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 posted for non-cleared derivatives, and the IM posted for cleared transactions.
The new survey finds that the 20 largest market participants (phase-one firms) collected approximately $173.2 billion of IM for their non-cleared derivatives transactions at year-end 2019. Of this amount, $105.2 billion was collected from counterparties currently in scope of the regulatory IM requirements. A further $68.0 billion of IM was collected from counterparties and/or for transactions that are not in scope of the margin rules (independent amount), including legacy transactions.
In addition to these amounts, phase-one firms reported that they collected $44.0 billion of IM for their inter-affiliate derivatives transactions at year-end 2019.
The survey also finds that $269.1 billion of IM was posted by all market participants to major central counterparties for their cleared interest rate derivatives and credit default swap transactions at the end of 2019.
Read the full survey by clicking on the PDF below.