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On a $100m Treasury repo with a 2% haircut, Treasuries fall 0.4% overnight. The variation margin call is approximately:

ZeroRoughly $0.40m of additional collateral, restoring the haircut ratio — collateral falls from $100m to $99.6m, but the required collateral against $98m cash at 2% haircut is $100m, so $0.4m must be posted$2m$10m