peak single-day CCP variation margin call, 9 March 2020, against roughly $25bn in February
BCBS–CPMI–IOSCO, Review of margining practices, 2022
rise in centrally cleared initial margin requirements over a single month
BCBS–CPMI–IOSCO, 2022
lost across lending banks when one client could not meet its margin calls
Archegos default, March 2021 · reported bank disclosures
MT/ISO 20022 coexistence ended - cross-border payment instructions are ISO 20022 only
Swift CBPR+
Where you sit
The SEC’s October 2024 amendments require covered clearing agencies to monitor intraday exposures on an ongoing basis and to make intraday margin calls “as frequently as circumstances warrant”, documenting any decision not to call. End-of-day margining is no longer the operating assumption.
HKEX consulted in July 2025 on moving the cash market to T+1. Commentary on the transition notes that small and mid-sized brokers offering margin or unfunded retail accounts face earlier cash calls and higher failed-trade risk, and that those without in-house treasury must rely on correspondents for same-day FX and funding at higher cost.
Around half of APAC equity settlement instructions relate to North American listings, and on 2023 Swift network data roughly 90% of those messages were initiated after trade date. Under T+1 that timing has to change, or the funding does.
What-if worksheets to model partial liquidation, top-up or extra collateral before the decision
Instrument, class and client-level haircuts, with quantity and value caps for concentration
Auto-payment against open items from settled contracts, journals and corporate actions
Limits runs on unconfirmed trades for live intraday exposure
Custody-linked positions updated by trades, settlements, transfers and corporate actions
Available funds checked across every method before anything leaves the account
Configurable call and force-sell thresholds at firm and client level
Traded and collateral positions distinguished for reporting and client communication
ISO-standard bank interfaces and real-time APIs, with bank reconciliation in the same ledger
Continuous margin ratios, not retrospective valuations
Suspended stock and expiring warrants handled by rule, not by memory
Jobs split by currency, market and client type to meet each cut-off
What-if worksheets to model partial liquidation, top-up or extra collateral before the decision
Limits runs on unconfirmed trades for live intraday exposure
Configurable call and force-sell thresholds at firm and client level
Continuous margin ratios, not retrospective valuations
Instrument, class and client-level haircuts, with quantity and value caps for concentration
Custody-linked positions updated by trades, settlements, transfers and corporate actions
Traded and collateral positions distinguished for reporting and client communication
Suspended stock and expiring warrants handled by rule, not by memory
Auto-payment against open items from settled contracts, journals and corporate actions
Available funds checked across every method before anything leaves the account
ISO-standard bank interfaces and real-time APIs, with bank reconciliation in the same ledger
Jobs split by currency, market and client type to meet each cut-off
01
Accounts approaching a call are identified early enough to be cured rather than liquidated.
02
Accurate, auditable collateral valuation removes the manual buffers held against uncertainty.
03
Intraday runs and simulation replace the overnight batch when the market moves fastest.
04
Straight-through processing across trades, cash, loans and custody removes the reconciliation headcount.
05
Full traceability of adjustments, overrides and approvals for regulators and internal governance.