The ISDA Margin Survey considers the impact of regulatory and other changes on collateral practices, and analyzes the amount and type of initial margin (IM) and variation margin (VM) posted for non-cleared derivatives, and the IM posted for cleared transactions.
The survey finds that the amount of IM collected by the 20 largest market participants (phase-one firms) for their non-cleared derivatives increased by nearly 22% to $130.6 billion at year-end 2017 compared to the first quarter of 2017. Of this amount, $73.7 billion represented margin posted by counterparties currently in scope of the rules (an increase of 58%), and $56.9 billion comprised discretionary IM posted by counterparties not currently in scope (a decrease of 6%).
The survey also finds that $194.1 billion in IM had been posted by all market participants to major central counterparties (CCPs) for their cleared interest rate derivatives (IRD) and credit default swap (CDS) transactions at the end of 2017.
Click on the attached PDF to read the survey.
Documents (2) for ISDA Margin Survey Full Year 2017
Latest
ISDA AGM Studio: Julia Hueckel and Chris Zuehlke
Julia Hueckel, director of global regulatory policy at Coinbase, and Chris Zuehlke, global head of Cumberland and partner at DRW, speak with Nicolette Cone, ISDA’s chief of staff and associate general counsel, on the rapidly evolving legislative framework for digital...
ISDA In Review – April 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in April 2026.
Response to MAS on Recovery and Resolution
On May 8, ISDA and the FIA responded to the Monetary Authority of Singapore’s (MAS) consultation on recovery and resolution planning and enhancement of resolution powers for capital market infrastructures. The response supports the proposed framework for recovery and orderly...
SwapsInfo First Quarter of 2026 Review
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in the first quarter of 2026 compared to the first quarter of 2025. IRD traded notional grew by 38.1%, led by increased activity in overnight index swaps (OIS). Index...