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
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