LCH’s ForexClear reported its highest stress losses since 2019 in the final quarter of 2025, while the share of initial margin posted by its five largest clearing members rose by 9 percentage points.
The UK-based central counterparty (CCP) disclosed a peak stress loss of $1.1 billion under a single-member default scenario, up 42.8% from the previous quarter. Under a worst-case double default, losses would have reached $1.8 billion, an increase of 36.6% over the same period.
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