LCH Raises Margins Costs For Most Spanish Bonds

And from pure rumor, whereby the ECB's SMP which is not used due to Germany's stern disapproval, gets somehow replaced with the ESM, which does not exist, we go to fact, whereby we find that LCH, just as expected earlier, has hiked Spanish margins.

• LCH SAYS CHANGE IN SPANISH MARGINS EFFECTIVE FROM CLOSE JUNE 21
• LCH RAISES MARGIN COSTS FOR TRADING MOST SPANISH BONDS

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More here [3].