Key facts
- Several central counterparties (CCPs) reported a significant increase in variation and initial margin calls during the first quarter.
- Market volatility, partly attributed to the Iran conflict in March, contributed to the surge.
- The NSCC recorded a peak variation margin call of $11.8 billion for the quarter.
Several central counterparties (CCPs) experienced a substantial increase in variation and initial margin calls during the first quarter. This surge in margin requirements was largely attributed to market volatility, particularly influenced by the ongoing conflict involving Iran in March. The National Securities Clearing Corporation (NSCC) reported a maximum total variation margin call of $11.8 billion for the quarter, more than double the $5.1 billion recorded in the preceding quarter.