Goldman, JPM gain ground in FCM race for swaps

Duo boosted share of required customer funds at the expense of Citi and Morgan Stanley in 2023

Goldman Sachs and JP Morgan captured a higher proportion of required client margin for swap trades in 2023, data from the Commodity Futures Exchange Commission shows, narrowing the gap to top-ranked Citi and Morgan Stanley.

Goldman seized an average of 12.7% of all required customer funds for cleared swaps reported by the 13 US futures commission merchants (FCMs) to the CFTC during the year, up 128 basis points from 2022, while JP Morgan’s figure climbed 122bp to 14.3%.

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