The ISDA Margin Survey analyzes the amount and type of initial margin (IM) and variation margin (VM) posted for non-cleared derivatives. The survey also reviews the amount of IM posted by all market participants to major central counterparties (CCPs) for their cleared interest rate derivatives (IRD) and credit default swap (CDS) transactions.
The latest survey finds that the 20 largest market participants (phase-one firms) collected approximately $207.3 billion of IM for their non-cleared derivatives transactions at year-end 2020. Of this amount, $129.2 billion was collected from counterparties currently in scope of the regulatory IM requirements. A further $78.1 billion of IM (independent amount, or IA) was collected from counterparties and/or for transactions that are not in scope of the non-cleared margin rules, including legacy transactions.
In addition to regulatory IM and IA, phase-one firms collected $1.2 trillion of VM for their non-cleared derivatives transactions at year-end 2020, including $638.5 billion of regulatory VM and $526.1 billion of discretionary VM.
The survey also finds that $330.6 billion of IM was posted by all market participants to major CCPs for their cleared IRD and CDS transactions at the end of 2020.
Read the full survey by clicking on the PDF below.
Documents (1) for ISDA Margin Survey Year-End 2020
Latest
Joint Response to 2026 US G-SIB Surcharge Proposal
On June 18, ISDA, the Securities Industry and Financial Markets Association and the Institute of International Finance submitted a joint response to US agencies on proposed changes to the surcharge for global systemically important banks (G-SIBs). The associations welcome the...
Eyeing the Basel III Finish Line
An effective regulatory capital framework relies on multiple ingredients, from appropriate drafting to rigorous testing and consultation. Even minor calibration distortions can inflate capital requirements, which could negatively affect the capacity of banks to support deep and liquid markets, with...
Joint Comment Letter on Basel III Endgame Proposal
The Institute of International Finance (IIF), the International Swaps and Derivatives Association, Inc. (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) today submitted a joint comment letter to the Board of Governors of the Federal Reserve System, the...
Joint Response to 2026 US Basel III Proposal
On June 18, ISDA, the Institute of International Finance and the Securities Industry and Financial Markets Association submitted a joint response to the 2026 US Basel III notice of proposed rulemaking (NPR). The response focuses on the Fundamental Review of...