US exchange has moved European clients to the US model for margin on oil
The Intercontinental Exchange has
switched its margin method for European clients trading oil
to bring them into line with the US after Europe said on
Monday it plans to allow European firms to use the US
ICE Clear Europe, the London-based
clearing arm of the US group, has moved to a one day gross
margin methodology from its previous method of calculating
margin on a one day net basis, the European norm for oil.
A spokeswoman for ICE said: "ICE Clear
Europe successfully transitioned clearing members and
accounts to a gross margin basis in December, resulting in
the collection of an additional circa $7 billion margin which
brought the total margin held at ICE Clear Europe to over $50
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