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The reason we haven't seen any margin calls yet is because participants are borrowing treasury debt securities (treasury bonds). Once the treasury value reaches 500B someone will undoubtedly get margin called. We are at 479.498B...

apps.newyorkfed.org/markets/autorates/tomo-results-display?SHOWMORE=TRUE&startDate=01/01/2000&enddate=01/01/2000
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