Initial margin hits all-time high at two LCH services

Despite initial margin spike, breaches at SwapClear climb to nearly 19,000

Clearing giant LCH demanded record amounts of initial margin at two of its clearing units in the first quarter of 2023.

Required initial margin at SwapClear, which clears interest rate swaps, reached a record high of £185 billion ($229 billion) at the end of Q1. This represented a rise of £39.8 billion, or 27.3%, over the figure in Q1 2022.

SwapClear’s proportional year-on-year increase was the largest since Q2 2020.

The required initial margin at EquityClear, which handles cash equities and

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