NSCC issued record $45bn cash call in Q4

Worst-case scenario estimate up 22% from previous quarter

A single clearing member at the National Securities Clearing Corporation had to pay $44.7 billion in the fourth quarter of last year, marking the largest payment obligation ever reported by the central counterparty (CCP).

The cash call – which includes margin, settlement obligations and all other dues to cover membership responsibilities – was up 5.7% compared with the previous peak in Q1 2023.

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