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Index/Topics/OTC Channels and Cross-Market Frictions

OTC Channels and Cross-Market Frictions

When exchange rules make physical delivery difficult or expensive, demand and trading can migrate to OTC channels or other exchanges, where different margin regimes and capital controls can translate delivery pressure into cross-market frictions.

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Jan 31, 2026
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How have COMEX margin changes and exchange rules historically affected physical delivery and settlement?

margin hikes and rule changes have repeatedly been used as emergency brakes to blunt delivery pressure, forcing leveraged positions to unwind and often converting potential physical deliveries into ca...