NSCC logs record $9.2bn daily VM call in Q1

- By Joshua Walker
- 05 Jun 2025

The National Securities Clearing Corporation (NSCC) collected $9.2 billion in variation margin (VM) on a single day in the first quarter – the highest such demand on record.

The VM call more than doubled the $4 billion peak from the previous quarter and surpassed the central counterparty’s (CCP) past records of $7.7 billion in Q2 2022 and $7.3 billion triggered by the Covid-19 pandemic in Q1 2020

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