April 25, 2022, 3:08 PM
ICE Clear Europe saw a margin breach of just over $1 billion in the final quarter of 2021, highlighting the risks roiling commodity markets even before Russia invaded Ukraine.
The breach in the clearing arm of the Intercontinental Exchange Inc. totaled $1.03 billion, according to disclosures the company made earlier this month. It came in a period when natural gas prices in Europe spiked to a then record, and in which oil markets were also highly volatile.
The figure represents the largest exposure in any single member account over the period. It was also the second-largest on record for ICE …