NSCC had top margin breach of $1.2bn in Q3

Margin shortfall is largest on record for the CCP and bucks wider trend across global clearing houses

The National Securities Clearing Corporation (NSCC) suffered its biggest initial margin (IM) breach in at least eight years in the third quarter, reporting a shortfall of $1.16 billion.

The central counterparty attributed the peak backtesting exception to an unspecified “off-the-market correspondent clearing trade between two affiliates”, but declined to comment further. The breach occurred on August 28 and its amount surpassed the previous record of $1.06 billion set in Q1 2021.

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