During the first quarter of 2020, there was a significant increase in initial margin (IM) collected by global central counterparties (CCPs) for over-the-counter derivatives and exchange-traded derivatives (ETD).
The increase in margin was the result of sizeable asset price movements that caused large variation margin and IM calls from CCPs. At the same time, traded and cleared derivatives volumes increased in the first quarter of 2020, driven by coronavirus-related market volatility.
Based on public quantitative disclosures for CCPs set out by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions, total IM for interest rate derivatives and credit default swaps reached $342.8 billion at the end of the first quarter of 2020, up by 51.9% compared with the end of the first quarter of 2019 and 27.4% versus the end of the fourth quarter of 2019.
Total IM collected by CCPs for ETD jumped by 81.7% to $488.6 billion at the end of the first quarter of 2020 from $268.8 billion at the end of the first quarter of 2019. It increased by 66.9% compared with $292.7 billion at the end of the fourth quarter of 2019.
Documents (1) for Global IM Collected for Derivatives in the First Quarter of 2020
Latest
Paper on Proposal 6 on Margin Transparency
On November 16, ISDA published a document that looked at proposal 6 in the final Basel Committee on Banking Supervision (BCBS), Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO) report on margin transparency. Proposal...
Tender Issued for DC Administrator Role
ISDA and the Credit Derivatives Governance Committee have issued an invitation to tender for an independent regulated entity to serve as the administrator for the Credit Derivatives Determinations Committees (DCs), which includes assuming the role of DC secretary. The DC...
ISDA SIMM: The Standard for IM Calculations
The ISDA Standard Initial Margin Model (ISDA SIMM) plays an important role in ensuring margin calculations are consistent, transparent and aligned with global best practices and regulatory requirements. Since its launch in 2016, the model has been rigorously tested, regularly...
ISDA In Review – October 2025
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in October 2025.