Required swaps margin surged at three US FCMs in volatile August
Morgan Stanley, Wells Fargo and BofA hoovered up $5.5bn in client margin over first half of last month
Three major US futures commission merchants (FCMs) collectively demanded an additional $5.5 billion in required client margin for swap trades over the two weeks ending August 15, pushing all three firms to record levels.
Leading the surge was Morgan Stanley, which increased its clients’ margin requirements by $2.8 billion, or 10.1%, bringing its total to $30.7 billion. Wells Fargo followed
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