The ISDA Margin Survey analyzes the amount and type of initial margin (IM) and variation margin (VM) posted for non-cleared derivatives. The survey also reviews the amount of IM posted by all market participants to major central counterparties (CCPs) for their cleared interest rate derivatives (IRD) and credit default swap (CDS) transactions.
The latest survey finds that the 20 largest market participants (phase-one firms) collected approximately $207.3 billion of IM for their non-cleared derivatives transactions at year-end 2020. Of this amount, $129.2 billion was collected from counterparties currently in scope of the regulatory IM requirements. A further $78.1 billion of IM (independent amount, or IA) was collected from counterparties and/or for transactions that are not in scope of the non-cleared margin rules, including legacy transactions.
In addition to regulatory IM and IA, phase-one firms collected $1.2 trillion of VM for their non-cleared derivatives transactions at year-end 2020, including $638.5 billion of regulatory VM and $526.1 billion of discretionary VM.
The survey also finds that $330.6 billion of IM was posted by all market participants to major CCPs for their cleared IRD and CDS transactions at the end of 2020.
Read the full survey by clicking on the PDF below.