Ice Credit makes biggest IM call since early pandemic

Aggregate peak calls were 17% higher in Q1 than previous quarter across 25 clearing houses

On one day in the first quarter of 2023, Ice Clear Credit demanded $2.4 billion in initial margin, the largest single-day call since the early months of the Covid-19 pandemic. This was well over double the largest call in Q4 2022, $931 million.

Only two other clearing services of the 25 included in this analysis had a higher proportional increase. The peak IM call for the Japan Securities Clearing Corporation’s interest rate swaps division rose elevenfold in Q1, but in absolute terms was a

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