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 quantity 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 $286.0 billion of IM for their non-cleared derivatives transactions at year-end 2021. Of this amount, $203.5 billion was collected from counterparties currently in-scope of the regulatory IM requirements. A further $82.5 billion (independent amount, or IA) was collected from counterparties and/or for transactions not in scope of the non-cleared margin rules, including legacy transactions.
In addition to the regulatory IM and IA, phase-one firms collected $936.5 billion of VM for their non-cleared derivatives transactions at year-end 2021, including $527.9 billion of regulatory VM and $408.7 billion of discretionary VM.
The survey also finds that $323.4 billion of IM was posted by all market participants to major CCPs for their cleared IRD and CDS transactions at the end of 2021.
Read the full survey by clicking on the attached PDF.
Documents (1) for ISDA Margin Survey Year-End 2021
Latest
An Important Step Towards Efficient Reporting
Of all the problems that have hindered effective trade reporting in the derivatives market, one of the most difficult to resolve has been duplication. In the EU, both parties to a trade are mandated to submit the same information, while...
The ISDA Notices Hub: One Year On
In times of war, armed forces are often required to mobilize over large distances at short notice. The most dreaded response to the question of how they are to be transported is ‘by LPC’, meaning ‘leather personnel carrier’ – the...
ISDA Response to OSC Call for Feedback
On June 26, ISDA responded to the Ontario Securities Commission’s (OSC) consultation on facilitating access to its regulatory framework and reducing the burden for capital markets participants by publishing a machine-readable dataset of regulatory instruments. ISDA's comments are supportive of...
ISDA Comments on EP's MISP Draft Reports
On July 15, ISDA shared comments with policymakers in the European Union on the European Parliament’s (EP) draft reports by Member of the European Parliament (MEP) Markus Ferber and MEP Eero Heinäluoma on the Market Integration and Supervision Package (MISP)....