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
ISDA Guidance – Delayed CPI-U Due to Government Shutdown
On November 7, 2025, ISDA published guidance addressing the potential delay in the release of the U.S. Consumer Price Index for All Urban Consumers (CPI-U) resulting from the current U.S. government shutdown. The guidance provides clarification on how such delays...
SPS Matrix – SPS Naming Convention
This document sets out the naming convention for how the Settlement Price Sources (“SPSs”), as defined in the ISDA Digital Asset Derivatives Settlement Price Matrix (the “SPS Matrix”), should be named to increase consistency and understandability. ISDA formalized the SPS...
A Global Blueprint for Market Risk Reform
The global financial crisis of 2007-2009 exposed fundamental weaknesses in how banks measured and managed risk, and the repercussions were felt by economies all over the world. In response, policymakers sought to rebuild trust and resilience in the global financial...
SwapsInfo Q3 2025 and Year-to-September 30, 2025
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in the third quarter of 2025 compared with the same period in 2024, reflecting shifting monetary policy expectations and broader market conditions. IRD traded notional rose by more than...