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 PDF below.