The ISDA Margin Survey analyzes the amount and composition of initial margin (IM) and variation margin (VM) received and posted for non-cleared derivatives. The survey also reviews IM posted by all market participants to major central counterparties (CCPs) for their cleared interest rate derivatives (IRD) and credit default swap (CDS) transactions.
Leading derivatives market participants subject to the margin rules collected $1.5 trillion in IM and VM at year-end 2024, up by 6.4% versus the previous year. This included $431.2 billion of IM and $1.0 trillion of VM. In addition, the survey finds that $389.8 billion of required IM was posted by all market participants to major CCPs for their cleared IRD and CDS transactions at the end of 2024.
The composition of collateral for non-cleared derivatives has shifted over time. The share of cash as a percentage of total collateral received continued to decline, reaching its lowest level of 51.3% at year-end 2024, while the proportion of non-cash collateral continued to grow. For cleared derivatives, approximately 33% of IM posted to CCPs for cleared IRD and CDS was received in cash, with the remainder comprising government bonds and other securities. While CCPs do not disclose the amount of VM received, it must be posted in cash.
Read the full survey by clicking on the attached PDF.
Documents (1) for ISDA Margin Survey Year-end 2024
Latest
Get Ready for the ISDA Notices Hub
No one wants to have to terminate a derivatives trading relationship – that usually means a counterparty has failed to make a payment or has become insolvent. At an already stressful time, the last thing anyone needs is to experience...
ISDA Publishes Paper on SFDR Review
On June 23, ISDA and the Association for Financial Markets in Europe (AFME) published a position paper on the review of the Sustainable Finance Disclosure Regulation (SFDR). The paper acknowledges that the SFDR needs to be revised in line with...
Developments in IRD Markets in China and Hong Kong
ISDA has published a new research paper that analyzes interest rate derivatives (IRD) trading activity reported in mainland China and Hong Kong. Key highlights from the report include: Mainland China’s renminbi (RMB)-denominated IRD market has expanded significantly since 2022, with...
ISDA Treasury Forum: Scott O’Malia Opening Remarks
ISDA Treasury Forum New York, June 24, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer Good morning, and welcome to the ISDA Treasury Forum. Thank you to CME Group, our founding sponsor, for partnering with us again on...