Clearing members sour further on cash for IM collateral

Sovereign bonds remain preferred choice at top CCPs in Q3

Clearing members at major global central counterparties continued to shift away from posting initial margin (IM) in the form of cash in the third quarter, preferring bonds instead.

Across 20 clearing divisions at 10 CCPs tracked by Risk Quantum, the share of cash posted as collateral fell three percentage points to 35.8% between June and September 2023. In absolute terms this was equivalent to a drop of $45.6 billion or 11.9% to $338 billion, its lowest since 2020. 

Cash deposited at the CCPs’

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