash at commercial banks over the first three-quarters of 2022, driven largely by a near-tripling of Ice Clear Europe’s holdings.

Across seven CCPs analysed, the share of initial margin in the form of secured cash at commercial banks – which is mostly reverse repo agreements – rose from 10.5% in Q4 2021 to 17.8% in Q3 2022. In absolute terms, this translates to $179 billion in cash at commercial banks in Q3 last year, from $95 billion at the end

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here