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
Response on ASIC Derivative Transaction Rules
On December 3, ISDA submitted a response to the Australian Securities and Investments Commission (ASIC) consultation on the remake of the ASIC Derivative Transaction Rules (Clearing) 2015, which are due to sunset on April 1, 2026. ASIC proposed to remake...
IRD Trading Activity Q3 2025
This report analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the third quarter of 2025 include:...
Ardagh Credit Event Processing and Trading
The Credit Derivatives Determinations Committee announced on December 15 that a restructuring credit event has occurred with respect to Ardagh. An ISDA Credit Market Infrastructure Group call was held on December 15 to discuss the processing of this event. The...
Future Path - IQ December 2025
At the start of ISDA’s 40th anniversary year, IQ convened the pioneers of the association to reflect on how a desperate need for standardization in the early days of the derivatives market brought dealers together to develop a dictionary of...