The User’s Guide to the 2018 & 2019 ISDA Regulatory Initial Margin Documentation provides background information and provision by provision analysis of the 2018 & 2019 ISDA Regulatory Initial Margin (IM) Documents. The User’s Guide is designed to explain the IM Documents and to highlight the key features that assist parties in establishing initial margin arrangements that meet the requirements of margin regulations for uncleared derivatives.  This User’s Guide also explains the different scenarios in which the different IM Documents are intended to be used, as well as highlights the key differences among the IM Documents.

The User’s Guide was originally published on December 21, 2020.  A new version (version 2.0) was published on March 7, 2022, expanding the scope to cover additional initial margin documentation published by the ISDA in 2021 to implement the initial margin requirements of the U.S. Securities and Exchange Commission.