The ISDA Margin Survey looks at 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 20 largest market participants (phase-one firms) collected approximately $157.9 billion of regulatory and discretionary IM for their non-cleared derivatives transactions at year-end 2018. Of this amount, $83.8 billion was collected from counterparties currently in scope of the margin regulatory requirements. A further $74.1 billion of discretionary IM was collected from counterparties and/or for transactions not currently in scope of the rules.
In addition to these amounts, phase-one firms reported they had set aside $39.4 billion of IM for their inter-affiliate derivatives transactions to meet US prudential rules at year-end 2018. Seven other market participants – four phase-two firms and three phase-three entities – provided data for the survey. The total amount of IM collected by these firms was $4.8 billion at year-end 2018.
The survey also finds that $217.9 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 2018.
Read the full survey by clicking on the PDF below.
Documents (1) for ISDA Margin Survey Year-End 2018
Latest
Sydney DTF: Scott O'Malia Opening Remarks
ISDA/AFMA Sydney Derivatives Trading Forum October 26, 2026 Opening Remarks Scott O’Malia ISDA Chief Executive Good morning, and welcome to the ISDA and AFMA Derivatives Trading Forum. Thanks for joining us today, and a big thank you to our...
ISDA Publishes FpML Version 5.14
ISDA has published a new version of its Financial products Markup Language (FpML), a widely used open-source standard for the electronic dealing and processing of derivatives transactions. The latest iteration – version 5.14 – incorporates several key modifications and updates...
Accounting for Tokenized Assets as Collateral
The use of tokenized assets as collateral for derivatives and securities financing transactions (SFTs) is emerging as a significant development in global capital markets. Financial institutions are increasingly evaluating tokenized representations of money market funds, government securities and other high-quality...
US Treasury Repo Clearing Indicator September 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, a key objective of the Securities...