Metal rally lifts LME stress losses to record levels
Stress losses and liquidity obligations hit records in Q4
LME Clear recorded sharp increases in stress losses and liquidity risk in the fourth quarter of 2025, as surging metal prices and trading volumes drove exposures higher.
The peak stress loss above initial margin stemming from the default of a single clearing member reached $1.7 billion, double the $836 million reported in the previous quarter and well above the prior record of $1.1 billion from Q4
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