ForexClear stress losses surge as member concentration rises
Top five member share of IM jumps 9pp as stress losses hit six-year high
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.
There were no
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